The Best Online Strategies for KYC and Age Verification in 2021
According to the trending casino news articles, the Know Your Customer (KYC) approach has become a crucial part of every online gambling platform. And with the gambling regulations tightening in every European jurisdiction, having a robust identity verification system is more important than ever.
As the technology progresses, new tools for age verification emerge in the market. The use of AI and machine learning has become a common practice for ID verification software. It is the job of an operator to implement all the recent developments and ensure compliance with all existing regulations.
A well-established KYC and age verification process allows online casinos not only to determine the identity of the player and eliminate underage players but also to prevent money laundering and fraud on the website.
Frederic Ly, the regional sales manager at Jumio, has shared his insights on the topic.
Expert outlined practical strategies for age verification
During the webinar “Know Your Players: Age Verification Strategies For Online Gaming” at the SBC online event “Digital Italia”, the expert gave practical tips on how to reach almost 100 percent accuracy in ID verification.
First of all, the operator should establish a platform with up-to-date UX, using the AI and machine learning technologies, as those help to streamline the ID verification process. The expert has also outlined the difference between KYC strategies for new and regular customers.
In the case of the newly registered players, the key questions that an operator should ask are:
- Is it really this user?
- Should the company go into business with this user?
Among the strategies that help answer these questions, Frederic Ly has outlined the following:
- validating player’s address;
- verifying player’s ID;
- comparing selfie with the photo on the ID;
- biometric authentication by a simple selfie and liveness check;
- detecting risk transactions by tracking unusual behavior and blocklist checks;
- AML screening of players against government sanctions and watchlists, PEPs data.
When monitoring the existing accounts, an operator should answer the questions:
- Is it still the same user?
- Does this user present a financial risk?
According to the expert, an online casino can achieve this goal by following three simple steps:
- selfie authentication and liveness check;
- close monitoring of player’s transactions;
- AML screening against the blocklists.
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