Verification platform Sumsub has created an online calculator to help betting platforms estimate potential fraud losses during the 2022 World Cup in Qatar, which kicks off in November.
As well sporting aficionados placing a bet on a game, online gambling platforms also attract an increase in cybercriminals and scammers during major sporting events.
Sumsub says it expects too see a traffic surge of more than 400 per cent at bookmakers during the 2022 World Cup in Qatar along with increased fraud. In Q1 2022, there was already an 85 per cent increase in fake account registrations compared to Q4 2021.
Its free online calculator determines how much fraud might cost during the World Cup depending on the business figures you enter. The types of fraud that bookmakers experience include arbitrage betting, multi-accounting, identity theft, account takeovers, money laundering and age violations.
Sumsub also helps betting platform handle unprecedented traffic spikes and curbing fraudsters.
“As an identity verification and KYC/AML compliance provider, we’ve noticed increased fraud and regulatory violations in the gaming industry, and alarming losses connected to this,” says Jacob Sever, Co-founder and chief of compliance at Sumsub. “We know how important it is to quickly onboard customers, but we also understand that you need to be as compliant as possible to avoid fines.
“Sumsub offers customised solutions and compliance tips specifically for the gaming industry, which we have collected and re-packed on the eve of such an important sporting event. We’re here to help betting platforms get ready for the biggest traffic surge in years.”
Sumsub, which offers identity verification, AML screening and ongoing monitoring, advises to:
- Use minimal checks at onboarding and enroll more advanced checks when they truly matter, such as the deposit and withdrawal stages
- Introduce simplified checks for low-risk users that utilize only one document (if it contains both identity and address information)
- Include a liveness check into your verification flow to avoid account fraud
Image and article originally from thefintechtimes.com. Read the original article here.