The way in which gaming operators verify identities is getting a boost from artificial intelligence
Countries around the world have dedicated teams of specialists looking for ways that certain people might be trying to launder illegitimate funds. For decades, there has been a belief that casinos are perfect for money-laundering activity and, in some cases, there is some validity to this assertion. However, new technology is making it easier for regulators to enforce anti-money-laundering (AML) and Know Your Customer (KYC) standards and artificial intelligence (AI) is giving online gaming operators a new tool to fight fraudulent accounts. The new era of video identification is here and is going to be the future of virtually all account creation.
To onboard new customers using digital platforms, it is required that companies be able to verify the individual. This isn’t possible just by asking the user to submit a passport photo or some other identification, as these can easily be faked. AI is giving online casinos a tool that enables operators to securely identify individuals, without compromising privacy, and is able to perform the verification in just a matter of seconds.
AI is already helping online gaming operators reduce or eliminate potential fraud and offer seamless customer onboarding. By adding account identification to the list, the operators are providing a robust set of solutions that appease gambling regulators and provide better transparency.
Through AI algorithms, combined with expert analysts trained in KYC and AML, the iGaming space is becoming more mature and relevant and is offering a more enhanced customer experience.
Verifying customers is crucial for all gaming operators to reduce fraud in the industry; however, conventional verification methods are time-consuming. Using AI technology is proving to be effective in providing better customer experiences and getting the right customers onboard. A video customer identification program not only allows operators to save time and money, but also results in greater customer loyalty.