The digital revolution has transfigured the corporate sector and also impacted the digital sports industry. In case of online gaming platforms arranging e-sports events, there is always someone interested in betting sessions. There are certain regions of the world where gambling is a legal activity because it progresses the financial development of e-sports events and event organizers. As per the latest reports, the betting industry will achieve a CAGR of 10.23% for the forecasted period of 2022-2027. Cybercriminals want finances in order to achieve their inhumane objectives and they are aware of huge cash flow due to gaming events. Online gaming service providers must apply a know your player security system to protect genuine players and funds.
Brief History of Gaming Scams
In 2021, several sports-oriented gambling events and retailers facilitated the sports clubs by contributing huge funds. The 2020 Euro gaming event contributed massively to the economic sector of partaking countries. Professionals carried out surveys and found that small vendors and shopkeepers made a lot of profit. Various food stalls and solo proprietors were involved in making profits. The big-scale event had multiple competitive activities that attracted a large pool of admirers.
On the other hand, hackers saw this as an opportunity to obtain their goals. They made use of stolen identity credentials to acquire access to high-net-worth betting profiles. Perpetrators were able to bypass the security measures because there were a lot of loopholes in the know your player system.
Know Your Player Services: Safeguarding the Real Players
The shortcomings in the security measures of e-sports events have made them prone to attacks from cybercriminals. As per recent statistics, it was found that around 30 million pounds were consumed in betting activities in the United Kingdom alone.
In this light, online sports events also have to regulate the onboarding of minors. Lack of a know your player authentication system has exposed underage users to age-restricted material. As per advanced global regulations, gaming service providers must follow age authentication on all the onboarding players. It ensures restricted access to online content and services to protect their mental and emotional health. These steps are in agreement with the international regulatory bodies and gambling firms that generate licenses.
Boosting Security on Gaming Platforms
Technological transformation has both pros and cons for genuine players and gaming platforms across the globe. In the course of the pandemic, digital gaming service providers experienced massive digital traffic because all companies moved to online platforms. The huge change impacted the audience from around the globe and provided a platform for connection with favorite player celebrities.
Anonymity on digital platforms can be misused by cybercriminals to reach their goals. Hackers can use stolen identities for exploitation. Such illegal activities increase corruption in gaming events which is an obstacle to the sustainable growth of gaming service providers.
Business owners must be aware that hackers can exploit shortcomings in security protocols. For instance, cybercriminals have targeted football-oriented gaming platforms to take advantage of high-net-worth players. Fraudsters use sophisticated techniques because they know about weak AML/KYC regulations of the medium. Organizations must involve all third parties in arranging events. Such problems can occur in all kinds of circumstances. Hence, the implementation of the know your player service is an ideal approach for modern gaming platforms.
Know Your Player Solutions: Protecting Minors from Online Gaming Fraud
The rising use of electronic devices as well as the common access to Wifi services has enabled underage users to access age-restricted material online. In such cases, parental figures cannot be blamed for poor monitoring of their child’s online activities. In fact, the issue is more serious than usually understood by all parties.
The responsibility lies with gaming service providers who must adhere to important checks on the website to safeguard minors. Ensuring corporate social responsibility and adherence to KYC guidelines is crucial. The service providers must apply advanced know your player authentication solutions because traditional techniques have a number of shortcomings and gaps.
The know your player system can easily integrate with the pre-existing technology to ensure convenience, reliability, and accuracy during the layer onboarding process. As a result, there will be reduced fincrime and adherence to the player review process.
All in all, online sports media and gambling are the main focus of money launderers and hackers. For powerful protection, Implementation of the know your player solution is a must to facilitate digital sports service providers. The advanced solution executes identity authentication of all onboarding players. The event managers and real players must show compliance with know your player service protocols to guarantee obedience to global regulations. The implementation of the know your player solution is a perfect approach to the obstacles faced by modern gaming mediums.