In recent years, the gaming industry has experienced tremendous growth, driven in part by the increasing popularity of online gaming. As the industry expands, however, so do the challenges that gaming companies face, particularly when it comes to fraud and security risks. The solution? identity verification!
In fact, according to a recent survey by Global Market Insights, the identity verification market is projected to reach $16 billion by 2027
In this article, we’ll explore the benefits of ID verification in the gaming industry, let’s dive right in!
Protecting Players With identity verification services
What I mean by identity verification services is…
It is a set of processes that are aligned with the AML and KYC laws to establish an identity and verify it to be authentic. With the digitalization of companies, businesses have integrated innovative tools and AI-automated software into their identification system. These help them stay ahead of the fraudsters and cybercriminals.
In other words, it helps confirm someone’s identity online. Think of it like showing your ID at a store or a club to prove that you are who you say you are. It’s a way to keep your personal information safe and secure online.
Unlocking Safer Gaming With Digital ID Check
While gaming can be a lot of fun, it’s important to be aware of the risks that come with it, such as cyber-attacks, fraud, and scams.
One way to stay safe while gaming is by using digital ID checks. They ask for personal information like your name, date of birth, or address, and then check that information against other databases to make sure it’s accurate. They might also ask you to take a selfie or provide a government-issued ID to confirm your identity.
What’s the purpose?
Using ID checks when you sign up for a gaming account can help protect your personal information and prevent hackers or scammers from accessing your account. It’s a way to make sure that only you can access your account and keep your gaming experience safe and secure.
So, the next time you sign up for a gaming account, look for options that offer verification. It might take a little extra time, but it’s worth it to keep yourself and your personal information safe while you’re having fun gaming online.
6 Benefits Of Authentication of ID For Gaming Companies
You might be wondering why gaming companies are increasingly requiring you to verify your ID. It can seem like a hassle, but there are actually many benefits to doing so. Let’s explore 10 benefits of authentication of ID for gaming companies.
1- Increased Advertising Revenue:
By verifying player identities, gaming companies can offer more targeted advertising opportunities to advertisers, which can lead to increased revenue.
2- Protection against Scams
Firstly, authentication of ID helps gaming companies protect against fraud and scams. By confirming the identities of players, gaming companies can prevent scammers from accessing user accounts and stealing valuable information or assets.
3- Keeps Minors Away From Age-Restricted Content
In addition, the Validation of Identity helps to ensure that players are of legal age. Many games have age restrictions, and by verifying age through ID authentication, gaming companies can prevent minors from accessing content that is not appropriate for them.
4- Compliance With KYC
Moreover, authentication of ID can help gaming companies to comply with regulations and laws. Some jurisdictions require gaming companies to verify player identities to prevent money laundering or other illegal activities. Through verified identity, gaming companies can better comply with Know Your Customer (KYC) regulations and avoid fines and penalties from regulatory authorities.
5- Creating Positive Reputation
Equally important, building trust and credibility with their users. By demonstrating a commitment to security and safety, businesses can attract more players and retain existing ones.
6- Transaction Monitoring
Do you know how you need to use a credit card or some other payment method to buy things in a game? Well, the companies that process those payments (like PayPal or credit card companies) have rules that gaming companies have to follow to prevent fraud and make sure everything is secure. One of those is that gaming companies need to verify the identities of their players before allowing transactions to take place. This helps keep your account and your payments safe.
Role Of Online Global ID Verification For Other Industries The role of online global ID verification has become increasingly important across different industries. With the rise of digital transactions, companies are facing more complex fraud and compliance challenges. For instance, in Digital Identity Verification for Finance, online global ID verification is crucial for complying with anti-money laundering regulations.