Finally—A KYC Module That Offers Security and SpeedPublished June 2, 2022 by Elana K
While preventing fraud and other unsavory practices are important goals in terms of safety, KYC raises a separate issue for casinos: some players simply don’t have the patience to go through the verification process, so they don’t sign up or don’t continue playing on the site. Slotegrator’s new KYC module speeds up the KYC process without compromising on preventing underage gambling, money laundering, fraud, and problematic gambling.
Know Your Customer, better known as KYC, is a policy that every reputable online casino and sportsbook follows. KYC requires players to verify who they are by uploading photos of their photo identification card and utility bill with their current address. Players are usually asked to provide this information when they first sign up to the site or before they request their first withdrawal.
Online casinos, unfortunately, can be hotbeds for money laundering and fraud. The idea behind KYC is to prevent these things, along with underage gambling and problem gambling.
The Challenge KYC Poses to Online Casinos
While preventing fraud and other unsavoury practices are important goals in terms of safety, KYC raises a separate issue for casinos: some players simply don’t have the patience to go through the verification process, so they don’t sign up or don’t continue playing on the site.
So while KYC is crucial to maintain the integrity of the site, it can sometimes turn players off and cause casinos to lose potential customers.
The Solution to Player Loss Due to KYC Policies
Slotegrator, a well-known company that offers gambling business solutions, has recognized the issue of player loss due to the long KYC process and has created an agile, state-of-the-art solution that’s compliant with government standards.
Slotegrator’s new KYC module speeds up the KYC process without compromising on preventing underage gambling, money laundering, fraud, and problematic gambling.
How Slotegrator’s KYC Module Works
Operators who use Slotegrator's KYC system can change the verification requirements at different stages of the player journey, from registration to identity verification to first withdrawal. Operators can also create blacklists in which they identify individual players or groups who pose a threat to the integrity of the casino.
Players can be segmented according to risk level—and each operator can define their own risk levels. The system can also detect a change in a player’s risk level and suggest appropriate action from the operator. Documents are stored in the system’s document management section for easy access and review.
Don’t Compromise on KYC Technology
KYC technology is crucial for maintaining the integrity of an online casino. If the integrity is compromised, the casino will get bad reviews and players will simply stop playing. On the other hand, a KYC module that bolsters security while speeding up the process can set itself apart from the competition and attract players with its seamless verification.