Identity Verification in Online Gambling Industry - IDmerit

1. Importance of Identity Veri?cation in the Online Gambling Indust 28 Dec  By Tony Raval | Online gambling is not just a fun and exciting pastime. Online Gambling and Betting Market, which is g as internet gambling, is now a lucrative business earning $64.13 billion globally in 2020. The internet g is forecasted for steady growth at the compound rate of 11.49% per year.

2. After the onset of the pandemic, online gambling became a major contributor to the digital economy. increased by 64% and 11% of global internet tra?c can be attributed to online betting. This includes mo which has increased exponentially since 2012. In many countries, online gambling is either illegal or government-regulated. Games such as Bingo, C Poker, and Sports Betting fall under the online gambling industry. Major players include Bet365 Ltd, Be Holdings plc, Paddy Power Betfair plc, and GVC Holdings plc.   Why We Need Identity Veri?cation in the Online Gambling   Twenty years ago, online gambling was a vastly unregulated industry. Despite the European Union and the United Kingdom implementing regulations on the gambling industry, it still retains some of that wi atmosphere for players.   Global Issues with Online Gambling   The gambling industry is so fraught with issues it’s hard to pick one singular thing that stands out. Cyb common global issue within any online industry, but the online gambling industry takes it to another le players and online gambling companies, there is a high level of distrust.

3. There is not much robust regulation resulting in as little protection as possible and no established met for both players and gambling businesses. That’s a topic on its own, so ?rst, let’s start with the legalitie   Legalities of Internet Gambling   Online gambling is not legal everywhere and many of its players are either unaware or disregard that p information. Some online gambling companies can also be blissfully unaware. As Starnet Communications International (SCI) founders discovered when their Delaware Corporation w $100,000 due to the location of their servers being in Canada. Even within the United States, it wasn’t until 2010 that New Jersey became the ?rst state to legalize on until today, internet gambling, in some forms, is still illegal in the United States. In the United Kingdom is regulated by the UK Gambling Commission, which oversees license online operators. As for the rest of the world, the laws governing online gambling are just as complicated as they are in bans online gambling completely while in Poland, parts of the Caribbean, and the rest of the EU, you o license. In India, things are similar to the US, where di?erent regions have chosen to legalize some gam others. And in Belarus, Antigua, and Barbuda, it is completely legal.   Online Gambling Fraud  

4. Fraud is rampant in the gambling industry. Hence the legality issues. The introduction of online techno even harder to verify business owners and validate ID. Cybersecurity for the industry became a major players, betting site owners, and governments. Aside from the potential for identity theft, hackers, and age veri?cation scams, internet gambling has a fraudulent tactics that are crafted by both gambling sites and patrons alike. For the sake of review let’s few here. Abuse of Chargeback – Players play on an unregistered site and notify the bank to not pay any charge from a gambling website. Bonus Abuse: Each account collects promotional bonuses or rewards for signing up, which the frauds Gnoming: The bad actor uses multiple accounts to drive up bonuses and jackpots, then reap the winn Chip Dumping: This is seen as a form of collusion or money laundering. Like gnoming, this involves mu joining a game and deliberately losing to one speci?c account. Betting Fraud: The player pays a monthly subscription for insider tips for a sporting event. To make matters worse, the prevalence of bots betting has increased. Cybercriminals are known to us cyberattacks or place bets. Hackers can change betting sites’ algorithms, passwords, and game result   Player Perceptions and Problems  

5. Players within the online gambling industry are aware of all its dark issues. Though the purpose of visit is to earn money, not all players intend to do so legally. From using unlicensed betting sites to blatant hacking, not all patrons of betting sites are your typical video game player. Despite age restrictions, minors still end up in?ltrating the ranks of the gambling industry. Since, age v are more of an inconvenience to players than gambling platforms, betting sites don’t put strict measur validate ID. And since they are not wasting the e?ort verifying age online, they do not have a customer onboarding without basic due diligence, there are no Know Your Customer (KYC) or Anti-Money Laundering (AML) This amounts to players having to take responsibility for their online protection. Not to mention, 1% of t has severe gambling addictions coupled with mental health issues. The introduction of various region done little to protect players and betting sites from being used for money laundering, scams, and hac As Virtual Reality (VR), Blockchain, Internet of Things (IoT) technology has expanded into every digital s gambling is no di?erent. VR allows players to enter virtual casinos while cryptocurrency is now just as other forms of legal tender. We suspect things will only get worse as the metaverse becomes commonplace. However, players ar a lot of online casinos and online gambling sites are not being completely transparent. Though these c addressed using blockchain technology, few betting platforms have chosen to implement them. The adoption of smartphones within the gambling industry has increased, outpacing PC and laptops a gambling device. Smartphone usage in the online gambling industry has already grown by 117% betwe and is expected to increase by 7% each year.

6. Mobile users in the UK alone, account for 80% of all users in the internet gambling industry. Yet, mobil not part of any plans for real-time identity veri?cation.   How IDMERIT’s Identity Veri?cation Works in the Online Ga Industry   Right now, legislators and users are ?ghting for global regulations in online gambling. Age veri?cation, onboarding, risk protection, cybersecurity, merchant authentication, and non-compliance are just a few issues within the online gambling industry that can be solved with identity veri?cation. Both players and gambling sites need protection from cyber threats, non-compliant payment platform unscrupulous websites. Gambling sites need to be more transparent in their activities to build trust and their onboarding process. To begin the process of crafting an e?cient identity veri?cation solution, you must begin with the goal KYC and AML compliance in mind. Automated KYC helps create a frictionless customer onboarding ex focusing on AML compliance ensures you take digital identity management and protection seriously. At IDMERIT, our IDMkyX platform of services can help your gambling business meet KYC and AML com arti?cial intelligence and machine learning, our identity validation service can give your gambling busi frictionless customer onboarding experience while preventing risks and cyber threats. Here’s how IDMERIT identity validation service makes identity veri?cation work in the online gambling

7.   Global ID Veri?cation Authenticating players, online betting sites, and payment service providers can cause some degree of onboarding process. Global ID veri?cation is necessary for ID validation and preventing fraud. To that e three of the many ways we validate ID. Geolocation – Use IP addresses and Global Positioning Satellites (GPS) for IP veri?cation. We’ve got a skills and we will ?nd all fraudsters who think they can hide behind their devices. Mobile ID Veri?cation – Our IDMauto?ll makes it easy for players to autocomplete forms on mobile de IDMscan, we’ll be able to validate ID using the biometric features on your customer’s smart device. Age Veri?cation – Age veri?cation scams are not only dangerous to the gambling business but for the themselves. Verifying age online is the one global thread in the online gambling industry. Players mus to play.   AML Compliance Shockingly, there aren’t droves of online gambling companies being charged with AML non-complian compliance process some online gambling companies do implement is too tame to be any deterrent laundering or cyberthreats. We take security and privacy seriously without being intrusive by performing all these functions and m trusted AI technology.

8. Business to Business – An invalidated payment services provider can be as much of a problem as a fr customer. Plus, some individuals with dire gambling issues may try to onboard use business entities. ID solution to ensure you meet Know Your Business (KYB) compliance. Risk Scoring – Perform a risk assessment before you do your KYC check. Get your risk score based on email age, domain, spam checklist, mobile number, and more. Behavior Monitoring – Including a behavior monitoring system as part of your ongoing due diligence mitigate future risk. Your bad actor may be able to synthesize an identity, but falsifying behavior needs We can use their own devices as the behavior monitoring system and check for behavioral biometrics movements, keystroke dynamics, and voice recognition.   Customer Onboarding Online gambling companies must balance the need for authentication with the demands of the custo In the gambling industry due to the increased risk, enhanced due diligence should be a normal part of onboarding process. Though the drawback may come with some onboarding issues, with automation the opportunity for cart abandonment. Automated KYC – Our KYC veri?cation API is designed to give you and your customers a safe and uno onboarding process. Most of our automated ID veri?cation takes place in the backend, allowing for rea veri?cation in seconds. Global Coverage – Our services span over 170 countries with over 400 data sources and work in almo language. We keep our eyes on global watchlists to keep away scammers, spammers, and even globa

9. Digital Identity Management – Customer onboarding is one thing, but how are you storing and protec personal information? Can you a?ord the risk of a security breach? Digital identity management isn’t something you should attempt in such a uniquely regulated industry legal and technological guesswork out of the onboarding process. In the gambling industry, everyone is a loser when identity veri?cation isn’t taken seriously. The goal of validation service is to turn all participants into winners. Online gaming companies must have automated KYC and AML compliance to prevent fraud while pro roller customer experience” for players.   Why choose IDmerit’s Identity Veri?cation Solution?   The complex legalities of the online gambling industry require you to stay abreast of industry regulatio rules, regional and international law. With rapid projected growth and technological advancement, creating a solid identity veri?cation solu you a smooth onboarding process, yet gives your gambling business all the protection it needs. Partne industry experts in digital identity management can make it easier for you to manage client data. We can help you marry the di?erent facets of your business strategy with your customer onboarding p ensure you meet all the checkpoints for KYC due diligence.

10. With a built-in behavior monitoring system and mobile ID veri?cation, AML compliance for your gamb got easier. Automated KYC removes complicated site navigation, excessive or redundant ?elds and ma identity veri?cation faster. As cryptocurrency takes over traditional banking methods in the gambling industry and more protectio players via their ID validations systems, online gambling companies should not leave ID validation to t authentic means of real-time identity veri?cation and choose a trusted identity validation service. Protect your gambling business. Protect the players and keep bad actors out of the online gambling in Bet on IDMERIT and let’s prove how our ID validation systems can keep your gambling business safe o Copyright © 2021 IDMERIT. All rights reserved. Privacy Policy | Sitemap | Blog | Do Not Sel