Online gaming and gambling has experienced exponential growth in recent years driven in a large part to smartphones making it easier and more convenient than ever to play online.
Recent statistics reveal that 40% of the world’s population are online gamers, and that online gambling is expected to be worth $92.9 billion this year, nearly double compared to 2019.
Unfortunately, while growth continues so does concerning levels of underage users, high levels of fraud from those bending the rules through techniques such as multi-accounting, and the appeal of the industry to criminals who leverage it as a front to money laundering.
Meeting the demands of KYC regulations
Gambling operators like financial institutions are required to meet Know Your Customer (KYC) requirements to safeguard vulnerable individuals, counter online fraud and detect money laundering attempts. Mobile intelligence provides the opportunity to interrogate a layer of highly reliable identity data to help safeguard players and businesses.
A wealth of data for robust KYC checks
Knowing your customers can be difficult, so the more information you have the better you can lower the risks of fraud and financial loss. Mobile network operators hold a wealth of mobile intelligence covering the identity of their subscribers and mobile device use. This anonymised data can be rapidly interrogated to reliably verify individuals’ identity, authenticate transactions and detect fraudulent behaviour. Integrating a mobile intelligence data layer into KYC checks provides immediate real-time responses that ensures frictionless onboarding of new players and the ability to seamlessly authenticate in-play transactions.
Age verification regulations introduced to combat underage gambling are a key component of KYC compliance. Mobile intelligence provides the opportunity to scrutinise date-of-birth data held by mobile operators to verify or deny access depending upon age restrictions. This helps to prevent underage gambling and access to age restricted gaming content.
Onboarding critical to growth
Time is of the essence for many players, particularly those indulging in sports betting, so ensuring rapid and frictionless onboarding of new players is critical to continued growth. Interrogating real-time mobile intelligence reduces friction and fast-tracks legitimate players through onboarding while reducing the risks of fraud.
With intense competition between gambling and gaming operators, those that place their bets on mobile intelligence as part of a robust KYC strategy are set to win trust among players while retaining a winning experience.
For more information about mobile intelligence and our KYC solution visit international.jtglobal.com
You can learn more about JT’s Fraud Protection Service by downloading the JT Fraud Protection Services Overview today.