In the era of technological revolution, digital innovation has transformed the preferences and financial activities of players. Bank transactions, payments, and remittances can be done with just one click. Digital advancements have facilitated corporations but they have also enabled fraudsters to exploit gaming platforms to their advantage.
Given that access to gaming platforms is not restricted to adults, authorities have received several cases of children experiencing external attacks. Fraudsters especially target social media, and esports platforms to take advantage of underage users.
Fraud Cases in Online Gaming & Gambling Platforms
The online gaming industry has experienced a lot of financial growth in recent times, attracting over a billion players from around the world. Cybercriminals target these platforms to gain instant financial rewards; they bypass the security protocols of esports platforms to accomplish their objectives. Fraudsters use the safety of online anonymity for malicious purposes. In modern times, there are still some service providers that have not implemented advanced age verification in gaming platforms for ensuring a positive experience for players. According to the guidelines of esports platforms, gamers have the flexibility to choose any name and age group for registration. Hence, the risk of fraud is high.
The Fraud Cases in Fortnite
Famous games such as Fortnite has between 3 to 4 million active players this year; cybercriminals see an opportunity for financial rewards and target the platform. Perpetrators use identity theft for exploitation which makes matters worse for service providers. Unfortunately, gaming fraud has surpassed the limits where underage users are becoming money and drug mules. For example, in-game features attract minors because they allow them to finish a stage faster or upgrade their avatar.
Fortnite accepts coins like several other digital games for unlocking special features; the same options are available on some gambling platforms. Nonetheless, such types of coins are not available to all players. This is where criminals take advantage of the naivety of underage players. The lack of age verification in gaming enables fraudsters to connect with underage users through the esports platform and request some favors for providing in-game digital coins. Minors are targets because they raise less suspicion of international regulatory bodies as compared to adults.
Regulations for Age Verification in Gaming Platforms
In order to deal with the risks regarding minors on digital gaming platforms, the UK government has introduced strict preventive measures in the form of age verification in gaming. For example, the country has established the Office of Communications (Ofcom) as the main authority for internet security operations. This means that Ofcom has the responsibility of protecting social media platforms and gaming sites against external attacks.
Financial Crimes Enforcement Network (FinCEN)
There are other industries in which minors are at risk unless robust age verification measures are put in place, the main problem is outdated age verification in gaming platforms. For this reason, the Financial Crimes Enforcement Network (FinCEN) has introduced strict regulations for verifying players’ identities. Service providers are highly recommended to implement age verification in gaming platforms, for powerful fraud prevention and to ensure a positive experience for genuine players. According to the latest guidelines from FinCEN, US citizens must go through an advanced ID verification system for validating their credentials. Such type of security measures allows operators to implement age validation in gaming platforms. Hence, this approach is eliminating the risk of external attacks on minors.
Children Online Privacy Act (COPPA)
Another US regulation that aims to protect underage users on online platforms is the Children’s Online Privacy Act (COPPA). This standard ensures the safety of the Personally Identifiable Information (PII) of kids under the age of 13 who use online gaming or other digital platforms. Moreover, the guideline provides an additional standard for online businesses that must maintain user data. Nonetheless, the stringent rules that limit the activities of minors on gaming sites force some service providers to ignore COPPA standards.
The widespread exploitation of underage users and the negative impact on parents’ bank accounts demands a powerful age verification in gaming platforms. Important bank details and financial operations are full of risks because users can perform them via mobile applications. Ensuring the safety of underage users has become critical with age verification in gaming platforms.
In modern times, international regulatory bodies fulfill their social responsibility by pushing gaming verification sites to secure the sensitive credentials of their players. Working with a trusted third-party service provider can help operators in implementing age verification in gaming sites. In this way, owners can restrict the access of minors and protect them from harm. This approach facilitates the service suppliers in complying with the latest AML/KYC standards.
Collaborating with a verified third-party service provider can also help owners avail of the free trial of age verification in gaming sites. Allowing Businesses to have hands-on experience with the digital solution.