Know Your Player (KYP) compliance has now been made mandatory for all gaming service providers. The gaming industry is facing numerous risks related to identity theft and money laundering. A huge amount of money has been made by the expansion of online gaming platforms, particularly during the pandemic. The risks are increased because there is a massive amount of money involved in the gaming industry nowadays. One of the reasons behind the rise in identity and gamer profile theft. That these networks are rich with in-game resources that fraudsters can use for their illicit purposes. Fraud can be effectively prevented by know your player compliance.
Players Need to Know About Gaming Frauds
The games are receiving updates for a better online multiplayer experience. Player interaction and network communication are made possible by the concept behind online gaming. The most recent video games also offer voice chat capabilities within them. Even mobile games now provide players with a variety of ways to interact with one another. Because working together is so convenient, there are a number of dangers that could completely ruin the experience.
According to recent cyberattacks on gaming platforms, phishing attacks are the ones that is most frequently used to trick players into a trap. Phishing is a type of cybercrime in which a player is targeted and approached via email or in-game messaging. In order to tempt players, the message contains an infected link with an attractive title. For instance, the attacker might utilize the bogus URL to offer gamers fake discounts and in-game bonuses. Clicking on that link results in players falling for these fake prizes. Players are redirected via the URL to the platform for the copycat game. These phony websites are where the user’s identity, passwords, and all other personally identifying information are collected.
Using Cheat Engines to Boost Game Performance
Gamers run the risk of their user data being collected and breached by automated tools. To improve the player’s performance, fraudsters offer to install unauthorized software on videogame engines. By doing this, the customer-side gaming engine becomes malicious with the files that begin collecting user data. It keeps track of the user’s clicks and inputs in order to delete their profiles.
Cheap Game Accessories
Players worldwide are crazy for fancy in-game accessories such as weapon skins, and unique character appearances and outfits. The attackers have created fake online platforms to offer these resources at cheap prices. They get into the gaming systems with stolen user accounts and provide players with third-party referral links to get these accessories.
Online Gaming Verification With KYC
The gambling authorities adhere to the KYC (Know Your Customer) requirements to validate system users. Know your player checks are the name of the procedure that results in a thorough identity verification of the player. In terms of gaming, the know your player check is conducted during the customer onboarding phase or player registration session. Before they may communicate with other online players, the clients must go through a thorough identity evaluation. The player’s true identities are evaluated with KYC gaming compliance.
Age Verification Check
To ensure that the player falls within the appropriate age range, the user’s DOB is confirmed. A user’s date of birth can be determined in a variety of ways by the companies. The gaming engine requests the user’s date of birth on the first try. These facts allow the age to be confirmed in accordance with legal requirements. The user is also asked for their documentation in the mature-rated games. By uploading the documents as images, the player must verify their validity. The data is extracted from the documents that customers upload, and it is then verified against the initial age provided by the AI-based evaluation systems.
Customer Due Diligence in Gaming
To start playing, a user must have complete know your player verification. The majority of gaming companies track the players on their servers as part of their due diligence procedure. Due diligence is used to confirm that the profile is being used by the actual player. Businesses must maintain their adherence to the know your player rules in order to improve the CDD process in the gaming industry.
Wrapping It Up
Today, games are played professionally and generate a lot of money. The gaming market is expanding daily with more people selecting esports as a career. This sector, one of the biggest markets in the world, is very vulnerable to identity theft and money laundering. Know your player compliance is enforced on esports platforms to reduce the danger of online scams. Customer due diligence ensures that the proper person has access to the player profile by regularly monitoring the players with background checks and electronic verification.