Multiple industries saw drastic changes with the emergence of the Covid-19 crisis. The online gaming industry skyrocketed generating profitable revenues as followed by a worldwide lockdown. Though some loopholes still remain which have caused scammers to exploit the gaming users. E-gaming platforms are prone to become a helping hand for money launderers to conceal their money.
Online gambling has been proven to a platform to render black money if the players know the cunning tricks. Therefore, gaming developers are seeking to apply stringent identity verification solutions to deter these frauds in the best possible way.
Cybercriminals generally target minors more since they are easy to be lured into falling prey to their tricks. The rise in players has raised concerns about gambling compliance frauds and breaches. It is necessary to incorporate new and stricter regulations for combating fraud in gaming industry.
Know Your Player and Gambling Compliance
Industries all over the globe are prone to frauds, scams and chargebacks disrupting them financially and reputation-ally. Online financial frauds are increasing on the e-gaming platforms with every passing year, increasing the need to instigate gamer’s identity verification services. Know Your Player can play a significant part in reducing these kinds of scammers. Any illicit identity will remove before they could provide harm through conducting illegal acts.
Even though multiple companies adopt strict gaming compliance yet fraudsters devise new tactics to dodge them. In many countries, the legal age for gambling is set to 18 just like UK and 21 in the US. Still, many minors are accessing these platforms and getting exploited online. Gaming compliance has become a necessity to restrict minors from accessing such digital platforms.
Various Kinds of Online Gaming Scams
Installing Malware
Users generally find many loopholes in downloading paid games for free. Due to this, they sometimes even become a victim of online gaming scams. Malicious links are provide on the internet which the user unknowing downloads after which software containing malware gets install on the user’s device. It can create dangerous consequences for people by stealing their personal information. They further utilise that data to gain benefits illegally. Instant gaming verification can help in tackling these kinds of scams from disturbing users’ gaming experience.
Sending Fake Emails
Fraudsters use the phishing scam trick to extract user information illegitimately. Individuals are bombard with fake emails consisting of bogus links. They generally ask them to click on the link for resetting a password. Once the user clicks on it, they are directing toward a sign-in page. As soon as the user fills in their details, the scammer hacks all the information. They use credit card credentials to conduct illicit in-game purchases under the user’s name.
Providing False Cheat Codes
People who love to play games are always in awe of the latest updates for their favourite games. A lot of times updates are restricting to a specific region and are not available worldwide. This creates problems as users switch to searching for upgrades online. Cybercriminals lure the user while offering them fake upgrades and cheat codes if they are given some amount of money.
As soon as the user transfers the money into their accounts, the scammer disappears without providing any links or software for upgrading the game. A similar situation occurs with individuals asking for cheat codes from scammers.
Calling Scam
Pop up ads can create hindrances in the gaming experiences of the users. Multiple users, as well as minors, click on them unintentionally which leads them to an interface asking for personal details. The user generally receives a call from an international number unknown to them. This ends up racking thousands of dollars in charge of the user. An immediate need for a gamer fraud verification service to execute can help to prevent such cybercriminals.
The Anonymous Attack
Many third-party owners are existing on the internet which can provide harm to various users and companies. The anonymity feature in the multi-player-role-playing games has created a worse situation for frauds in gaming industry to prevail. Several racist comments are use to bully users during these games. This can negatively impact the user’s mental capabilities and create adverse long term problems.
Wrapping it Up
New advancements in e-gaming platforms have fostered a craze among people who love to play games. On the other side, fraud in the gaming industry has significantly increased in recent times. Checking the identity of the gamers is a significant step in combatting multiple online scams.
Gambling compliance makes the industry a more safe and more secure to perform transactions. Moreover, businesses will save from facing any hefty penalties by implying KYP compliance. This will also enable companies to restrict minors from accessing these age-restricted online gaming sites. Find out How to Build Gaming PC
