The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

    n-img-roi-cross

    Before You Go, Schedule Your Free Demo Today

    Valid Invalid number


    Note: Fields marked with an asterisk(*) are mandatory.

    n-exit-img-roi-cross

    Thank you for your demo request

    We appreciate your interest and look forward to discussing how our solution can meet your needs. Expect to hear from us shortly with scheduling details.

    Close

    Know Your Players: Why KYC is Necessary for Gaming and Gambling

    n-img-kyp

    The post-COVID-19 era has witnessed a remarkable surge in the e-sports and gaming sectors. This thriving industry has not only captivated players but has grabbed the attention of criminals. Gambling regulators across the globe had a busy year in 2022, issuing a total fine of $269,532,490 to several land-based and online gambling operators. This is where Know Your Customer (KYC) verification comes to the rescue. 

    Fines Imposed by Gambling Regulators Worldwide (MAY 2023)

    Let’s have a quick recap of financial penalties imposed by gambling regulators in the UK, the US, Canada, Sweden, and Australia in May 2023:

    • Netherlands gambling regulator has fined Lotteries £215,794 over offering unlicensed online games.
    • UK Gambling Commission has fined Paddy Power £490,000 over sending push notifications to devices of clients who had previously excluded themselves from gambling.
    • Sydney’s Downing Centre Local Court has charged Betchoice AU$60,000 over illegally promoting gambling inducements to New South Wales’s residents.
    • The Investigations and Enforcement Bureau (IEB) of the Massachusetts Gaming Commission (MGC) has fined MGM Springfield $45,000 for giving access to the Casino gaming floor to those under 21.
    • The UK Gambling Commission (UKGC) has fined Skill On Net Limited £305,150 over Anti-money Laundering (AML) and social responsibility failures.
    • de Kansspelautoriteit (KSA), the Netherlands gambling authority, has charged Merkur Casino Almere €45,000 for giving access to the casino to a self-excluding gambler.

    Key Failings Identified by Regulators 

    • Accepting wagers before having a license to do so
    • Reaching and promoting services to self-excluding gamblers
    • Marketing to youngsters
    • Spamming
    • Violating  advertising rules 
    • Social responsibility failings
    • AML failings
    • Accepting prohibited wagers
    • Violating local gaming laws by giving bonuses
    • Failure to control overspending and putting limits on accounts
    • Failing to identify clients at risk of gambling-related threat
    • Inadequate anti-money laundering measures
    n-img-kyp-info

    How Do Scammers Perpetrate Fraud in the Gambling Sector?

    With technological advancement, scammers are also becoming smarter to bypass security checks and commit online gaming fraud. The gaming sector is the latest hotspot for criminals to fulfil their illicit intentions since the COVID-19 outbreak.

    Here’s how scammers perpetrate online gaming fraud:

    • Bonus Abuse: Scammers and organised groups target the referral programmes of gaming operators and sign-up incentives. Bonus abuse can cost online gaming firms more than 15% of their gross revenue.
    • Multi Accounting: Scammers use techniques such as smurfing, matched betting,  and affiliate fraud to exploit multiple accounts.
    • Affiliate Fraud: Criminals use multi-accounting strategies to manipulate PPL (Pay-Per-Lead) and CPA (Cost-Per-Action) models. This results in giving rewards to non-existent players or generating low-quality traffic from those with no intention of making transactions on your gaming site.
    • Account Takeover: Scammers get lists of login credentials from data breaches or phishing activities to gain unauthorised access to user accounts and consume their funds.
    • Chargeback Fraud: This scam arises due to two main reasons. Firstly, scammers utilise stolen credit card details to make fraudulent transactions. Secondly, friendly fraud occurs when the player intentionally manipulates the chargeback process to nullify their unfavourable bets by asking for a chargeback.

    The Hidden Costs of Gambling Fraud

    With every passing year, the gaming sector witnesses a surge in fraudulent activities, costing them in different ways as:

    1. Long-term Chargeback Losses

    The consequences of chargebacks go beyond just financial implications. The process of analysing and disputing chargebacks demands significant time and effort. This may overwhelm the risk team and has a high volume of requests, putting an additional operational strain. Furthermore, excessive chargebacks can damage your relationship with card companies, putting your firm in an unfavourable standing. Also, the excessive chargebacks cost your firm a significant amount.

    2. Wasted Marketing Budgets

    Bonus abuse and affiliate fraud are the main culprits here, as they may considerably reduce your Return on investment (ROI). The considerable time and effort put in to create an appealing strategy for attracting new players become useless when targeted traffic fails to convert into desired actions or valuable engagements.

    3. Regulatory Fines

    Although esports gaming is relatively less scrutinised than conventional online gambling, regulators are expected to crack down on the sector increasingly. Several countries, such as Sweden, have started efforts to enforce more stringent regulations and impose hefty fines to protect gamblers.

    4. Damaged Reputation 

    Establishing safety and building trust is critical for every firm operating in the iGaming sector. Account takeovers not only cost the users financial losses but also reflect a susceptibility in the firm’s security measures. Thus, players promptly express their discontent on digital forums, damaging your company’s name.

    How to Prevent Fraud in the Gaming Sector?

    KYC verification helps the gaming industry check the players who they claim to be by acquiring accurate personal information and authenticating their identity using official documents. This prevents players from creating fake accounts or using gaming companies for illicit activities. Not only does online gaming fraud detection help the sector keep scammers away, but it also protects the industry from heavy non-compliance fines.   

    How Can Shufti Help?

    Shufti offers AI-powered KYC verification services to gaming operators in 230+ countries and territories and supports 150+ languages. The robust verification solution verifies players within seconds, helping gaming firms protect themselves from fraudulent activities. Our KYC solution also helps the gaming sector abide by global regulations and avoid fines.   

    Still confused about how a KYC verification solution mitigates the risk of fraud in the gambling industry?

    Talk to a KYC expert

    Related Posts

    Blog

    A Detailed Insight into the Best Practices for Digital Currency Providers

    The world has seen an overwhelming rate of development in the cryptocurrency sector with Centrali...

    A Detailed Insight into the Best Practices for Digital Currency Providers Explore More

    Blog

    KYC Compliance Will Become Your Competitive Edge

    Businesses, particularly the financial services sector, have been observing Know Your Customer KY...

    KYC Compliance Will Become Your Competitive Edge Explore More

    Blog, Identity & KYC

    Identity Verification Market ‘Hitting High Record’

    The advent of technology has pushed businesses to digitize their operations for better customer e...

    Identity Verification Market ‘Hitting High Record’ Explore More

    Blog

    Securing The Digital Landscape with Electronic Identity Verification Services

    With a surge in identity document forgery, the likelihood of onboarding a criminal has grown subs...

    Securing The Digital Landscape with Electronic Identity Verification Services Explore More

    Blog

    How Identity Verification Eliminates Social Media Scams to Enhance User Experience

    Social media has experienced exceptional growth in the past decade as a result of advancements in...

    How Identity Verification Eliminates Social Media Scams to Enhance User Experience Explore More

    Blog

    The Truth Around DeFi Compliance – Bridging the Transparency Gap

    Financial markets around the world have seen increased popularity with the advent of decentralise...

    The Truth Around DeFi Compliance – Bridging the Transparency Gap Explore More

    Blog

    China’s AML Framework and Regulatory Highlights of 2022

    China has been fighting against money laundering and terrorism financing for a number of years. A...

    China’s AML Framework and Regulatory Highlights of 2022 Explore More

    Blog

    Money Laundering in the Metaverse – NFTs, DeFi, and the Role of Shufti’s AML Solutions

    For more than a decade, the metaverse concept has been picking up pace, and the world is preparin...

    Money Laundering in the Metaverse – NFTs, DeFi,  and the Role of Shufti’s AML Solutions Explore More

    Blog

    KYC in banking: How American banks can fight identity thieves?

    In the present globalized, fast-evolving sphere, revolutionizing KYC (Know Your Customer) is cruc...

    KYC in banking: How American banks can fight identity thieves? Explore More

    Blog

    Strategic Evaluation and Elimination of Money Laundering in Real-Estate Sectors

    The exchange of illicit money through real estate has been the most commonly encountered method o...

    Strategic Evaluation and Elimination of Money Laundering in Real-Estate Sectors Explore More

    Blog

    The Truth Around DeFi Compliance – Bridging the Transparency Gap

    Financial markets around the world have seen increased popularity with the advent of decentralise...

    The Truth Around DeFi Compliance – Bridging the Transparency Gap Explore More

    Blog

    AUSTRAC’s ML/TF Risk Assessment Report on Foreign Subsidiary Banks [Part 4]

    This blog covers the last chapter of our four-part series on AUSTRAC’s money laundering and terro...

    AUSTRAC’s ML/TF Risk Assessment Report on Foreign Subsidiary Banks [Part 4] Explore More

    Blog

    Top 5 Reasons Why Businesses Need Transaction Monitoring Solution

    Companies are moving towards digitisation, meanwhile, cybercriminals are mastering the art of exp...

    Top 5 Reasons Why Businesses Need Transaction Monitoring Solution Explore More

    Blog

    Video-KYC – The ‘New Normal’ for Digital Customer Verification

    The KYC requirements all over the world are getting stringent. ID document verification is a norm...

    Video-KYC – The ‘New Normal’ for Digital Customer Verification Explore More

    Blog

    Top 6 trends in Anti-Money Laundering for 2020

    To enhance the scope of AML compliance, new regulations were brought into force throughout last y...

    Top 6 trends in Anti-Money Laundering for 2020 Explore More

    Blog, Business Technology

    4 Fintech trends to look forward in 2019

    FInTech has come a long way from being a mere futuristic technology and has achieved scalability ...

    4 Fintech trends to look forward in 2019 Explore More

    Blog

    Know Your Patient (KYP) | Significance in Fighting Patient Identity Theft & Scams

    The global medicare industry is a common target for fraudsters looking to gain access to patients...

    Know Your Patient (KYP) |  Significance in Fighting Patient Identity Theft & Scams Explore More

    Blog

    Identity Verification – Addressing the Challenge of Fraud in the Telecommunications Sector

    Transforming technology, growing digitization, and increased use of online transactions have acco...

    Identity Verification – Addressing the Challenge of Fraud in the Telecommunications Sector Explore More

    Blog

    AML and KYC Compliance – Big Data Optimising the Regulatory Landscape

    Today, different sectors face an influx of user data that they need to process and analyse. To de...

    AML and KYC Compliance – Big Data Optimising the Regulatory Landscape Explore More

    Blog

    How Transaction Monitoring Can Ensure Secure Online Services

    A safe and comprehensive transaction monitoring system is increasingly important in an era charac...

    How Transaction Monitoring Can Ensure Secure Online Services Explore More

    Blog

    Identity Verification Forecast: How Will KYC Evolve in 2023?

    As the world becomes more digital, scammers are honing their craft and employing trickier techniq...

    Identity Verification Forecast: How Will KYC Evolve in 2023? Explore More

    Blog

    AUSTRAC’s ML/TF Risk Assessment 2021 – Other Domestic Banks Report [Part 2]

    Australia is an important member of the Financial Action Task Force and plays a substantial role ...

    AUSTRAC’s ML/TF Risk Assessment 2021 – Other Domestic Banks Report [Part 2] Explore More

    Blog

    Transaction Monitoring in 2023 | A Comprehensive Guide

    Scammers are searching for businesses to exploit, and financial firms with loopholes provide them...

    Transaction Monitoring in 2023 | A Comprehensive Guide Explore More

    Blog, Fraud Prevention

    Credit Card Frauds- How Can You Prevent It?

    Ever since credit cards were introduced, credit card fraud has been elevating. One needs to stay ...

    Credit Card Frauds- How Can You Prevent It? Explore More

    Blog

    The Power of Robotic Process Automation in the Banking Industry

    Entering into the fourth industrial revolution, business processes are shifted to the digital sph...

    The Power of Robotic Process Automation in the Banking Industry Explore More

    Blog

    Know Your Patient (KYP) – the next big thing in health care

    Its high time the hospital industry must think beyond providing just giving medical assistance to...

    Know Your Patient (KYP) – the next big thing in health care Explore More

    Blog

    KYC Verification: Eliminating Fraud from Crypto Exchanges

    Despite persistent volatility, the crypto market continues to yield profits. Whilst the market wi...

    KYC Verification: Eliminating Fraud from Crypto Exchanges Explore More

    Blog, Identity & KYC, Reg Tech

    RegTech: The Case for Financial Inclusion

    The FinTech industry has grown tremendously in recent years, introducing both scale and efficienc...

    RegTech: The Case for Financial Inclusion Explore More

    Blog

    OCR Reader | How Does it Streamline the IDV Process?

    The unprecedented growth in business automation has created a competitive market where businesses...

    OCR Reader | How Does it Streamline the IDV Process? Explore More

    Blog

    Age verification regulations demanding better compliance from businesses

    “Youth is the hope of our future.” Jose Rizal  It is no secret that the youth is a valuable asse...

    Age verification regulations demanding better compliance from businesses Explore More

    Blog

    Biometric Authentication is Smart but AI Makes it Smarter – Here is How

     In the ongoing digital age security is a top priority concern of any organization. Data is a maj...

    Biometric Authentication is Smart but AI Makes it Smarter – Here is How Explore More

    Blog

    Securing Digital Landscape with Electronic Identity Verification Services in 2023

    With a surge in identity document forgery, the likelihood of onboarding a criminal has grown subs...

    Securing Digital Landscape with Electronic Identity Verification Services in 2023 Explore More

    Blog

    The Importance of KYC and AML Compliance in the APAC Region

    According to recent studies, over the past three years, more than ever, sanctions have been impos...

    The Importance of KYC and AML Compliance in the APAC Region Explore More

    Blog

    Designing a Risk-free Customer Onboarding Flow for the Freelancing Industry

    Freelancing websites saw an increased demand during the pandemic, and the trends continued to ris...

    Designing a Risk-free Customer Onboarding Flow for the Freelancing Industry Explore More

    Blog

    Anti-Money Laundering (AML) Solutions – Securing Luxury Goods and Curbing Financial Crimes

    Exotic cars, designer clothes, artifacts, and private jets make attractive news headlines and mov...

    Anti-Money Laundering (AML) Solutions – Securing Luxury Goods and Curbing Financial Crimes Explore More

    Blog

    Anti-Money Laundering Screening | Securing Digital Economies from Financial Crimes

    The increased reliance on digital banking and the advent of virtual currencies in today’s d...

    Anti-Money Laundering Screening | Securing Digital Economies from Financial Crimes Explore More

    Blog

    COVID Passports – Bringing Convenience to the Travel & Tourism Sector

    “Sorry, the earth is closed today.”  Tony Stark’s sarcastic dialogue became the worst possible re...

    COVID Passports – Bringing Convenience to the Travel & Tourism Sector Explore More

    Blog

    Ensure Digital Security with e-KYC Solutions

    In today’s world where the distances have been reduced considerably with the advancement of techn...

    Ensure Digital Security with e-KYC Solutions Explore More

    Blog

    Reshaping the Travel Industry with NFC Verification – How Shufti Can Help

    With emerging technologies and the increasing use of digital services, the travel industry has be...

    Reshaping the Travel Industry with NFC Verification – How Shufti Can Help Explore More

    Blog

    Top 5 Digital Banking Trends to Look Out for in 2022

    2021 was fundamentally geared towards surviving the pandemic and its aftermaths. The pandemic-acc...

    Top 5 Digital Banking Trends to Look Out for in 2022 Explore More

    Biometric Technology, Blog

    Biometric Authentication: Applications and Constraints

    Biometric authentication is considered as an advanced way of ensuring Know Your Customer (KYC). T...

    Biometric Authentication: Applications and Constraints Explore More

    Blog

    Europol launches European Financial and Economic Crime Center (EFECC)

    Financial and economic crimes are today the leading threats that are affecting millions of EU cit...

    Europol launches European Financial and Economic Crime Center (EFECC) Explore More

    Blog

    Understanding eKYC | The Benefits, Processes & 2024 Forecast

    Governments worldwide require firms, such as financial institutions, to know who their customers ...

    Understanding eKYC | The Benefits, Processes & 2024 Forecast Explore More

    Blog

    A Detailed Insight Into Australia’s Gaming and Gambling Regulations

    In recent years, the online gaming and gambling industry has experienced significant growth as te...

    A Detailed Insight Into Australia’s Gaming and Gambling Regulations Explore More

    Blog, Business Technology

    Identity Verification Fuels Growth of Ride Sharing Industry

    The ride-sharing industry is growing at a huge pace. As per Orbi’s research, the ride-shari...

    Identity Verification Fuels Growth of Ride Sharing Industry Explore More

    Blog

    Video KYC Onboarding: Fintechs meeting KYC compliance with video identifications

    The Financial industry is introducing a digital revolution globally. The term Fintech corresponds...

    Video KYC Onboarding: Fintechs meeting KYC compliance with video identifications Explore More

    Blog

    Biometric Authentication – A Solution Against Fraud Detection

    Biometrics technology is the way forward for identity verification services as they allow for qui...

    Biometric Authentication – A Solution Against Fraud Detection Explore More

    Blog, Fraud Prevention

    Identity Theft – One Fraud Multiple Facets

    Identity theft is a global crime. All types of identities, including the financial, medical and b...

    Identity Theft – One Fraud Multiple Facets Explore More

    Blog

    KYC Verification Process – 3 Steps to Know Your Customer Compliance

    Did you know there are three key components to KYC? The entire identity verification procedure en...

    KYC Verification Process – 3 Steps to Know Your Customer Compliance Explore More

    Blog

    Working from Home Spikes Demand for Digital Identity Verification

    Due to the Coronavirus Pandemic, many businesses are grounded or are enforced to work from home. ...

    Working from Home Spikes Demand for Digital Identity Verification Explore More

    Blog

    40 recommendations of FATF – Shaping the future of your business

    Financial Action Task Force or simply FATF is an active global authority that never fails in surp...

    40 recommendations of FATF – Shaping the future of your business Explore More

    Blog, Financial Crime / AML, Identity & KYC

    All You Need To Know About KYC Compliance

    Financial crimes are increasing at an immense pace. As per the United Nations Office of Drugs and...

    All You Need To Know About KYC Compliance Explore More

    Blog, Fraud Prevention

    What is Loan Fraud and How to Detect it?

    Loan fraud simply means when someone uses your identity to illegally obtain a loan. The crime has...

    What is Loan Fraud and How to Detect it? Explore More

    Blog

    Anti Money Laundering – What is AML compliance and why is it important?

    Anti-money laundering compliance is vital for obliged entities and being conversant with AML comp...

    Anti Money Laundering – What is AML compliance and why is it important? Explore More

    Blog

    KYC Isn’t Enough: Get Ready for the Future of Verification

    Over the past few years, companies have been looking for more sophisticated identity verification...

    KYC Isn’t Enough: Get Ready for the Future of Verification Explore More

    Blog

    eIDAS and eIDs – The Shift in Identity Verification in the EU & Beyond

    In the digital world, ensuring the security of international transactions is the ultimate goal of...

    eIDAS and eIDs – The Shift in Identity Verification in the EU & Beyond Explore More

    Blog

    Top 5 Use Cases of Face Verification in the Digital Age

    As novel applications and products are released every day, the use cases of face verification tec...

    Top 5 Use Cases of Face Verification in the Digital Age Explore More

    Blog

    Online Identity Verification: 5 Trends to Expect in 2021

    The boom in digitisation forced businesses to opt for digital means of operations. Online busines...

    Online Identity Verification: 5 Trends to Expect in 2021 Explore More

    Blog

    Healthcare is Under Attack: Strengthening Security with Biometric Verification

    Healthcare scams cost our economy tens of billions of dollars every year and the lowest value of ...

    Healthcare is Under Attack: Strengthening Security with Biometric Verification Explore More

    Blog

    ID Document Fraud | Is Your Business Prepared to Fight the War Against Fraud in 2024?

     In today’s data-driven, digitized world, various business processes have been automated...

    ID Document Fraud | Is Your Business Prepared to Fight the War Against Fraud in 2024? Explore More

    Blog, Financial Crime / AML, Fraud Prevention, Identity & KYC

    Data Breaches – Types, Sources, and Preventive Measures

    A large number of well-renowned companies are under the threat of high-scale data breaches. After...

    Data Breaches – Types, Sources, and Preventive Measures Explore More

    Blog

    A Brief Insight Into Anti-Money Laundering (AML) Regulations in Colombia

    Money laundering has become a global issue, and almost all countries are facing this threat in va...

    A Brief Insight Into Anti-Money Laundering (AML) Regulations in Colombia Explore More

    Blog

    The Most Frequently Asked Questions about Video KYC

    In today’s digital era, the escalating prevalence of identity theft poses a significant con...

    The Most Frequently Asked Questions about Video KYC Explore More

    Blog

    Pandora Papers Pushing Global Authorities to Bridge Regulatory Gaps

    The Pandora Papers have made headlines for not only exposing offshore dealings of the rich but al...

    Pandora Papers Pushing Global Authorities to Bridge Regulatory Gaps Explore More

    Blog

    OCR Solution: A Must-have for Every Business to Automate Workflows

    Moving documents and files from one format to another is necessary during transactions and busine...

    OCR Solution: A Must-have for Every Business to Automate Workflows Explore More

    Blog, Fraud Prevention

    Identity Theft – One Fraud Multiple Facets

    Identity theft is a global crime. All types of identities, including the financial, medical and b...

    Identity Theft – One Fraud Multiple Facets Explore More

    Blog

    The Future of Customer Onboarding Post-COVID-19 Pandemic

    The COVID-19 pandemic has changed our lives to the fullest and businesses have suffered a lot as ...

    The Future of Customer Onboarding Post-COVID-19 Pandemic Explore More

    Blog

    KYC Identity Verification – Building Customer Trust in Ride-Hailing Services

    The transportation industry is in the phase of significant disruption, redefining its services an...

    KYC Identity Verification – Building Customer Trust in Ride-Hailing Services Explore More

    Blog

    Securing Public Facilities with Touchless ID Verification Kiosks

    Due to the coronavirus pandemic, social distancing became the utmost need of the hour. Given the ...

    Securing Public Facilities with Touchless ID Verification Kiosks Explore More

    Blog, Fraud Prevention

    ID Verification Trends to Curb Online Frauds

    Automated Identity Verification Can Play a Significant Role in Fraud Management Fraud management ...

    ID Verification Trends to Curb Online Frauds Explore More

    Blog

    COVID Verification of Tourists: Is the Hospitality Sector Doing Much?

    COVID-19 has been a big hassle for everyone except for those who adopted the new normal quickly. ...

    COVID Verification of Tourists: Is the Hospitality Sector Doing Much? Explore More

    Blog

    Risk Assessment and Management | Why do Businesses need it?

    B2B partnership always carries risks that must be managed whilst staying compliant. Business part...

    Risk Assessment and Management | Why do Businesses need it? Explore More

    Take the next steps to better security.

    Contact us

    Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

    Contact us

    Request demo

    Get free access to our platform and try our products today.

    Get started