Financial fraud – identity theft and falsifying personal credentials – and money laundering have become real worries in an online world where financial services, entertainment properties, and retail outlets reach across borders. As consumers seek to create accounts using assumed identities, businesses have installed security officers to ensure the legitimacy of transactions. To block money-laundering activity that might fund terrorists and other illegal activities and erodes confidence in financial markets, the European Union has issued The Third Directive; a consistent set of regulations that requires identity verification and enhanced due diligence in the case of large transactions. But how do security officers verify identity and how do companies comply with new directives? Most importantly, how do they rigorously block fraud without negating the streamlined revenue generation processes offered by the internet? This paper reviews fraud and money laundering – what they are, the businesses challenges they present, and solutions that make it possible to block illegal financial activity without impeding business.
It’s a good time to be in the online gaming business. Markets around the world are growing steadily and analyst predictions see the trend continuing. It is, however, an extremely competitive environment and operators need to constantly be looking for more efficient and cost-effective ways to build and expand profitable businesses. Taking advantage of these market opportunities necessitates complying with age verification requirements mandated by currently established markets while exploiting others that are rapidly expanding. Processes have to be highly accurate to restrict participation to adults over the age of 18, yet fast enough to provide a satisfying online experience for legitimate players. Online gaming vendors also have to safeguard their operations from fraud – specifically, credit card thieves and money laundering rings. In order to verify that customers are legitimate individuals who meet the mandated age requirements, online operators must have a foolproof system in place that matches customer-provided demographic information with government-issued ID data and other publicly available data sources. This paper outlines the business advantage of age and identity verification in the global online gaming industry and describes available technology that helps online gaming vendors build strong verification processes into their business operations.