AI-based tools give operators an easier path to bring on new customers and comply with regulations

While customers want online platforms, including iGaming operators, to keep their personal data secure, they don’t want to have to jump through hoops to confirm their identity. Regulations pertaining to financial policies require certain online businesses to follow strict reporting guidelines, and iGaming operators fall in this category. Potential customers can be frustrated by an intense onboarding experience and have been known to abandon their online application, costing operators clients, as well as revenue. However, artificial intelligence (AI) and machine learning (ML) have emerged as the most promising ways to combat financial fraud, giving iGaming operators easy-to-use tools to facilitate the onboarding process.

These AI and ML tools can help detect suspicious behavior to prevent data breaches and fraud before problems arise and operators face a tarnished reputation. AI-powered tools offer identity verification providers a way to share better verifiable data and allow companies to confirm user information and protect privacy by not storing the data. The credentials can confirm a number of different identification types, such as ID documents and electronic data, while also providing consumers with control over who can access the information.

As online shopping, iGaming, and contactless payments took off last year, the focus on online security became even more intense. Since the start of the COVID-19 pandemic, consumers have expressed a preference for improved, seamless methods of security. They want options similar to those that are physical and behavior-based, without the need to verify their identity in person, which is accomplished through the integration of AI.