Sumsub announces sponsorship of ASEAN Gaming Summit 2024

Complete verification platform Sumsub is pleased to announce that it will be sponsoring the ASEAN Gaming Summit in 2024.

This shows the company’s continued commitment to helping gaming companies fight fraud in the face of the region’s increasing risk of illicit activity.

During the conference, Sumsub will be featured prominently in a panel discussion on using AI for Responsible Gaming and PAGCOR’s Anti-Money Laundering (AML) compliance. The recent regulatory changes made by PAGCOR to streamline operations and efforts to take the country off the FATF’s AMLA Gray List will be discussed in this discussion.

Renowned business executives and opinion leaders, such as Marie Antonette Quiogue of Romulo Law and Kelsey Wilhelm of Asia Gaming Brief, will be on the panel.

In November 2023, Sumsub introduced the first integrated system designed specifically for gaming in terms of user identification, anti-fraud, and compliance. By managing the whole player lifecycle and maximizing revenue while abiding by rules and regulations, this solution benefits both platforms and operators.

As the pioneer in complete verification solutions, Sumsub offers player onboarding, fraud prevention tailored to the gaming industry, and compliance. Four key components support the solution: fraud prevention, player risk assessment and analytics module, fast and secure player onboarding, and responsible gaming (RG) compliance via an automated solution built on Sumsub’s Transaction Monitoring system and global compliance expertise.

Penny Chai, Vice President of Business Development, APAC, at Sumsub, commented, “As the gaming market in the APAC region continues to grow, we recognize the significant opportunities it presents for innovation and growth. However, with this surge in popularity comes an increased risk of fraudulent activities. Our commitment at Sumsub is to empower platforms and operators with cutting-edge solutions that not only adapt to the dynamic nature of fraud but also set a new standard for user protection.”

Chai added, “By staying ahead of emerging threats and continuously innovating our solutions, we aim to fortify the gaming ecosystem against fraud and actively promote responsible gaming among organizations.”

Asia’s gaming industry is expanding rapidly due to the region’s sizable population and expanding middle class, which provide several prospects for online gambling companies.

However, security concerns have emerged as gaming companies deal with challenges like Mekong River-based online gaming fraud, which is fueled by lax regulations and easy access for participants in China.

In 2023, gaming had one of the highest rates of deepfake fraud, accounting for 1.6% of registered instances, according to Sumsub’s most current Identity Fraud Report. This illustrates the substantial impact of fraud on gaming companies’ bottom lines, even if it may appear little when compared to other industries like banking and cryptocurrencies.

Over 50 million players are now protected by Sumsub worldwide, which has led to a significant 75% drop in duplicate accounts.

At the ASEAN Gaming Summit in 2024, Sumsub invites visitors to check out their identity verification solutions at booth B01. Schedule a meeting to talk with the staff and get special gifts.

Original story by: Asia Gaming Brief