As the volume of online gaming has grown dramatically over the past few years, so has the allure for fraudsters. They know how to spot a weak link in a system in any type of fast-paced, high-value arena — something we see during heavy betting events such as the Super Bowl.
To get ahead of these threats, a top three online gaming provider looked to improve its identity verification processes across three distinct product offerings – Daily Fantasy Sports, the Sportsbook, and Casino products. The existing solutions had suboptimal auto-approval rates, resulting in too many applications requiring manual review.
This led to operational bottlenecks and poor customer experience for online gamers – a huge annoyance for customers. Gaming companies don’t have margin for error on identity verification. If a potential customer gets denied due to identity verification, then they often go directly to a competitor who can get it right.
It was imperative for the gaming company to implement a more comprehensive and accurate identity verification solution that would allow it to onboard more good users, faster. Under the company’s legacy provider, they would be losing out on revenue from customers who could have sailed through identity verification.
Socure’s Impact: A 59% Lift in Auto-Approvals and a 29% Reduction in Manual Reviews Compared to a Previous Vendor
The operator decided to evaluate Socure’s identity verification services against its incumbent solutions in three different service offerings. Socure delivered a remarkable improvement for the gaming company’s identity verification rates. Across its three distinct service offerings, Socure was able to auto-approve an average of 59% of previously rejected applicants.
The best part? These customers were approved without requiring any additional steps, meaning they wouldn’t leave for another provider and started providing value immediately.
In addition to the major increases in auto-approvals, Socure also delivered quantifiable efficiency gains. The gaming provider saw manual review volumes drop by 29% across its three product lines. In one of its flagship products, Socure caused manual reviews to fall by as much as 40%. This saved the company a massive amount of operational expenses while also improving the customer experience.
Socure was also able to boost automatic verification rates by 5% compared to the incumbent provider. In the company’s DFS product that was available across the whole country, not just in certain states, Socure improved automatic verification rates by 9%. All of these improvements led to over $18M in potential lifetime value added for the company’s customers. Since these initial tests, Socure has worked with the gaming company for years and continued to provide exceptional identity verification rates while expanding into additional offerings, use cases, and customer experience improvements.
Socure supplies the winning hand
For online gaming companies, a faster customer onboarding means users can join the platform faster and therefore begin generating revenue for the company. Customers that onboard with a seamless and secure experience are often quicker to fund their accounts and begin interacting with the platform – in online gaming as well as other industries. Socure offers the optimal scenario: gaming companies can stay compliant with KYC regulations, weed out fraud and money laundering activities, and keep the door open for new players.
Working from a consortium of known good and bad identities, Socure uses a broad array of data sources across each player’s entire identity, including email, phone,
device, address, IP, geolocation, ID document, insurance data, and much more. Socure uses AI technology to enhance its solution performance by accepting more genuine documents and fighting back against emerging threats from generative AI like deepfakes and manipulated images.
After Socure demonstrated proof of value, the online gaming company awarded Socure a contract to be its primary identity verification solution across all product lines. Socure displaced multiple incumbent providers that could not match its coverage, accuracy, and auto-approval capabilities. By partnering with Socure, the company was able to deliver a superior and seamless customer onboarding experience for its users.
Daniel Kesser is the VP of Solutions Consulting at Socure, where he leads a team of sales engineers and data scientists responsible for every facet of customer-product analysis. Daniel has a lengthy track record of experience in fraud, identity, and credit underwriting, and has supported customers and orchestrated technical engagements across card, fintech, lending, auto, telco, crypto, gaming, and BNPL verticals.
Socure is the leading platform for digital identity verification and trust.
Its predictive analytics platform applies artificial intelligence and machine learning technology with trusted online/offline data intelligence from email, phone address, IP, device, velocity, and the broader internet to verify identities in real time.
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