In the rapidly expanding world of iGaming, where online casinos and sportsbooks are at the forefront of entertainment, the challenge of maintaining security and trust has never been more critical. Fraud within this sector is escalating at an alarming pace, with Sumsub’s most recent iGaming report highlighting a 64% year-on-year increase. This surge in fraudulent activities is largely driven by sophisticated schemes such as bonus abuse, affiliate fraud, and the increasingly concerning trend of account takeovers.
The traditional methods of user verification are struggling to keep up with the innovative tactics employed by fraudsters. Particularly worrying is the 245% global rise in deep fake fraud, which leverages advanced technology to create highly convincing fake identities. This has posed significant challenges to the iGaming industry, which requires robust verification systems to ensure the safety and security of its users.
Recognizing the urgency of this situation, Sumsub, a leading verification platform, has partnered with 4Play Gaming, a pioneering iGaming platform provider, to enhance user verification processes. This partnership is poised to revolutionize how the industry tackles the persistent and evolving threat of fraud.
Sumsub and 4Play Gaming: A Strategic Partnership
The collaboration between Sumsub and 4Play Gaming is a strategic move aimed at fortifying the defenses against the rising tide of fraud in the iGaming sector. Sumsub, known for its advanced Know-Your-Customer (KYC) solutions, brings to the table a suite of technologies designed to verify user identities with high accuracy and efficiency. By integrating these capabilities into 4Play Gaming’s platform, the partnership aims to provide a comprehensive solution to the fraud problem that plagues the industry.
One of the critical components of this partnership is the implementation of a liveness check. This feature is particularly relevant in the fight against deep fake fraud, where the ability to distinguish between a real user and a synthetic identity is crucial. The liveness check will help ensure that only legitimate users can access iGaming platforms, thereby reducing the risk of fraudulent activities.
Kris Galloway, Head of iGaming Product at Sumsub, expressed the company’s commitment to enhancing safety and compliance in the sector:
“We are pleased to be partnering with 4Play Gaming and continue our efforts in fostering safety and compliance across the sector. Working closely with 4Play Gaming is a significant step for us as the iGaming industry remains a core focus of our market expansion. We are committed to helping iGaming firms deliver smooth and secure onboarding experiences, ensuring protection and risk mitigation for both players and operators alike.”
This sentiment is echoed by Josh Shoham, Co-Founder at 4Play Gaming, who emphasized the importance of adapting to the evolving compliance expectations within the iGaming industry:
“Compliance expectations within the iGaming industry continue to evolve. As fraud risks are on the rise, iGaming operators cannot adapt to the changing landscape on their own. We are excited to partner with Sumsub and enable operators to utilize their renowned KYC solutions. As the first No RevShare and event-based platform in the market, we want to ensure the highest quality solutions for our clients. We are confident that Sumsub’s user verification capabilities will help operators provide the best user experience for secure onboarding.”
Addressing the Challenges: Key Benefits of the Partnership
The Sumsub and 4Play Gaming partnership is designed to tackle some of the most pressing challenges facing the iGaming industry today. By combining their expertise and resources, the two companies are well-positioned to deliver a solution that not only enhances security but also improves the overall user experience.
Enhancing User Verification
At the core of this partnership is the goal of improving user verification processes. With fraud becoming more sophisticated, traditional methods of verification are no longer sufficient. By integrating Sumsub’s advanced KYC technology with 4Play Gaming’s platform, the partnership aims to create a more robust and reliable verification process. This will help operators identify and prevent fraudulent activities more effectively, protecting both the platform and its users from potential risks.
Combating Deep Fake Fraud
The rise of deep fake technology has introduced a new level of complexity to the fraud landscape. Deep fakes are not only highly convincing but also increasingly accessible, making it easier for fraudsters to create fake identities. The partnership’s implementation of a liveness check is a direct response to this threat. By using technology to verify that the person behind the screen is real, the partnership can significantly reduce the risk of deep fake fraud.
Improving Onboarding Experiences
While security is a top priority, the partnership also recognizes the importance of providing a seamless user experience. The collaboration aims to streamline the onboarding process, making it easier for legitimate users to register and participate in iGaming activities. This focus on user experience is crucial, as a cumbersome or overly complex onboarding process can deter potential users and impact the platform’s success.
Implications for the iGaming Industry
The Sumsub and 4Play Gaming partnership is set to have a significant impact on the iGaming industry. By addressing the growing threat of fraud with innovative solutions, the partnership is likely to set new standards for security and user verification within the sector.
Reducing Fraud Rates and Enhancing Trust
One of the most immediate benefits of this partnership will be the reduction in fraud rates. By implementing more robust verification processes, the collaboration will make it more difficult for fraudsters to succeed, thereby protecting both operators and players. This, in turn, will enhance trust in iGaming platforms, as users will feel more secure knowing that their personal information and financial transactions are protected.
Supporting Compliance Efforts
As regulatory requirements continue to evolve, iGaming operators face increasing pressure to comply with stringent standards. The Sumsub and 4Play Gaming partnership will help operators meet these challenges by providing them with the tools they need to stay compliant. This is particularly important as regulators become more vigilant in their oversight of the industry, and non-compliance can result in significant penalties.
Enhancing User Experience and Market Competitiveness
In addition to improving security and compliance, the partnership also has the potential to enhance the user experience. By streamlining the onboarding process and reducing the likelihood of fraud, the collaboration will make it easier for legitimate users to engage with iGaming platforms. This can help operators attract and retain users, giving them a competitive edge in an increasingly crowded market.
The partnership between Sumsub and 4Play Gaming represents a proactive approach to the challenges facing the iGaming industry. By combining advanced technology with a focus on user experience, the collaboration is poised to make a significant impact on the industry’s ability to combat fraud and ensure compliance. As fraud continues to evolve, partnerships like this one will be essential in maintaining the integrity and security of the iGaming sector.