Gaming Customers See Richer Digital Identity Profiles

Socure Identity Insights: Gaming Customers See Richer Digital Identity Profiles and Improved Coverage 

How To Evaluate an Online Gaming ID Verification Solution

Socure wins Datos Insights' 2023 Fraud & AML Impact Award

Fortifying Your Financial Fortress: A Dual Perspective on Digital Identity Protection

How does a company succeed in the gaming industry? The common answers are catchy marketing campaigns, high-quality platforms, or innovative ways to play. But on the path to building a healthy user base, balancing a high acceptance/low friction experience with strong <a href="https://www.socure.com/glossary/identity-verification">identity verification</a> is an ongoing challenge — especially when 1 in 20 new digital gaming accounts tend to be <a href="https://chargebacks911.com/online-gaming-fraud/">connected to fraud</a>.
<a href="https://www.socure.com/blog/how-to-evaluate-an-online-gaming-id-verification-solution">For gaming operators, getting a full picture of someone’s digital identity can make a huge difference for ROI</a>. Consumers want to get their accounts setup and start playing, and making mistakes in age and location verification means slowing them down — or losing them altogether.
To address this problem, we’ve added a new set of updates to our flagship <a href="https://www.socure.com/products/identity-verification">Socure Verify</a> product to help gaming customers achieve their goals.
<h2>Age Verification: Date of Birth Accuracy</h2>
The gaming industry faces regulations that require adherence to <a href="https://www.socure.com/blog/the-complete-know-your-customer-kyc-checklist">Know Your Customer (KYC) rules</a>. These rules are typically reserved for banks and often make for a tedious process. Pressure from fintechs has led banks to spend significant time making the identity verification component of <a href="https://www.socure.com/glossary/customer-onboarding">customer onboarding</a> as accessible and easy as possible, hiring whole teams focused on identity and authentication. Though some gaming companies are behind the curve in this change, Socure can help.
Because the gaming industry has stricter rules on age verification due to state laws, collecting accurate age information is key for compliance.
The Socure team has optimized <a href="https://www.socure.com/products/identity-verification">our Verify solution</a> to improve coverage on date of birth (DOB) information by unifying fragmented digital identity records belonging to the same individual across our 8B+ record data consortium. This helps our customers not only quickly and accurately make confident decisions about consumers, but also avoid costly manual reviews and regulatory fines.
We’re seeing these improvements come to life in <a href="https://www.socure.com/resources/casestudies/prizepicks">one gaming operator customer</a>. After we deployed these updates to the core engine behind Socure Verify, this customer saw a generous spike in their name and date of birth related match rates — particularly of note was a nearly 10% lift in DOB coverage, which ultimately led to a 3.4% lift in auto-approvals of good users.
<h2>Maximizing the Customer Experience: Avoiding Friction and Delays</h2>
Many gaming companies feel that by piecing together <a href="https://www.socure.com/glossary/identity-verification-software">identity verification solutions</a>, they can manage their expenses by using vendors in a waterfall to maximize coverage. But when gaming operators rely on point solutions based on credit records, they often find themselves with a significant number of manual reviews and document checks to process players. This costly approach not only wastes time and resources, but also irritates customers because it usually happens when they want to begin playing or cash-out their winnings.
When prospective gamers experience delays and friction, they are more prone to application abandonment — in fact, a recent estimate found that the abandonment rate for gaming companies can be as <a href="https://gamingamerica.com/news/7763/difficult-but-critical-reducing-abandonment-during-onboarding">high as 70%</a>. For this reason, slight improvements in customer onboarding matter.
Our customers should always see improved performance from new solutions that create a comprehensive 360-degree view of the applicant&#8217;s full digital identity and provide a persistent ID number that can be maintained across multiple affiliates.
On average, Socure&#8217;s industry-leading identity verification software increases auto-approval rates by 4-7% and decreases manual reviews by 14%. By improving entity resolution to connect the appropriate data records, Socure can provide a superior user experience for our <a href="https://www.socure.com/industries/online-gaming">gaming industry customers</a>.
Learn more about <a href="https://www.socure.com/products/identity-verification">precise, inclusive identity verification with Socure Verify here</a>.

Socure Identity Insights: Gaming Customers See Richer Digital Identity Profiles and Improved Coverage

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Jasmine Chang