Advancements in technology brought consumers a lot of conveniences but not everyone likes this change. On one hand, people are reaping benefits by using the technology effectively. While on the other hand, it’s creating displeasure for consumers of few businesses. As soon as the pandemic hit everyone around the glove, it spread the wave of digitization to every corner. Moreover, fraudsters have come up with sophisticated methods to steal people’s identities and risk legitimate users with financial crises.
Therefore, cybercriminals are not taking any time out to put organizations and consumers at significant risk. With evolving artificial intelligence and machine learning technologies, fraudsters are hitting people even harder with sophisticated methods to get away with stealing. Unfortunately, all online businesses are prone to the threat of criminals committing fraudulent activities.
One example of this is the gaming industry that is grossing very high revenues each year but it’s not safe for the users online. Different threats like money laundering, identity theft, and chargeback fraud are constantly observed in the gaming sector. For this reason, integrating an identity verification solution is crucial for various online gaming platforms. But the question is, “Why is document verification important in the gaming industry?”
Why Document Authentication Holds Importance in Online Platforms
Document verification services are quite crucial in the online gaming industry due to their impact on keeping the business and users protected. It provides a stringent safeguard for the gaming sector to combat various sophisticated attempts. Therefore, bypassing the document verification is not easy and offer’s plenty of benefits in creating a seamless customer experience. Here are some important factors that make the document authentication process most viable:
Driving Positive Customer Experience
The traditional method of manual verification usually requires a lot of time and increases the chances of human errors. These issues not only create a hassle during the customer onboarding process that annoys them to the point of leaving the business platform. Moreover, the customer drop-off rate also increases as users find out that your competitor’s platform is providing more ease. Losing players at the initial stage of onboarding could financially hit the gaming organization. Therefore, document verification on online gaming platforms is becoming essential to ensure a smooth customer experience.
Enable Hassle-Free Verification Process
In today’s age, the world is slowly moving towards automation while moving further from the manual process of verification. Conducting a manual document verification means authenticating every single customer would require days or even weeks. Therefore, it slows down the entire authentication process and increases the dissatisfaction among the consumer base. Contrary to the manual document validation, an automated solution could streamline the entire process and provide end-to-end convenience to the customer.
Fighting Fraudulent Activities
According to the recent stats, a data breach attempt occurs after every 39 seconds that makes the average around 2,244 times each day. For this reason, fraudsters are doing their best to get away with what they need. An automated document verification tool would ensure checking all documents within a short duration and faster pace.
Compliance With KYC and AML Regulations
The gaming industry has another challenge that is complying with the stringent regulations of FATF and FinCEN. Non-compliance with these regulations would result in hefty fines for online gaming platforms. The online gaming industry has to comply with various requirements of identity verification. It ensures registering and running the business while keeping the restrictions in view. By integrating document verification solutions, organizations can ensure their compliance with online gaming platforms.
However, online gaming platforms are obligated to meet KYC and AML regulations. This would ensure that criminals or fraudsters don’t enter your platform without verifying their identity and background.
Without a doubt, technology has offered convenience and comfort in our lives. But unfortunately, fraudsters have developed ways to bypass even the most stringent security measures – if they are not evolving with time. An AI-based document verification system acts swiftly to scan various document types and ensure the integrity of an overall brand. This not only helps gaming platforms to onboard legitimate customers but also helps in filtering out the scammers.