Major sporting events, such as the World Cup, bring not only a surge in online traffic but also an increase in fraudulent activities. In anticipation of the upcoming tournament, Sumsub, a leading cybersecurity company, has developed a new system to assist operators in managing the expected rise in traffic while safeguarding against online scams and cybercrime.
Understanding the Challenge:
During events like the World Cup, online activity can skyrocket, with traffic potentially increasing by over 400%. However, this surge in activity also brings a substantial increase in fraudulent activities, posing significant risks to online platforms. Jacob Sever, Co-founder and Chief of Compliance at Sumsub, highlights the alarming rise in fraud and regulatory violations in the gaming industry, emphasizing the importance of swift customer onboarding coupled with strict compliance measures to avoid penalties.
Sumsub’s Response:
Sumsub, as a provider of identity verification and KYC/AML compliance solutions, has tailored its services to meet the specific needs of the gaming industry. Recognizing the importance of rapid onboarding and stringent compliance, Sumsub offers customized solutions and compliance tips to help betting platforms prepare for the influx of traffic during major events like the World Cup. The company’s KYC infrastructure is designed to handle large volumes of users effectively, ensuring the highest level of fraud protection for online operators.
Key Recommendations:
In addition to its tailored solutions, Sumsub has provided practical recommendations for online operators to bolster their fraud defenses while optimizing conversion rates. These recommendations include:
Strategic Checkpoints: Implement minimal checks during onboarding, reserving more advanced checks for critical stages.
Simplified Processes: Introduce simplified verification processes for low-risk users, utilizing single-document checks where possible.
Liveness Verification: Incorporate liveness checks into the verification flow to mitigate the risk of account fraud.
As the World Cup approaches, online operators must be prepared to handle the surge in traffic while safeguarding against fraudulent activities. Sumsub’s proactive approach and tailored solutions equip operators with the necessary tools to navigate these challenges effectively. By implementing strategic checkpoints and incorporating advanced fraud detection measures, online platforms can strike a balance between fraud prevention and customer conversion rates, ensuring a secure and seamless experience for users during major sporting events.