The online gaming industry in the United Kingdom is rapidly growing and attracting people of every age. Along with the popularity of online gaming, people face the persistent challenge of digital fraud and financial crimes. The UK laws and regulations are also strict against digital fraudsters and financial criminals. Online gaming allows every age group person, but some online gaming companies design paid games for adults only as it has financial risks, so underage customers cannot get access to them. Protecting minors is everyone’s responsibility; online gaming platforms must implement robust identity verification solutions that not only protect underage customers but ensure age-restricted regulatory compliance and financial fraud prevention.
Rising Fraud in the UK Online Gaming Industry:
- TransUnion’s 2024 State of Omnichannel Fraud Report found that 7.3% of all online gaming transactions in 2023 were flagged as potentially fraudulent.
- According to The Guardian, the Betting and Gaming Council (BGC) reported that gamblers in Great Britain spend around £2.7 billion each year on non-regulated betting sites, and it affects an estimated 1.5 million people.
- Another news from The Guardian claims that mastercard and visa have been linked to illegal gambling sites accused of scamming UK customers for thousands of pounds.
- The Sun UK Edition news states that regulators have issued over 770 cease and desist notices and shut down 264 illegal gambling websites successfully.
These above frauds are enough for everyone to know why identity verification solutions are significant for the online gaming sector in the UK. KYC solutions assist in identifying legitimate gamer for online gaming platforms. Age verification also matters for gaming companies in the UK, it helps to identify underage users. Online gaming companies design games according to the age group of people, which also includes financial risk. Online gaming that includes financial risk has to follow age-restricted compliance to protect minors and prevent financial crimes. Identity verification companies assist in providing comprehensive identity verification services for online gaming companies in the UK and assist in KYC verification and age verification during the customer onboarding process.
Benefits of Implementing Identity Verification Solutions:
Quick User Identity Verification: Automated identity verification system for UK online gaming platforms to authenticate identity within seconds and ensures legitimate gamer according to the age criteria. As a result, it provides a frictionless customer onboarding experience. KYC API assists in verifying identity through various ID documents for the gaming industry
Protect Minors:
The gaming industry is vibrant and attracts everyone. Minors try to get access to paid online gaming, and as a result, gaming companies have to face financial crimes. Age verification solutions assist in verifying the age of the customer and ensure that online customers can participate in gaming platforms. It identifies underage customers quickly and protects minors from financial crimes.
Regulatory Compliance:
A robust identity verification solutions ensure age-restricted regulations for online gaming companies and enables for a smooth operation process. It prevents regulatory penalties and legal procedures.
Secure Gaming Experience:
Identity verification system implementation represents a reputed gaming company that follows UK regulatory standards. It gives the ensuring to every parent that their kids are using fraudproof gaming platforms. A fraudproof reputation of gaming platforms in the competitive market keeps ahead of the curve and secure gaming experience for users.
Robust Security:
An advanced identity verification solution helps to build a security system for online gaming platforms that do not allow any underage customers to participate in gaming apps or platforms. It ensures that only eligible users can participate in paid gaming.
How To Choose an Ideal Identity Verification Solution Provider?
Numerous identity verification companies are available in the UK market that provide solutions for the gaming sector. There are a few factors that matter when choosing the identity verification solutions provider for online gaming, as they are:
Advanced Technology:
Choose a company that provides artificial intelligence and machine learning algorithm-based identity verification solutions, as it assists in authenticating identities precisely and identifying the pattern of illegal activities.
Easy API Integration:
Select a KYC provider that provides an API that is easy to use and can integrate easily into the existing system.
Demo Facility:
Choose a KYC company that provides a demo of their API; it will help to understand the functionality of their API and reporting structure.
Customer Support:
The company should provide customer support to handle the technical issue while using identity verification API.
Comprehensive Solutions:
Choose a company that provides comprehensive identity verification solutions. If a gaming company needs any other identity verification in the future, then it does not need to find another company for it.
Conclusion:
Advanced identity verification solutions are paramount for the UK online gaming industry’s rapid growth and secure business transactions. By adopting innovative technologies and implementing effective KYC solutions, gaming companies can protect minors, ensure a quick onboarding process, comply with regulations, maintain a fraudproof reputation, and prevent financial crimes. Therefore, UK businesses that are operating gaming platforms, apps, and websites for gamer secure their platforms with robust identity verification systems and identify underage customers to protect minors and ensure age-restricted regulations.
Protecting minors is everyone’s responsibility; UK laws and regulations are also designed accordingly for gaming companies. KYC UK is one the trusted and reliable KYC solutions providers in the UK that also contributes to protecting minors by providing Age verification solutions for age-restricted businesses. So, select a trusted KYC partner for a secure gaming experience and safeguard the gaming platform.