The gaming industry has grown steadily over time. Its popularity is increasing each day with several new genres being introduced in the world of esports. People choose gaming as their profession. This has stimulated new business models for the purpose of engaging the audience, especially new players from various online platforms. Talking of the industry, the mobile gaming sector has also picked pace with over 54% of the players opting for a mobile gaming experience rather than choosing PC or consoles. The esports industry also faces a lot of frauds and scams when it comes to competitive gaming. In fact, the fraud in gaming industry is one of the major impacts most players face which results in heavy financial losses. 

Gaming Industry Status And Insights

The old way of gaming has now vanished as the new players compete for various prices. The addition of multiplayer gaming has changed the perspective of e-sports and created way more opportunities for earning, investing, and trading via the gaming channels. The gaming market carries a lot of revenue, to estimate the size of gaming finances the figure crosses $90 billion only for mobile-based gaming. The combined gaming market revenue across multiple platforms such as PC, consoles, and mobile was calculated at $201 billion in 2021. A sector so high in numbers is always targeted by attackers for attempting various gaming scams. The fraudsters use various methods of exploiting the players to launder money by illicit means.

Online Gaming Frauds

Talking about fraud in gaming industry, corporations are working hard to minimize the attempts of scams on the players. There are a number of attacks in which the cheaters manipulate the players in a way to steal their account data such as passwords and emails. There are various attempts to steal the player’s credentials.

Phishing

The phishing technique has been there for quite a while now. It was first used on social media platforms to gather Facebook passwords etc. But now the new tools have made phishing easier on gaming platforms as well. In phishing, the players are provided with an infected link which shows some sort of in-game advantage to the player. Clicking on that link redirects the user to a fake game platform that offers bonuses at a low cost. Logging onto those websites causes the theft of personal information such as email and password and in many cases the banking credentials too.

Game Bots

In this era of competitive gaming, everyone wants to win to get exciting prizes. The fraudsters often get into gaming networks and provide players with fake referral links as discussed. Another way of fraud in gaming industry is luring players by incorporating automated cheat engines to manipulate the working of the game. They use scripts that damage the game logic and enable them to cheat by achieving in-game benefits for example unlimited health and automated aiming in shooting titles. The use of these engines vitiates the fairplay mechanism and also affects the user experience in a negative way. 

Gaming Fraud Prevention

Gaming fraud prevention measures are being implemented in most corporations. The fraud in gaming industry is on the rise as attackers invent new ways to malfunction the systems. Most e-sport organizations have complied with the Kyc regulations to restrict the access of fraudsters into the gaming systems. AML compliance is also made necessary for most gaming services that involve the exchange of finances via gaming channels. Multiple checks are implemented as a measure of combating money laundering and identity thefts.

Age Verification

The age verification checks are mandatory to prevent the under-age audience from accessing the in-game content. It is made compulsory for everyone to verify their date of birth to protect against minor abuse from online gaming platforms. The identity verification and document verification checks are also performed in critical systems to confirm the correct age of the player.

Biometric Identification

The biometric evaluation of the players in the latest games ensures the right person accesses the gamer profile. It acts as a security protocol for most platforms and works in order to protect from various fraud in gaming industry such as account takeovers. The biometric recognition of the player helps in gamers’ identity verification.

The Bottom Line

The gaming industry has exploded in terms of audience and revenues over the years. The scammers also have made it the target for illicit means of money laundering. The fraud in gaming industry is increasing as fraudsters develop new automated ways of manipulating the gamer profiles. Multiplayer gaming has started online gaming scams over the networks. To tackle this prevailing situation of theft corporations need to adopt KYC regulation as a check on regular players. This helps in instant gaming verification and identification of scammers.

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