The online gaming industry is a new trend amongst youngsters and adults. It has picked up a hype, especially at the peak of COVID-19. The market of video games is expected to reach an overall revenue over $200 billion by the end of 2023. Mobile games in the games market generate the highest revenue, while console games generate one-third of the revenue of the worldwide game.
Although great market revenue is good for the economy, this has also opened doors for minors to engage in gambling and illegal gaming. These issues have raised concerns among the regulatory authorities, and regulations are being continuously implemented to prevent them, such as age verification checks. Age verifications of players ensure to secure online gaming platforms from gaming frauds.
Online age verification is a part of know your player verification. Know your player checks are required by regulations and laws in order to reduce risk in the gaming industry. Under KYP verifications, numerous checks such as age verification, record keeping, limiting the players spending, risk-sensitive customer due diligence, and if necessary then enhanced due diligence is performed as well.
Online age verification is the process of verifying the age of an individual to prove their identity details. These verification checks are necessary to ensure that minors do not get access to age-restricted products and services.
Know your player age verification has two main verification checks that are
- ID document verification – Verifying age through documents provided such as passports, ID cards, or driving licenses and making sure these documents are not spoofed or tampered with.
- Biometric facial recognition- Verifying age through 3D liveness detection and making sure the image provided is of the person detected.
Age verification is a corporate social responsibility of all industries and sectors. Additionally, all companies are held responsible towards the community and other businesses to prevent any minor from accessing dark web services.
Online businesses use traditional methods of age verification to know your player verification. This verification includes a form where the individual has to check a box that reads “ I am above legal age” or manually asks individuals to input their age. These verifications can be easily manipulated by minors and make it a very weak online gaming safety.
There are many benefits in incorporating know your player verification, such as the following.
Identity verification checks are must to know your player verification by regulations from the authorities. These regulations are becoming stringent over the course of time, especially for online businesses. FATF recommendations, UK Gambling Commission, and COPPA are some of the regulations that a gaming business must adhere to in order to avoid fines. Even though compliance with these laws is not easy, these can easily and quickly be achieved through age verification checks.
There are many types of gaming frauds that can be prevented through know your player age verification checks.
- Minors present themselves as adults and use these fake identities to complete their profiles.
- Fraudsters harm underage players by using forged identities.
- Users take back their amount from the gaming industry by claiming from their banks that they have not used their cards to make any payments. These frauds are either conducted by minors who have access to their parents’ card details or other identity thieves.
- When credit card details are compromised, fraudsters use these details to top-up gaming accounts, and then these payments are withdrawn through bitcoins.
Fraudsters can threaten minors and get access to their gaming accounts to perform illegal activities. In order to enhance online gaming safety, age verification can be a prompt solution and enhance the know your player verification process.
Maintaining a credible and authoritative business is good for both the businesses and the users. Know your player ensures a brand image that brings in more customers to the business.
The internet is full of exposed minors and fraudsters trying to dodge robust and effective age verification checks, which put a question mark on the ethical and social responsibility on the gaming platforms. Anonymous gamers can be identified, verified, and then restricted from the gaming industry through know your player age verification checks. These minimize the risk of online gaming frauds and entail a secured society.