ID Verification in Online Gambling
Flawless KYC services for gambling related businesses
In the profoundly digitalized world of the early third millennium, the lion's share of our activities has gone virtual – from learning and working to shopping and entertainment. The outburst of the global pandemic gave an additional boost to the spread of the remote mode in all these sectors, and the gambling industry is not an exception. Today, punters all over the planet frequent betting sites and online casinos that offer a broad range of card games and slot machines to try their luck as well as provide a chance of winning considerable sums in sports betting.
Sensing mouth-watering potential revenues, entrepreneurs flock to this lucrative domain and invest heavily in software that enables the launching and running of such ventures. However, the huge sums that stakeholders in the realm operate attract all kinds of criminals and fraudsters who would like to get hold of them in an illegal way.
Online gambling problem areas
Modern cyber perpetrators are rather inventive in their fraudulent endeavors that start with the account registration process iGaming companies institute. They may go for:
Avoiding all the undesirable consequences is possible by means of both robust cyber security policies and compliance with legal regulations (primarily, anti-money laundering legislation and KYC requirements) in the sector. Simply put, vendors must know who the person visiting their site is and what the origin of their funds is. How do they discover it?
A user fills out an application form, submits all required documents, attaches a selfie, and sends it all to the game provider. The few days that elapse before getting a response may not be worth the waiting since the customer may receive a message that some procedures must be repeated. As a result, many potential clients never become real ones, choosing to find another online casino or betting site with a more efficient and faster verification procedure. That is why streamlining and facilitating the ID verification scheme is mission-critical for customer onboarding and retention, and this is what Kycaid excels at.
Given the specifics of the iGaming industry, Kycaid offers a swift and efficient ID verification mechanism that includes the following aspects.
ID check. Our AI-driven automated verification system is honed to recognize every field and checksum in documents as well as compare data from the visual part of the document and its MRZ code. When the process is completed, you get all extracted data in the callback.
Age check. Since gambling and betting are allowed from a certain age (18 or 21), it is important to know that your client falls within the age limit stipulated by various countries. Our solution applies age parameters valid for the nation a client hails from. This step also embraces ID authenticity check to prevent document forgery because sometimes younger people who aren’t of eligible age may try to officially become older than they are.
Liveness check. To make sure the person in front of the screen is who they claim to be, we leverage video verification as a result of the call from our compliance managers. During the session, a specific procedure allows us to see whether the person mentioned in the documents and the person we are talking to are identical.
Gambling addict database check. People who are addicted to gambling are described as compulsive gamblers. Specialized AI-powered mechanisms enable to detect such problem punters and enter them into a united database. We see to it that people listed there aren’t allowed to play at your online casino. If the vendor has their own addicts checklist, our software can be configured to run through it too.
Transaction confirmation. The system monitors the correspondence of the deposited sum with the bank statement of the customer.
Payment method confirmation. To avoid chargebacks and bolster payment fraud prevention, we ensure winnings are received by the person of an appropriate age who was engaged in gambling and not someone else.
Ongoing monitoring. Anti-money laundering screening, involving SEP, PEP, and criminal watchlists, is performed continuously to prevent people in the respective databases (or the vendor’s custom blacklist) from putting their illegally acquired money at stake.
Offline verification. We have a mobile app that can be used in brick-and-mortar casinos with much the same functions after taking a photo of the visitor’s documents.