Top 5 Advantages of Identity Verification for Online Gaming Sites
The exponential growth of online gaming has led to a growing need for identity validation in modern times. Identity verification for online gaming services facilitates ensuring the safety and security of players and vendors. The cutting-edge service demands users to validate their ID credentials, which facilitates gaming platforms to fight fraud and ensure compliance with KYC and AML regulations.
The following blog discusses the top 5 perks of IDV services for digital gaming sites.
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Identity Verification for Online Gaming Platforms: A Quick Insight
ID validation for esports platforms is about authenticating the identity of onboarding players before users can gain access to particular features or take part in certain games. The procedure usually involves validating personal information such as full name, Date of Birth (DoB), and address from government-issued records e.g., passports, and driving licenses.
The main purpose behind identity verification is to fight fraud, safeguard underage users and ensure fairness. This also facilitates compliance with the latest KYC & AML standards.
Market Potential of Identity Verification for Online Gaming Platforms:
From 2019 to 2029, the global market for digital gaming will achieve a CAGR of 10.7%. By 2029, the financial worth will grow from 137.9 billion dollars to 450.8 billion dollars.
Keeping in mind the rising popularity of esports, the demand for IDV is growing to guarantee the security of players and vendors. Online gaming sites can secure a competitive advantage by using identity verification services. This way, vendors can easily attract genuine players and boost sales.
The rising growth of online game verification platforms has also attracted fraudsters to commit identity theft and money laundering. For this reason, regulators have increased scrutiny.
Lawmakers have also introduced strict regulations to offer unbeatable safety for concerned parties. The latest regulatory standards demand vendors implement IDV services to discourage fraud, and safeguard minors.
As the esports market is growing rapidly, the market potential for IDV services will also grow. Online gaming platforms that prioritize identity verification solutions will be able to leverage the growing market and cater to the needs of players.
Best 5 Advantages of Identity Verification for Online Gaming
ID validation for digital gaming vendors involves the procedure of verifying the ID credentials of a user before they receive services from the platform. The official procedure is about validating user data such as full name, Date of Birth (DoB), and address from government-issued records.
The main objective behind ID validation is to fight fraud and facilitate compliance with KYC & AML regulations.
- Preventing Fraudulent Activities
Identity verification for online gaming sites can facilitate experts fight identity fraud, credit card scams, and money laundering cases. By validating the identity of consumers, online gaming vendors can attract genuine players around the world. This way, vendors can easily discourage the use of stolen identities and credit cards.
- Protecting Minors
The application of identity verification for online gaming platforms can safeguard minors from gaining access to adult-oriented content. By validating the age of onboarding players, gaming vendors can limit access of minors to age-restricted content. This way, service providers can easily protect the well-being of underage users.
- Ensuring Fair Gameplay
Applying the latest identity verification for online gaming sites can help vendors to ensure fair gameplay. This way, service providers can require consumers to validate their ID credentials.
The cutting-edge approach is important to deter players from making multiple online accounts to have an unfair advantage. This way, service providers can foster fair gameplay that is based on skills and experience rather than cheating.
- Building Trust & Credibility
Identity verification for online gaming sites can help service providers to win their trust and maintain market credibility. By showing a commitment to providing security, online esports platforms can attract genuine players while boosting sales. This way, service providers can maintain a competitive advantage and increase brand awareness.
- Complying with Regulations
The implementation of identity verification for gaming sites can help vendors to comply with the latest regulations. Several countries have stringent regulations around digital gaming.
This includes age limitations and AML laws. By validating the players’ identity, vendors can guarantee that they are following the latest regulations and avoiding hefty fines and bans.
Using identity verification for live gaming sites is becoming significant with the rapid growth of the esports industry. By fighting fraud, protecting underage users, fostering fairness, building trust, and following regulations, vendors can attract genuine players.
In simple words, esports vendors must prioritize the application of IDV services on the platform to safeguard all players.
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