The digital revolution has transfigured the corporate sector and impacted the digital sports industry. In the case of online gaming platforms arranging e-sports events, someone is always interested in betting sessions. Gambling is legal in some areas of the world 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 to achieve their inhumane objectives, and they are aware of the enormous cash flow due to gaming events. Online gaming service providers must 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 conducted 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 many admirers.
On the other hand, hackers saw this as an opportunity to obtain their goals. They used stolen identity credentials to acquire access to high-net-worth betting profiles. Perpetrators could 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. Recent statistics found that It consumed around 30 million pounds in betting activities in the United Kingdom alone.
In this light, online sports events also have to regulate the onboarding of minors. The 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 agree with the international regulatory bodies and gambling firms that generate licenses.
Boosting Security on Gaming Platforms
Technological transformation has pros and cons for genuine players and gaming platforms across the globe. During the pandemic, digital gaming service providers experienced massive digital traffic because all companies moved to online platforms. The profound change impacted the audience from around the globe and provided a platform for connection with favorite player celebrities.
Cybercriminals can misuse anonymity on digital platforms 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 the medium’s weak AML/KYC regulations. Organizations must involve all third parties in arranging events. Such problems can occur in all kinds of circumstances. Hence, implementing the know-your-player service is ideal for modern gaming platforms.
Know Your Player Solutions: Protecting Minors from Online Gaming Fraud
The rising use of electronic devices and shared access to Wifi services have enabled underage users to access age-restricted material online. In such cases, You cannot blame parental figures for poor monitoring of their child’s online activities. The issue is more severe than usually understood by all parties.
The responsibility lies with gaming service providers, who must adhere to essential 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 several shortcomings and gaps.
They 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 crime 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 robust protection, Implementing 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. Implementing the know-your-player solution is a perfect approach to modern gaming mediums’ obstacles.
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