Gaming is a huge niche within entertainment now. The growth of gaming can be seen in how vibrant the whole industry is and the number of ways to play. Video games are naturally still huge, but it is the online casino sector that is making the biggest waves globally.
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These companies put great emphasis on making online casino games accessible and convenient to play. Most will also pay great attention to Know Your Customer (KYC) principles. How do gaming companies use KYC, and what is it?
What is KYC?
Although you might know what it stands for, you might not fully grasp what KYC is all about. In simple terms, it refers to a set of guidelines that expect companies to know who they are dealing with when involved in a business relationship. KYC states that companies should verify not only the identity of who they are dealing with, but also the suitability of dealing with them.
Why are such measures needed? It all comes down to the threat of money laundering and identity fraud, which are becoming bigger dangers online. Due to this increasing threat, more and more businesses are using KYC guidelines to stay safe.
How do gaming companies use KYC principles?
While the above explains what KYC is in general terms, you may wonder how companies in the gaming sector use it. The most obvious example lies with online casino platforms. As customers both deposit and withdraw money into online casino accounts, it is key for gaming platforms like this to use KYC principles. This helps to ensure the identity of who has created the casino account online and confirm their source of funding. To achieve this, platforms will collect this information as part of the sign-up process and store it securely on their site.
What other measures do gaming companies use to keep players safe online?
KYC and anti-money laundering rules also help keep the sector cleaner and better for honest people to get involved with. Of course, these are not the only ways that iGaming sites keep their customers safe. SSL technology is widely used for the hardcore data encryption it delivers, while the latest firewalls keep out hackers. Whether you play via desktop or on phones such as the Samsung Galaxy S21 FE 5G, these measures are key.
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KYC is important for gaming companies
There is no doubt that KYC is vital for gaming companies, which need to know who their customers really are. Online casinos are a case in point and must adhere to these rules in order to protect not only themselves but also their regular customers.