The online gaming industry has grown incredibly over the past few years. It has become much more popular as a result of the pandemic. A report claimed that the international market for online gambling was worth $231 billion in 2021. And it is continuously increasing at a rate of 11.4% every year. The gambling industry has experienced tremendous growth, which has increased its appeal to younger generations. Parents & the gaming industry worry that children are becoming more inclined to gamble as a result of frequent use of the internet.
The dark web is now accessible to children due to the internet, which worries regulatory bodies. Minors shouldn’t have access to the privacy that online gaming provides. Nobody can predict when a scammer will get in touch with them and use the gaming system for shady purposes. They must therefore carry out digital age verification processes to protect children. Minors can prevent manual age checks on gaming platforms by just providing their birthdate. Online age verification is crucial because children no longer worry much about giving false dates. The digital age checks could defend online gaming sites in many ways.
Online Age Verification Solution
Customers need to have their ID & age digitally verified before buying some age-restricted products. According to the law, it is necessary to conduct thorough KYCC and age checks for online merchants who sell age-restricted products like alcohol and gaming services. It aids in preventing minors from making purchases or utilizing services that are restricted to adults. Due to this, many businesses have begun to accept investments, including Shufti Pro Funding.
Age Verification – Role in the Growth of Gaming Industry
The age verification solution promotes the expansion of the gaming sector and shields it from hefty regulatory penalties. Here are some advantages that AI-powered technology has brought to this industry:
Organizational Social Responsibility
Every company owes something to the community and other business stakeholders. As a participant in online gaming, it is one’s responsibility to keep players as safe as possible and avoid kids onboarding. Conducting simple-to-evade checks that demand false information would not advance CSR in the modern world. Online age verification is one of the strategies used to accomplish a company’s need for better systems.
Improve Adherence to Law
Over time, government requirements for identity verification have tightened, particularly for companies that conduct business online. The online gambling sector also has a hard time complying with national laws like COPPA and the UK Gambling Commission. The ability to digitally meet age verification requirements is very useful for gambling platforms.
According to Shufti Pro News, fake identity theft has become more common in this sector over time. When registering online, minors create false identities, which are then used by criminals to prey on children. With various types of identity fraud, chargebacks are another problem for gaming websites. With the use of digital age verification processes, these systems can stop fraud.
Avoiding Kids Exploitation
Playing online is always risky because no one knows what is happening on the other end. It is possible for con artists to approach young people and use them as pawns in their nefarious schemes. Minors can access the fraud-infected website without an adult’s permission, making it easier for them to abuse kids. So, employing the process of age verification online can help to catch criminals and protect minors from being exploited.
Boost Brand Reputation
One of the serious challenges for a digital gaming platform is maintaining a brand reputation. Players are more likely to trust the platform because of online age verification and identity authentication. So, it is possible to enhance the brand’s reputation.
Due to the development of the internet, minors can now play online games without being subject to age verification. This not only poses a health risk but also calls into question the ethical and moral obligations of gaming platforms. Children can easily get around age verification rules on any internet platform. It is difficult for the gaming industry to deter them because anonymity is so challenging on gaming websites. The companies that provide online gaming or gambling services have a social responsibility to take measures to make the online environment safe for children.
The only way for gaming companies to restrict the onboarding of children and keep them from getting involved in illegal activities is through an AI-powered age verification solution. The verification system also makes sure that the business complies with KYC/AML regulations while offering users a great experience.