The Crucial Role of KYC in the Gaming Industry in Canada Posted on December 12, 2023 by admin
Table of Contents: Understanding KYC in the Gaming World in Canada KYC for Gaming: A Necessity, Not an Option Advantages of KYC for Gaming Companies KYC Services Providers in Canada KYC Canada: A Reliable and Trusted KYC Service Provider Conclusion The online gaming industry, despite its immense popularity and growth, has been struggling with a rising tide of fraud in recent times. As of 2023, alarming statistics reveal the extent of this issue. According to industry reports, incidents of fraud in online gaming have seen a notable surge, with a staggering increase of over 30% compared to the previous year. The UK-based gambling platform, operated by Dylan Rigby and Craig Douglas, allowed players to transfer virtual currency from FIFA 17 to place bets on actual football matches, but allowed minors as young as 12 years old to engage in betting activities. Various fraudulent activities, including account takeovers, payment fraud, and in-game asset theft, have become more sophisticated, posing significant challenges for both gaming platforms and players. This surge in fraud highlights the pressing need for robust security measures, including stringent identity verification processes such as Know Your Customer (KYC), to protect the integrity of the online gaming experience and safeguard users from financial losses and compromised accounts.