Slotegator investigates the significance of ID verification
Slotegator has published a new article in which it describes the rationale for knowing your customer (KYC) measures and discusses how expected developments will affect KYC compliance.
There are several advantages in ensuring that your players’ identities are validated. Implementing appropriate KYC processes ensures compliance while also protecting vulnerable populations. Furthermore, KYC measures help the casinos.
Slotegator has delved deeply into why thorough identity verification processes are vital, what technologies ease the process, and what more efforts should be taken in the area.
Online gaming companies should maintain a focus on a few vulnerable demographics.
Underage gambling is a major issue that the industry is actively dealing with. Many teenage users use their parents’ identities or a fake ID to sign up for an account. This is one of the reasons why proper KYC is needed.
In a number of regulated markets, there are certain methods to tackle compulsive gambling. Any user who feels like they are losing control after joining up for a gambling site or developing certain bad habits can refrain from utilizing any such platforms in their region.
Another reason why businesses should comply with KYC is to prevent charges incurred when self-excluded players join their site.
Regrettably, gaming is at the heart of many money-laundering schemes employed by violent terrorist organizations. Companies who unintentionally enable their platform to be used to fund illegal activity may risk severe fines.
Because internet fraud is widespread and not one person or business is exempt, companies must also have high-performing ID verification solutions to safeguard their own resources. Online Casinos, being a cut above, are more likely to avoid the ingenious strategies commonly used by players aiming to misuse incentives, among other things.
Brands that do not utilize Al or face recognition technologies must often manually examine ID documents. But, there are various alternatives for firms to reduce the time consumption for ID verification in this day and age, thanks to advanced technology.
There is a fascinating development on the frontier regarding those mentioned above. The European Commission, in fact, recently announced intentions to develop a landmass eID, which may considerably speed the procedure of registering and getting into a slot.