Why Does the Gaming Industry Need Age Verification?
one of the major challenges for the gaming industry is to comply with the latest rules and regulations developed by regulatory authorities. Gaming websites need to balance their corporate interests with governmental regulations. Businesses that do not take effective security measures can receive huge penalties for disobeying laws, or even worse, be a victim of fraud.
In May 2019, Financial Crimes Enforcement Network (FinCEN) has imposed new rules for online gaming in the US and one of them is to verify at minimum the age of their players online before onboarding them. It will deter underage addiction to online games.
Age verification is an integral part of the gaming industry because a triple-lock system is required to prevent fraud in gambling. There are various forms of gaming today including online gaming, casinos, gaming websites, and gaming apps. Each of them is facing their own challenges when it comes to correctly verifying gamers. If gaming businesses fail to accurately identify the age of their users, they face hefty fines.
Not verifying the age of online gamers has resulted in heavy penalties. One such penalty was imposed on the Sands Casino Resort in Pennsylvania. This casino has already paid $341,000 due to seven cases of underage gambling. Gaming Control Board in Pennsylvania is committed to restricting underage gambling since it has already issued out a total of $2.2 million fine to various casinos. The worst penalties from underage gambling can result in big financial losses for online casinos.
Why Should Gaming Business Adopt Online Age Verification?
In order to avoid heavy penalties that could spoil the reputation of businesses in the gaming industry, business owners should invest in age verification software. Certainly, it will help the gaming business to comply with the rules and regulations of global regulatory authorities. Otherwise, it will expose the businesses to legal consequences and hefty fines if found enabling underage users for gambling.
Nowadays, fraudsters are using fake identities of children who are underage and are not allowed to onboard certain gaming platforms. Money launderers and terrorist financiers use the stolen identities to conduct the crime anonymously. Due to an increase in the usage of fake IDs, business owners should use real-time age verification services before onboarding new users. This will help prevent fraudsters and scammers to invade gaming industry.
Gaming businesses should practice corporate social responsibility as it will help to build a positive brand image in the industry. Business owners must realize their core responsibilities towards preventing children from indulging in unsuitable age-restricted activities on online gaming platforms. As the world is revolving around technology, online age verification is a feasible solution. It helps businesses in onboarding suitable clients and fraud prevention in a swift manner. Thus, online gaming platforms have duties to restrict immatures from accessing services that are only suitable for adults. It will improve the brand image of the website as socially responsible for playing its part in controlling the under-age addiction of online games.
A proactive approach towards security greatly enhances the end-user experience for gaming businesses. Moreover, a well-defined approach to security will prevent huge financial losses. The age verification module is the best security module to overcome these massive issues.