The trend of online games is more than physical sports. The reason can be nowadays youngsters are more attracted to digital platforms. Physical sports need specific playgrounds and weather for playing. Like football or hockey can’t be played inside a room or in very high low temperature. Online games also replace indoor sports because e-games have a very engaging interface. Advanced games are empowered with Artificial Intelligence and Machine Learning algorithms that record the user experience to give a more charming graphical user interface.

There is no doubt that e-gaming is going to become a separate industry from sports because of its huge market size and large number of users. As per the reports of Statista, in 2021 the e-gaming revenue is predicted to reach $23,582m. Another report shows that the online gaming industry’s market size will be equal to one percent of worldwide GDP. The huge money involvement attracts criminals to disrupt the online gaming environment.

Let’s have a look at the hurdles confronted by the online gaming industry

Scams in Gaming Sector 

There are various and innovative types of frauds like online gambling scams and online casino scams. Now fraudsters use more sophisticated ways of scamming in online games. Some of the types of scams are discussed below:

Numerous Account Scam

This is the format type of fraud in the online gambling industry. In this type of fraud, multiple online accounts are created in any game. These accounts are created using fake credentials and they can count dozens or hundreds in number. The goal of creating multiple accounts is to move the game in favor of one gambler or against him. By doing so the gambling game can be manipulated and the fraudster can get hands at the winning money. 

For example, while playing an online poker game, fraudsters join a table with multiple accounts. Then he intends to win the game by knowing other players’ cards also. This type of scam is performed usually by a group of fraudsters.

There are scams rather than game manipulation that are done by creating numerous online accounts like:

Bonus Misuse

Online games often offer free chips to attract new customers. Like players get fifty free chips for single-time installation of the game. This promotion strategy is also disrupted by scams, they install the game with different accounts and transfer the chips from every account to his account. It is done fastly and when the online game company gets to know about this scam, the scammer has already transferred thousands of chips to his account.

Fake Bets 

While playing an online gambling game, fraudsters bets on a single player to make that player more trustworthy. The genuine gambler also bet on that player considering that he might have high chances of winning. Then the player deliberately loses the game so that he does not have to pay the betting amount. Fake bets can place a heavy amount of money in the fraudster’s pocket.

Stolen Credit/Debit Cards

Fraudsters steal debit or credit cards or get access to the card card number. Then they use this information to buy chips or other gaming services like body skin or weapons. Another way is to bet on games through this information. If the bet wins, they transfer the money to their account. In both cases win or lose the legitimate user gets affected because it was actually his money that was lost.

Player Verification for online gaming safety

Online gaming environments can be secured and streamline by identifying and verifying all the players or gamblers while opening an account. This is also called Know Your Player, the identification is done by player name and nationality. While the identity verification process is a bit significant. All of the player’s personals and financial information is verified through supporting documents.

Personal information is verified by government-issued documents like ID cards or passports. The financial information like a bank account number or credit card number is verified with bank statements. The Player just has to upload his live selfie and document’s image to the online verification software.

Summing it up

The above discussion states that the online gaming sector is a potential target for scams. Legitimate players might lose interest in online games if they have been scammed multiple times. Know Your Player mitigates the risk of numerous accounts and stolen debit/credit cards. Player verification is essential for the gaming industry so that they can have a better user experience and a better online gaming environment.