Press Release

Hero Gaming Fights Fraud, Cuts Verification Times & Grows Customer Numbers 20% Thanks to Strategic Shufti Pro Partnership

Richard Marley
June 29, 2022
5 minutes read
1523

London, UK – June 29, 2022 – UK based Shufti Pro, a leader in identity verification, today formally announces its partnership with Hero Gaming. The collaboration has seen Shufti Pro develop a bespoke authentication solution to significantly reduce legitimate customer verification times. As well as block bad actors such as fraudsters and politically exposed people (PEPs) from accessing the Hero Gaming platform.

A leading gaming company, Hero Gaming supports B2B partners in Asia, Latin America, India and the wider world via its platform. It has to navigate complex regulations and laws across these regions to ensure fraudulent and underage users are unable to access its platform. At the same time, it needs to ensure that legitimate customers have the best onboarding experience possible.

Prior to implementing Shufti Pro, Hero Gaming relied on manual verification to authorise new users. This led to a stagnation in customer growth as potential customers dropped off during the verification process.

Shufti Pro, which supports over 150 languages and 230 countries and regions, alleviated this problem through its use of enhanced artificial intelligence (AI). A solution that enables customers to run near instant verification, that achieves the highest level of accuracy possible.

Since implementing Shufti Pro, Hero Gaming has seen the time taken to authenticate legitimate customers drop from days to seconds. As a result, the business has enjoyed a 20% increase in retained customers.

As users look for a more diverse range of options to prove their identities – such as selfies, screenshots and utility documents – Hero Gaming also turned to Shufti Pro for support in developing a tailored solution that would enable these wide-ranging forms of authentication. Hero Gaming provided regular feedback and suggestions which Shufti Pro was able to take on board to further improve the product.

Users can now safely join the Hero Gaming platform via a variety of methods. Pre-existing customers are also able to upload supporting documents via a drop-down menu in-game should they have queries or questions. With Shufti Pro’s enhanced AI in place, Hero Gaming has seen a significant reduction in the number of manual Know Your Customer (KYC) contacts required, significantly improving the end user experience.

Kristino Vella, Head of Risk, Payments and Fraud at Hero Gaming, said, “When potential customers informed us that our lengthy verification processes were hindering their due diligence verification, we knew we needed to make changes. Shufti Pro had a reputation as a leading authentication expert that would be able to streamline our processes while enhancing our risk detection.

Through partnering with the team at Shufti Pro we’ve been able to grow our customer numbers by 20%. At the same time, we’re able to streamline their experience while on our platform and stop under-aged users and potentially fraudulent users from accessing our services. It’s a win-win.”

Victor Fredung, CEO of Shufti Pro, said, “Verifying the legitimacy of potential customers is critically important, especially in highly regulated sectors such as gaming. But it can also prove challenging. Historically businesses have had to manually authenticate each individual user, however, this took considerable time and resources.

At Shufti Pro we use enhanced artificial intelligence to take the pain out of onboarding. We’re delighted to be working with Hero Gaming, helping them to significantly cut down the time it takes to process authentic customers while blocking illicit activity such as potential fraudsters and criminals.”

About Hero Gaming

Hero Gaming was founded in 2013 by Georg Westin, who was at the forefront of offering gamified casinos – a unique experience that players had not previously seen. Casino Heroes was launched in 2014 with an initial focus on Scandinavian countries.

Throughout the past few years, our multi-brand strategy grew to include the launch of a number of new brands to our ever-growing portfolio, aimed at providing the best experience for our players. The speed at which these brands went to market is a reflection of the passion for innovation and agility which in turn enabled us to reap great benefits for the business and for our Heroes. We’re now thrilled to embark on our next adventure where we’re daring to dream to take Hero Gaming to a global level.

The humble and truly passionate team behind our brands do not only come up with new and creative ideas but also has a great track record in executing projects with agility. Thanks to our great team, Hero Gaming has become one of the industry’s most reputable companies.

About Shufti Pro

Shufti Pro is an identity verification service provider offering KYC, KYB, and AML services to help global businesses onboard legitimate customers. The UK-based company has 5 regional offices and launched 17 different IDV products since its inception in 2017. With the ability to verify thousands of ID documents in 150+ languages, Shufti Pro is serving customers in 230+ countries and territories.

For more information,

Graeme Rowe
CMO | Shufti Pro
graeme.r@shuftipro.com
+44 7909 447255

Disclaimer: No warranty is herein provided that the information contained in this document is accurate, up-to-date, and/or complete. In no circumstance(s), does such information constitute legal or any other advice. Any person who intends to use, rely, pass-on, or re-publish the information contained herein in any way is solely responsible for the same. We suggest to verify the information and/or obtain expert advice independently if required.

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ECB Releases Paper Revealing Financial Crime Risks in Cross-border Payments
About Hero Gaming
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ECB has released a paper that reveals the financial risks associated with cross-border payments, suggesting possible solutions via crypto, blockchain or internlinked payments.

In a report examining the present inefficiencies of cross-border payments, the European Central Bank (ECB) makes suggestions for potential solutions using blockchain, cryptocurrency, or connected national payment rails.

The paper, titled “Towards the holy grail of cross-border payments,” discusses the problem that the friction of anti-money laundering (AML) systems is one of the main barriers to tackling payment difficulties. The study asserts that one of the six routes it proposes may be on the verge of achieving the ideal result (the so-called “holy grail”), which is that payments should be prompt, affordable, widespread, and settled in a safe medium like central bank money.

However, ECB experts emphaize that in order for this to happen, it is crucial to make progress in addressing AML and CFT compliance inefficiencies in order to make the outcome attainable.

According to the ECB document, Bitcoin was one of the potential options that the G20 considered. The layer two alternatives for micropayments, the Lightning network, are also explored in the study in addition to the Bitcoin network. The authors see the existence of one large network and the lack of middlemen as relevant advantages in resolving Bitcoin custody issues for end users.

Despite its shortcomings, such as its high energy consumption and uneven application of AML/CFT compliance, Bitcoin is nevertheless seen as a reliable alternative. Not to add, according to the ECB study quoted, “its price volatility impairs its acceptability of means of payment – both for local and cross-border” transactions.

Although less innovative than Bitcoin, the ECB considers stablecoins to be a workable alternative. Due to its possible impact on financial stability, the potential for monopolies to be created, and the opportunity for market exploitation, stablecoins are viewed with scepticism as an all-encompassing answer to cross-border payments.

Given the variance of national CBDC pilots across Europe and the fact that the availability of digital currencies is far from complete at the EU level, the research views multi-CBDC solutions as one of the more theoretical options. Nevertheless, interlinking domestic payment systems and multi-CBDC were ranked as the two most promising directions to pursue.

The ECB also used the opportunity to assess current cross-border payment rails, such as Nexus, a plan for connecting instant payment systems across national borders, TIPS RIX-EUR, which links the Swedish and Euro area TIPS platforms, and P27, as well as the alliance between EBA Clearing and The Clearing House, which aims to link the Euro zone with the US.

Suggested Read: “Crypto Should Be Regulated, Not Prohibited”, Says ECB Vice President

Hero Gaming Fights Fraud, Cuts Verification Times & Grows Customer Numbers 20% Thanks to Strategic Shufti Pro Partnership

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