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Identity verification services — fueling the demand for safe gaming experience

How Online Gaming is becoming a soft target for Fraudsters

Posted on | by Signzian

We’ve all heard stories about fraudsters taking advantage of unsuspecting people through online gaming. However, what may surprise you is how often this happens and the extent of the damage it can cause. As more and more people turn to online gaming as entertainment, fraudsters also recognize this opportunity and are preying on its increasing popularity.

The proportion of New Paying Users (NPUs) in online gaming in India has grown at the fastest rate in the world, from 40% in 2020 to 50% in 2021. The number of paying players grew by 17% from 80 million in 2020 to 95 million in 2021, according to a report by EY FICCI (Federation of Indian Chambers of Commerce and Industry).

This blog post will discuss how online gaming is becoming a soft target for fraudsters and what measures can be taken to protect yourself against their malicious tactics. 

The rise in online gaming

In recent years, online gaming has become a popular pastime for people of all ages. But as the popularity of online gaming grows, so does the risk of fraud.

Fraudsters are increasingly targeting online gamers to steal their personal and financial information. They do this by setting up fake websites and game servers that trick gamers into giving up their login details or credit card information.

Some fraudsters also create fake game accounts and then use them to cheat other players out of their virtual possessions. Others may hack into legitimate game accounts and steal virtual currency or items.

Moreover, certain online gaming firms facilitate the trading of computer game items with traditional currencies like dollars, yuan, and pounds. This is called microtransactions and is seen in free-to-play games that give the option for digital purchases. Take, for example, Entropia Universe and Second Life offering purchasable products via their e-stores. More games have now started to entice gamers to make microtransactions by marketing loot boxes which are a selection of random in-game assets concealed until payment is made.

In another incident, it was reported on 31st January 2023 that there have been eight arrests in Noida for allegedly defrauding people with online gambling and betting apps. A total of Rs. 24 crores was frozen in various bank accounts, along with 193 mobile phones, 21 laptops, 416 checkbooks, 233 debit cards, and 21 point-of-sale devices.

The vulnerability seen in online gaming

According to a report by Kaspersky Lab, online gamers are increasingly becoming victims of fraud. The report found that in the first half of 2017, there was a 50% increase in the number of people who had their gaming accounts hacked compared to the same period in 2016.

There are several reasons why online gamers are particularly vulnerable to fraud. Firstly, many gamers use their real names and personal information when signing up for gaming platforms and services. This makes it easy for fraudsters to obtain this information and use it to commit identity theft or other types of fraud.

Secondly, gamers often make in-game purchases using credit cards or other payment methods. If a fraudster gains access to a gamer’s account, they can use this information to make unauthorized purchases.

Finally, gaming platforms and services are often targeted by phishing attacks. In a phishing attack, the attacker will send an email or message that appears to be from a legitimate gaming company or service. The message will usually contain a link that leads to a fake website designed to look like the real thing. Once on the fake website, the victim is asked to enter their login details or financial information. The attacker then uses this information to commit fraud.

To protect themselves from these attacks, gamers should only sign up for gaming platforms and services using secure passwords and payment methods. They should also be wary of any emails or messages that contain links, even if they appear to

The types of fraud in online gaming

The online gaming industry is becoming a soft target for fraudsters due to the amount of money and personal information exchanged daily. There are many different types of fraud being committed against online gamers, including:

  1. Credit card fraud: It is when someone uses another person’s credit card information to make unauthorized purchases in their name.
  2. Identity theft: This is when someone steals another person’s personal information (such as their name, address, date of birth, etc.) to open new accounts or make fraudulent charges in their name.
  3. Phishing is when someone contacts an individual via email, text message, or social media pretending to be from a legitimate company to get them to provide personal information or financial account details.
  4. Hacking is when someone gains unauthorized access to another person’s computer or gaming account to steal personal information or virtual goods/currency.

Final Thoughts

As online gaming continues to grow, it has become an increasingly attractive target for criminals looking to exploit players’ lack of knowledge and safety protocols. By understanding the risks associated with gaming and taking preventive steps like verifying the legitimacy of game providers, regularly changing passwords, avoiding public Wi-Fi networks, and installing updated anti-virus software on all devices used for gaming activities, gamers can greatly reduce their chances of becoming victims of fraudsters. With a little effort at prevention, gamers can enjoy their favorite activities without fear or worry.

Ensuring the digital gaming industry is secure from fraud is paramount for players. Not only does criminal activity damage a business’s reputation, but it can also greatly hurt its annual revenue. However, Artificial Intelligence (AI) can greatly help in this situation by being integrated into identity verification and AML screening systems. AI-powered solutions analyze a gamer’s behavior, flagging possible cheaters and stopping bad actors from making artificial accounts for illegal purposes. This ultimately means that comprehensive identity verification methods are the best way to prevent cheating.

At Signzy, we provide state-of-the-art quality AI-driven API products without needing a single line of code. The system is powered by thousands of AI algorithms that can render a good percentage of accuracy and real-time verification results in less than a second. 

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.

You can reach out to our team at reachout@signzy.com.

GST Analytics help lenders make SME lending decisions

How GST Analytics help Lenders make SME Lending decisions?

Posted on | by Signzian

As the world moves ever closer to a digital economy, lenders are finding it increasingly difficult to make sound decisions regarding lending to Small and Medium Enterprises (SMEs). With GST analytics, lenders can now use data-driven insights to assess a loan’s risk accurately. In this blog post, we will explore the benefits of GST analytics for lenders and how they can use it to make better SME lending decisions. We’ll also look at how it can be integrated into a lender’s existing systems and processes to maximize its potential. Also, how it can help build customer trust and ensure that lending decisions are fair, accurate, and transparent.

What is GST Analytics?

GST analytics is a data-driven approach to decision-making that can help lenders better assess the creditworthiness of small and medium enterprises (SMEs). It is a cloud-based software platform. It helps lenders assess the creditworthiness of small and medium enterprises (SMEs) by leveraging data from the Goods and Services Tax (GST) network. As a result, GST Analytics allows lenders to make faster and more informed lending decisions by giving them real-time visibility into an SME’s financial health and business performance.

By understanding an SME’s past performance concerning GST compliance, lenders can predict future repayment behavior more accurately and make informed lending decisions.

In addition to helping assess creditworthiness, GST analytics can also help identify opportunities for improvement in an SME’s GST compliance. This information can be used to develop targeted assistance programs that can help SMEs improve their GST compliance rate and, as a result, their access to credit.

How can GST Analytics help lenders?

Small and medium enterprises (SMEs) are the backbone of any economy, and lending to them is crucial for economic growth. However, lending to SMEs can be risky, as they often don’t have the same level of financial transparency as larger businesses.

In addition to challenges arising from the wider business infrastructure, seven key challenges are associated with assessing credit risk. 

  1. Financial information – level of detail, reliability, timeliness
  2. Difficulty predicting future cash flow
  3. Accuracy or relevancy of rating models
  4. Process efficiency and system infrastructure
  5. Data, reporting, and audit requirements
  6. Problem loan management
  7. Business model sustainability

This is where GST Analytics can help. It can help lenders make informed and accurate lending decisions by providing detailed data and insights on SME financials. Here’s how:

  1. Detailed data on SME financials: It provides detailed data on SME financials, including revenue, expenses, cash flow, and more. This data can help lenders understand an SME’s financial health and assess their creditworthiness.
  2. Insights on SME Payments: It also provides insights on SME payments, including late payments, payment terms, and payment history. This information can help lenders assess an SME’s credit risk and make more informed lending decisions.
  3. Real-time alerts on repayments: GST Analytics’ real-time alerts notify lenders of any changes in an SME’s payment behavior. This allows lenders to identify potential red flags and take appropriate action quickly.
  4. Access to expert support: The team can provide support and advice when needed. This ensures that lenders always have access to the latest information and insights when making lending decisions.

What data is used in GST Analytics?

The GST Analytics solution uses data from various sources to help lenders make SME lending decisions. This data includes:

  • Financial data: This includes data on the financial performance of the business, such as revenue, expenses, profit and loss, and cash flow.
  • Tax data: This includes the GST paid by the business and any GST refunds received.
  • Transaction data: This includes data on the sales and purchases made by the business, as well as any payments made.
  • Customer data: This includes data on the business’s customers, such as contact details and purchase history.

What are the benefits of it for SME lending decisions?

GST Analytics is a powerful tool to help lenders make more informed and efficient small and medium enterprise (SME) lending decisions. By providing access to data-driven insights into the financial health of SMEs, GST Analytics can help lenders 

  1. assess credit risk, 
  2. identify opportunities and trends, and 
  3. make better-informed lending decisions.

GST Analytics can help lenders assess the financial health of an SME by providing key insights into their business operations, financial history, and creditworthiness. This information can help small businesses to provide lenders with a secure and verifiable trail of transactions in their supply chain. This will give a true picture of its financial health. As a result, this facilitates trade financing, which is the provision of loans against invoices for such micro and small businesses, since GST data can also be used to determine the creditworthiness and reliability of the other party.

In addition, GST Analytics can also help lenders identify opportunities and trends in the SME lending market, allowing them to take advantage of new business opportunities and stay ahead of the competition.

How to get started?

If you’re a lender looking to make more informed lending decisions for small and medium enterprises (SMEs), GST analytics can be a valuable tool. Signzy’s GST analytics helps lenders identify potential growth areas within their portfolios and establish competitive strategies to take advantage of those opportunities. With the use of GST Data, the entire process gets automated, and with the client’s consent, the entire GST history can be accessed. Thus, providing an estimate of the client’s creditworthiness and financial position within minutes!

Also, real-time access to GST data eliminates the need for excessive paperwork. With a 45% higher completion rate and 30% faster underwriting, our solution can help lenders to get 25% more approvals! Also, lenders can develop more effective marketing strategies and efficiently target customers with this information.

In addition to lenders and banks, MSMEs and other businesses benefit from leveraging GST data for credit underwriting by reducing business costs. Providing an opportunity to use authentic data eliminates the need for operational work, which reduces risk in lending to an incredible degree.

Fast-track loan approvals: The platform’s automated underwriting capabilities can help lenders to fast-track loan approvals for SMEs.

Make better use of data: With its powerful data visualization tools, GST Analytics can help lenders to make better use of data when making lending decisions about SMEs.

Conclusion

The GST marks a major milestone in the market reforms required by the Indian economy. The government is taking strides to regularize the financial setup, making several updates to the filing and implementation process, as reviewed by its committee. This has drastically changed SMEs’ operations, representing an essential juncture in India’s success journey. More revisions are to come as the system evolves.

Adaptive patient onboarding is a great way to provide the best patient experience. By taking the time to personalize

Turn the patient onboarding process into an adaptive experience!

Posted on | by Signzian

Are you still using a manual, paper-based onboarding process for your patients? If so, you’re certainly not alone. While this method has been the standard for many years, it’s increasingly becoming outdated and inefficient. Fortunately, there’s now an alternative that can make the entire process more efficient and engaging: an adaptive patient onboarding experience. In this blog post, we’ll look at why adaptive experience is superior to traditional methods and how you can begin implementing one in your practice today. We’ll also look at some of the best practices to help make sure your transition is seamless and successful.

What is patient onboarding?

Patient onboarding is collecting and verifying the information needed to welcome a new patient to your practice. This usually includes basic contact information, like the patient’s name, address, phone number, and email address. It may also have more detailed information, like the patient’s medical history, insurance information, and preferences for communication and care.

It aims to ensure you have all the information you need to provide quality care for your new patient. By collecting this information upfront, you can avoid delays and disruptions in care later on.

There are many different ways to collect the information needed for the process. For example, you may use paper forms, an electronic health record (EHR) system, or a combination. Whichever method you choose, it’s essential to ensure that your process is efficient and streamlined.

The patient onboarding process doesn’t have to be one-size-fits-all. Instead, you can tailor your approach to fit your practice’s and your patients’ needs. For example, if you see a lot of new patients each week, you should set up an online form that they can fill out in advance. Or, if you have patients with complex medical histories, give them extra time to complete their onboarding paperwork.

You can significantly impact your patients by making a few simple changes to your patient onboarding process.

The importance of a good patient onboarding process

A good patient onboarding process is important for several reasons:

  1. It helps ensure that patients are correctly introduced to the healthcare organization and understand their care expectations.
  2. It can build trust between the patient and the provider.
  3. It can reduce anxiety and stress for the patient and the provider.

How to make your patient onboarding process adaptive

When it comes to patient onboarding, making the process adaptive can go a long way in ensuring a positive experience for both the patient and the care team. Here are a few tips on how to make your patient onboarding process adaptive:

  1. Support patients through every step of the journey

From the moment a patient schedules an appointment to their follow-up visit, it is important to provide clear and concise information at every stage of their journey. This includes sending reminders about upcoming meetings, providing easy-to-understand instructions on what they need to do to prepare for their visits, and having dedicated staff available to answer any questions.

  1. Make use of technology

Many technology solutions can help streamline the patient onboarding process. For example, online registration forms can save time and reduce paperwork, while appointment reminders sent via text or email can help ensure patients remember their upcoming visits.

  1. Be flexible

Every patient is different, so not every onboarding experience will be identical. Therefore, it is important to be flexible and tailor the onboarding process to each patient’s needs. This could involve providing additional support for those with chronic conditions or disabilities and offering working parents alternative appointment times.

  1. Collect feedback and use it to improve

What are the benefits of an adaptive patient onboarding process?

There are many benefits of an adaptive patient onboarding process. By tailoring the approach to each patient’s needs, you can ensure they have a positive experience and are more likely to return for future visits.

An adaptive patient onboarding process can also help to build trust between the patient and the healthcare provider. Patients who feel they are being listened to and their needs are being met are more likely to be loyal to the provider and recommend them to others.

Finally, an efficient process can save time and money for both the provider and the patient. By streamlining the process and making it more efficient, you can reduce the overall cost of care while still providing high-quality service.

Conclusion

The global Artificial Intelligence in healthcare market size and share is expected to surpass $95.65 Billion by 2028. Adaptive patient onboarding is a great way to ensure you provide the best possible patient experience. By taking the time to personalize each individual’s experience, you can provide them with a seamless and efficient process. This will help reduce wait times, costs, and frustration from patients and staff. With the right tools in place, adaptive patient onboarding can ultimately improve care quality, better customer satisfaction score ratings, and tremendous overall success for your medical practice.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.
You can reach out to our team at reachout@signzy.com

KYC verification & Electronic Identity Processes in Gaming Industry

KYC verification & Electronic Identity Processes in Online Gaming Industry

Posted on | by Signzian

With the rapid rise of online gaming, companies are finding new ways to authenticate users and ensure their compliance with government regulations. As a result, online gaming industry operators have turned to Know Your Customer (KYC) verification processes and electronic identity solutions.

In this article, we will explore why KYC verification systems are crucial for online gaming companies, some of the most common methods used, and how they can help ensure compliance while providing customers with an improved user experience.

The rise of the online gaming industry

The online gaming industry has dramatically increased in recent years. market revenues are expected
to grow more than 74 billion USD by 2023, at a compound annual growth rate of 10%. This rise in popularity drives the need for KYC verification and electronic identity processes.

There are many reasons for the increased popularity of online gaming.

  1. The convenience and accessibility of these platforms are significant factors. With the advent of mobile devices, people can play games anywhere at any time.
  2. Another reason for the industry’s growth is the anonymity that it affords users. Many people who would not dream of playing games physically due to interest & other factors are happy to do so online.

The increased demand for online gaming services creates opportunities for KYC verification and electronic identity providers. These companies offer solutions that help businesses verify the identities of their customers. This is an essential process for ensuring compliance with anti-money laundering regulations. It also helps to protect businesses from fraud and other risks associated with online transactions.

The need for KYC verification in online gaming industry

As the online gaming industry grows, so does the need for KYC verification and electronic identity processes. This is because, with more people gaming online, there is an increased risk of fraud and money laundering. Having KYC verification in place helps reduce the risk of these activities.

There are several ways to do KYC verification – use of ID documents, biometric data, or even utility bills. The most important thing is that the process is secure and meets all regulatory requirements.

Having KYC verification in place helps protect the online gaming industry from fraudulent activities and also helps to build trust between businesses and their customers.

The importance of electronic identity processes in online gaming industry

In recent years, there has been a surge in online gaming. This has increased the need for KYC verification and electronic identity processes.

There are several reasons why online gaming have become so popular:

  1. The internet has made it easier than ever to access these activities.
  2. A growing number of people are willing to gamble or play games online.
  3. Many online casinos and game developers offer generous bonuses and prizes that appeal to potential customers.

However, the increase in online gaming has also led to negative consequences. One of the most severe problems is the rise of fraud and scams. As a result, many online casinos and game developers have implemented KYC verification and electronic identity processes to protect themselves.

KYC stands for “know your customer.” This process involves verifying a customer’s identity before they can access services or make transactions. In most cases, KYC verification will require customers to provide some form of identification, such as a passport or driver’s license.

Electronic identity processes refer to the use of digital technologies to verify someone’s identity. These processes can include biometric identification (such as fingerprinting) or using social media profiles to verify someone’s identity.

Implementing KYC verification and electronic identity processes have helped reduce the incidence of fraud and scams in the online gaming industry. However,

How is online gaming changing 

The internet has revolutionized the online gaming industry, making it easier than ever for people to access games and from their homes. This increased accessibility has driven up the number of people gaming online. Thus, creating a need for KYC verification and electronic identity processes. According to online gaming industry analysis, there were more than 2.6 billion gamers in the world in 2020, and this figure accounted to around 2.8 billion by 2021.

KYC verification is the process of verifying the identity of a customer or client. This is typically done by requiring the customer to provide identification, such as a passport or driver’s license.

In the case of online gaming, KYC verification can also be done electronically. In this, the customer provides personal information such as their name, date of birth, and address. Electronic identity processes verify that a person is who they say they are. Biometrics, such as fingerprint or iris scanning, or by requiring the person to provide some form of identification – passport or driver’s license. In the case of online gaming, electronic identity processes is used to verify that the person is over 18, which is required by law to play certain types of games.

The increased popularity of online gaming has led to a need for more robust KYC verification and electronic identity processes. By implementing these processes, businesses can ensure that their customers are who they say they are, which helps to protect both.

The future of online gaming industry

As online gaming continue to grow in popularity, so does the need for KYC verification and electronic identity processes. This is because increased online gaming activity is driving the need for more secure and efficient ways to verify the identity of players.

KYC verification and electronic identity processes help to ensure that only legitimate players can access online gaming platforms. This helps to protect both the player and the forum from fraud and other illegal activity.

There are a number of different ways in which KYC verification and electronic identity processes can be implemented. For example, many platforms now require players to provide a government-issued ID or passport to register for an account. Others may use biometric data such as fingerprints or iris scans.

Whichever method or combination of methods is used, it is clear that KYC verification and electronic identity processes are here to stay. In addition, as online gaming continue to grow in popularity, so will the need for these secure and efficient methods of verifying player identity.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.
You can reach out to our team at reachout@signzy.com

Vendor KYC Verification: Verify Your Vendors Quickly and Easily!

Posted on | by Signzian

The logistics and supply management industry have rapidly evolved over the last decade. With more complex delivery chains, stricter regulations, and a more significant focus on security, it’s no wonder that businesses are looking for ways to speed up processes and improve efficiency. One of the most important steps in this process is vendor KYC (Know Your Customer) verification. This step ensures that businesses know who they are dealing with regarding vendors and suppliers. In this blog post, we will discuss what Vendor KYC Verification is and how it impacts logistics and supply chain management.

Businesses that engage suppliers to provide goods or services can quickly become victims of Vendor Impersonation Fraud. Sophisticated criminals infiltrate a trusted vendor or somebody pretending to be them, thereby risking your business. Armorblox’s research team discovered a 73% increase in financial fraud email threats from 2021 to 2022. Financial fraud attacks accounted for 44% of sophisticated, targeted crimes, including wire fraud, invoice fraud, and vendor fraud.

What is Vendor KYC Verification?

Vendor KYC verification is verifying the identity and credentials of a vendor or supplier. This verification can be done through various means, such as third-party background checks, references, and documentation. Vendor KYC verification aims to ensure that the vendor is who they say they are and that they have the experience and credentials necessary to provide the services or products they claim to offer.

Third-party background checks are one of the most common methods of vendor KYC verification. This check can be conducted by an outside firm or the company itself. References are another standard method of vendor KYC verification. When checking references, it is important to verify that they are from legitimate sources, such as past clients or business partners. Documentation is also often used for vendor KYC verification. This may include identification documents, licenses, certifications, and other forms of proof that the vendor is qualified to do business with your company.

Vendor KYC verification is important in doing business with new suppliers or vendors. Verifying their identity and credentials can help protect your company from fraud or scams.

Why is Vendor KYC Verification important in logistics & supply management?

There are many reasons why vendor KYC verification is important in logistics and supply management.

  1. It helps to ensure that the vendor is who they say they are and that they are legitimate. This can help to prevent fraud and other issues. 
  2. It helps to ensure that the vendor has the proper licenses and permits for their business. This can help to avoid delays or other problems with shipments. 
  3. It can help build trust between the company and the vendor, leading to better relationships and more efficient operations.

A first layer of protection for companies comes from supply chain risk management and due diligence, and due to the rise of SaaS and outsourcing, good risk awareness is essential. The Global Fraud and Risk Report, “Mapping the New Risk Landscape, “published by Kroll in conjunction with Forrester Consulting in 2019, highlights global corporations’ biggest risks.

Globally, 28% of fraud was committed by external parties (suppliers & vendors), an increase of 10%. 68% of global companies consider fraud by external parties a high or significant concern.

According to KPMG’s Global Banking Fraud Survey, released in May 2019: Fraud recoveries were less than 25% of fraud losses, according to over half of the survey respondents. This low rate emphasizes the importance of prediction and prevention. 

Thus, companies should begin to consider implementing a tool and necessary workflows as vendor fraud grows in prevalence as a threat to many corporations.

The benefits of Vendor KYC Verification

KYC verification is a process that helps to ensure that your customers are who they say they are. This can be beneficial for several reasons:

  1. It helps to prevent fraud: By verifying the identity of your customers, you can help to prevent fraudulent activity. It becomes much harder for someone to commit fraud if they have to provide their real identity upfront.
  2. It builds trust: Customers who have been through a KYC verification process are more likely to trust your company. This is because they know that you take security and compliance seriously.
  3. It streamlines processes: A KYC verification process can help streamline other business processes, such as onboarding new customers or processing payments.

How Can Signzy Help with Vendor KYC Verification?

Signzy has a one-stop solution when it comes to verification. It provides a simple plug-and-play API solution. With just the vehicle number, you can get fitness details, Permit info, PUCC check, Insurance details, and much more! The same goes for authenticating the driver’s license.

Signzy can provide a complete user journey and simplify your workflow while it is automated. A generic survey conducted by logistic partners and Signzy showed that automated workflow helped the logistic industry by 26%, which earlier with the manual process was 11%. 

Our three APIs that play a pivotal role in Vendor KYC Verification are:

Bank Account Verification API: With it, you can verify not just the validity of bank accounts but also the name and details of the user while leveraging the right technology for the job. In addition, the AI-driven API is highly customizable and can be integrated easily with your processes.

RC Verification API: Signzy’s Registration Certificate Verification Process allows onboarding of verified vehicles in no time with utmost accuracy & reliability (server providing 99.9% uptime).  Know more about the benefits it offers. 

GST Verification API: Our GST API validates the authenticity of a business or your partner as an essential aspect of easing and making GST compliances hassle-free. It helps you to

  1. Extract GST details, including Name, GSTIN, and address of the business, from the GST certificate.
  2. Search GST details of the entity using GSTIN and PAN. 
  3. View and track the GST returns of the entity.

Conclusion

Vendor KYC verification is essential to logistics and supply chain management. It helps to ensure the accuracy and reliability of the information, making it easier for businesses to monitor their vendors and ensure they comply with all applicable regulations. As a result, organizations can protect themselves from potential liability by implementing a comprehensive vendor KYC verification process while improving transparency across their supply chains.

We bring you to speed, security, reliability & ease. You can leverage artificial intelligence, optical character recognition, and other best-of-breed technologies – everything you need to scale successfully.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs, easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.
You can reach out to our team at reachout@signzy.com

Written By:

Shraddha is a passionate Digital Marketer and a versatile leader, working as the Director of Marketing at Signzy. She is a goal-driven professional with excellent innovative skills. Having 11+ years of experience across industries including travel, SNV, healthcare, and Fintech, Shraddha considers herself a self-empowered and self-driven individual ready to take on challenges and proactively rise to occasions in crisis. A professional who ardently believes in the right work-life balance, she ensures to spend quality time with her family. This has a positive effect on her professional life and pursuits.

 

New VPN Norms – Government’s Take On Privacy

Posted on | by Signzian

VPN has always been a subject of debate in India. 

As per AtlasVPN’s report, India had over 348 million VPN downloads in 2021. Despite having such popularity in 2021, the government recommended a VPN ban in India for privacy concerns. Although the ban didn’t occur, the Indian government has introduced some new VPN norms or regulations for users, mainly for VPN companies. 

In April 2022, India’s Computer Emergency Response Team (CERT) announced a new regulation that VPN companies in India will have to collect and store customers’ data for at least five or more years. 

Unsurprisingly, these new VPN Norms are creating a lot of buzzes. How will this new law affect VPNs? How will it impact users? Are VPNs illegal in India? There are lots of questions arising. 

To answer all your questions, we’ve compiled everything you need to know about the new VPN norms in India. But before digging deeper, let’s start with the basics: What is a VPN? 

What Is A VPN?

A virtual private network (VPN) is a technology that allows you to connect securely to private networks over public networks. It creates an encrypted connection between your computer and a server so that your internet traffic is encrypted and can’t be intercepted by anyone else.

With a VPN, you can access websites in countries where they might not be available, or you can use it to get around censorship (a lot of countries have strict firewalls that block specific sites), secure remote work, and browse the internet anonymously.

What Are The New VPN Norms?

The key takeaways from the new VPN rules are:

  • According to the new law, all VPNs must gather and store user data (user names, physical address, email address, and phone numbers) for five or more years. 
  • VPN companies also have to keep a log of the reason behind using the service. 
  • VPNs should record all the IP addresses used by users to register. 
  • Along with VPN services, virtual service network providers, data centers, and cloud service providers have also been requested to keep track and store similar user data. 
  • VPN services must report cybersecurity incidents to CERT within six hours of becoming aware of them. 

What Is the Government’s Take On These New VPN Norms?

The main purpose of the government behind imposing these new VPN rules is to improve the “cyber security posture” and ensure people have access to a “safe and trusted internet”.

The CERT also informed that they had identified gaps in safeguarding against online threats. That’s why they’ve published the new norms to prevent cyber attacks. 

“If you are a VPN provider, if you are a data centre operator, if you are a cloud provider, and if you’re an enterprise, you have an obligation to know who’s using your VPN infrastructure… If there is a detected cyber incident or cyber breach — from one of the people using your VPN or your cloud or your data centre, it is your obligation to produce the data,” – Rajeev Chandrasekhar,  Union Minister of State for Electronics and Information Technology

How The New VPN Norms Impact Users & Companies 

The new rules received a lot of backlashes from the VPN companies. After all, the primary goal of VPN services is not to collect users’ personal information. 

The new norms will force these companies to store customer data which will increase costs and affect user privacy. 

India is among the top 10 VPN users around the globe. Various companies and individuals use VPN services to safely access private WiFi networks, remain anonymous, and many more. 

Several techies, students, and companies use VPNs to protect their data from third-party apps.

But with the new norms, they must go through a KYC process while registering a VPN. So, all VPN users will have their private data exposed to the government. 

It is also unclear how the government may use this data in the future. This raises a concern about the right to privacy for every individual. 

The Internet Freedom Foundation said the new norms lead to more concerns, such as the private enterprises and government “having more data than necessary”.

Several VPN companies like NordVPN, ProtonVPN, SurfShark, and ExpressVPN, have said that they are planning not to follow the newly imposed rules of India. After all, privacy is the main reason behind users investing in their premium plans. 

As per several VPN companies, they’ll continue to offer their no-logs policy to the users and threaten to pull back their service from India. 

The Bottom Line 

Despite all the backlashes from cybersecurity experts, stakeholder companies, and business advisory groups, the Indian government is pretty much firm on their new VPN norms. 

“If you don’t want to go by these rules, and if you want to pull out, then frankly … you have to pull out.” – Rajeev Chandrasekhar,  Union Minister of State for Electronics and Information Technology

The privacy experts have sought public consultation on this matter, asking for more tech industry involvement to find a solution that suits every individual. Lastly, it’s needless to say that it will be interesting to see if the VPN companies manage to implement the new norms before the deadline of September 25, 2022.   

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs, easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.
You can reach out to our team at reachout@signzy.com

Written By:

Signzy

Written by an insightful Signzian intent on learning and sharing knowledge.

How To Complete reKYC for DEMAT/Trading Accounts?

Posted on | by Signzian

The digital reKYC process adds a new layer of security to financial transactions and trading accounts. It is an essential part of the Know-Your-Customer (KYC) process, to which banks and other financial institutions must comply with regulatory requirements. Re-activating a trading account through the digital reKYC process can be tricky, but it doesn’t have to be. This blog article will discuss how you can successfully navigate the process and easily re-activate your trading account through reKYC. 

Why is reKYC of DEMAT/Trading accounts important?

When you open the DEMAT account, the DP / broker will ask you to fill up a KYC form along with your client agreement form. KYC requires basic paperwork and the submission of essential documents. It also requires originals for complete verification.

KYC norms were put out by the RBI in 2002 and have been adopted by SEBI for all investment-related activities. This includes opening a trading account, DEMAT account, mutual fund investments, etc. The idea was to cut down on corrupt practices. Some examples are money laundering, acting as fronts for entities, trading in cash without audit trails, fraud, and financing of anti-national activities.

The same goes for reKYC process. It is really important to go for reKYC trading accounts for several reasons:

  1. The reKYC process will allow the account holder to continue to trade securities and access their account information smoothly. 
  2. It will help to ensure that the account holder’s personal information and security settings are up to date. 
  3. It will help to keep the account active and in good standing with the broker or exchange.

What is Digital reKYC?

Digital reKYC is verifying a customer’s identity using online methods such as video KYC, facial recognition, or government-issued ID. This process aims to make it easier for customers to get their accounts reinstated after they have been suspended for suspicious activity.

This process has become increasingly popular as it offers many advantages over traditional KYC methods. For one, it is much faster and more convenient for customers. Additionally, it helps to reduce costs associated with account reactivation.

A visit to the bank branch is not needed to update KYC: RBI

In its latest circular, the Reserve Bank of India (RBI) has said that If customers have already provided the appropriate documents, they are not required to visit a bank branch to update their ‘know your customer’ (KYC) details. In place of submitting KYC information, they can submit a self-declaration by email, registered mobile number, or any other digital channel if there has been no change. Banks should offer customers the ability to self-declare different aspects through various non-contact methods. These can include registered email addresses or mobile numbers, ATMs, digital channels such as web or app banking, and letters. If the address needs updating only, customers should let their bank know via any of these channels, after which it will be verified within two months.

Advantages of Digital reKYC

The advantages of the Digital reKYC process are many and varied, but some of the most notable advantages include the following:

  1. A more efficient and streamlined process: The Digital reKYC process is much more efficient than the traditional KYC process, meaning that it can be completed in a fraction of the time.
  2. More accurate data: Since the Digital reKYC process relies on digital data sources, the data collected is usually more accurate than that collected through traditional methods.
  3. Increased security: The Digital reKYC process is also much more secure than traditional KYC processes due to the increased use of encryption and other security measures.

Key steps in the reKYC documentation process for the DEMAT/Trading account

  1. The first step is filling out the KYC form if you are a new investor and opening your DEMAT account for the first time. The application forms require demographic information. This can be named residential address, office address, joint account holder details, account nomination, etc.
  2. The next step of the investor onboarding process is to present your identity proof. A PAN card is mandatory in this regard. You may also be asked to submit additional government-authorized proof. This can be a passport, driving license, voter ID, Aadhaar, etc.
  3. The third step involves submitting proof of residential address. The document should include the current address in the exact format. You can provide utility bills with link documents. Other documents, like bank statements, company letters, etc., can also be linked.
  4. Finally, you must submit a copy of your canceled Cheque. The account holder’s name must be embossed on the Cheque leaf. This is to verify your IFSC code and account details.

Conclusion

Re-activating a trading account through the Digital reKYC process is simple and efficient. By following these three steps, you’ll be able to get back into trading with minimal fuss quickly. The process takes just a few minutes and is completed from the comfort of your end customer’s home. 

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs, easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.
You can reach out to our team at reachout@signzy.com

Written By:

Shraddha is a passionate Digital Marketer and a versatile leader, working as the Director of Marketing at Signzy. She is a goal-driven professional with excellent innovative skills. Having 11+ years of experience across industries including travel, SNV, healthcare, and Fintech, Shraddha considers herself a self-empowered and self-driven individual ready to take on challenges and proactively rise to occasions in crisis. A professional who ardently believes in the right work-life balance, she ensures to spend quality time with her family. This has a positive effect on her professional life and pursuits.

Retail Banking Automation is the key to success!

Posted on | by Signzian

In today’s digital age, banking is changing faster than ever. With the rise of AI and automation, retail banks face some of their biggest challenges. Banks must adjust to keep up with customer expectations while also trying to remain competitive. This blog post will explore major retail banking challenges and how automation can help them overcome them. From increasing customer satisfaction levels to improving efficiency, read on to learn more about how emerging technologies are reshaping the banking industry and what you should do to stay ahead of the curve.

The changing landscape of Retail Banking

In the past decade, the retail banking landscape has changed dramatically. The industry has become more competitive, with new players such as online-only banks and their offering services that traditional banks have not been able to match. At the same time, customers have become more demanding, expecting personalized service and around-the-clock access to their accounts.

To meet these challenges, banks are turning to automation. For example, automated teller machines (ATMs) can provide 24/7 access to cash without the need for human tellers. In addition, automated loan origination and underwriting systems can speed up the loan application process, while fraud detection systems can help protect against losses.

By using automation to improve their operations, banks can keep pace with the changing landscape of retail banking and better serve their customers’ needs.

The challenges Retail Banks face

As the retail banking landscape changes, so do banks’ challenges. With new technologies and regulations constantly introduced, banks can be difficult to keep up. Here are some of the main challenges that retail banks face:

  1. Compliance with new regulations – With new regulations being introduced all the time, it can be difficult for banks to keep up. This is especially true for smaller banks, who may not have the resources to dedicate to compliance.
  2. Managing customer expectations – Customers expect more from their banks than ever in today’s world. They want convenient access to their accounts, fast responses to their inquiries, and personalized service. Meeting these expectations can be challenging for banks, especially as they strive to maintain profitability.
  3. Enhancing customer experience – To compete in today’s market, banks must provide exceptional customer experience. This means offering convenient and user-friendly digital channels and providing personalized service when needed.
  4. Reducing costs – As margins continue to shrink, reducing costs has become a top priority for many banks. This includes both operational costs and regulatory costs. Automation can help in both areas by reducing manual processes and increasing efficiency.
  5. Increasing profits – Despite all the challenges retail banks face, they still need to find ways to increase profits to stay afloat and compete in today’s marketplace.

Automation in Retail Banking – How it helps?

Retail banks are pressured to do more with less in today’s fast-paced world. They must provide excellent customer service, keep up with the latest technology, and ensure compliance with ever-changing regulations. At the same time, they need to control costs and increase profitability. Automation can help retail banks meet these challenges. 

McKinsey estimates that by 2025, approximately 50 billion devices will be connected to the IoT (Internet of Things). In addition, with 3D printing, automation, and robots, retail banks generate approximately 79.4 zettabytes of data each year, improving efficiency and decision-making. During this year, smart automation will continue to support process automation tools in banking, such as digital process automation (DPA) and robotic process automation (RPA).

Achieving an enhanced customer experience requires credit unions and banks to prioritize digital processes, such as digital loan application management, customer onboarding, and new account opening.

By automating routine tasks, banks can free up staff to focus on more value-added activities, such as providing personalized service and developing new products and services. Automation can also help banks improve accuracy and efficiency while reducing costs. Cybercrimes have increased frequently over the past several years to the point where it is thought that they are one of the most significant hazards to the financial sector. 

The acceleration in the digital banking transformation of financial institutions leads to increased cyber threats. As a result, protecting critical infrastructure and customer data is of utmost importance, particularly with the predicted rise in online data transmissions and mobile technology come 2022. Apple Pay and Google Pay have solidified their positions as major players in proximity mobile payments (nearly $247 billion market) with respective market shares of 43.4% and 25.0%.

The benefits of Automation for Retail Banks

In today’s ever-changing and fast-paced business world, it’s more important than ever for retail banks to automate their operations to stay competitive. Automation can help banks improve their efficiency and accuracy, freeing up valuable time and resources that can be better spent on other business areas. In addition, automating repetitive and manual tasks can reduce human error and improve compliance with regulations.

There are several different ways in which retail banks can automate their operations, including using software to automate account opening and closing processes, customer onboarding, loan origination and processing, fraud detection and prevention, and much more. By investing in automation, retail banks can improve their internal operations and provide a better customer experience.

The future of Retail Banking

In the next decade, the retail banking sector will face many challenges. These include improving customer experience, keeping up with digital transformation, and meeting changing regulatory requirements.

Fortunately, automation can help banks overcome these challenges. By automating manual processes and tasks, banks can free up staff to focus on more value-added activities. This will help them improve customer experience, keep up with the digital transformation, and meet changing regulatory requirements.

When considering automation solutions, choosing a partner with a deep understanding of the banking industry is important. It can offer a comprehensive suite of solutions tailored to your needs. FIS is a leading provider of automation solutions for retail banks of all sizes. Our solutions can help you streamline operations, improve customer service, and increase profitability.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.
You can reach out to our team at reachout@signzy.com

Written By:

Shraddha is a passionate Digital Marketer and a versatile leader, working as the Director of Marketing at Signzy. She is a goal-driven professional with excellent innovative skills. Having 11+ years of experience across industries including travel, SNV, healthcare, and Fintech, Shraddha considers herself a self-empowered and self-driven individual ready to take on challenges and proactively rise to occasions in crisis. A professional who ardently believes in the right work-life balance, she ensures to spend quality time with her family. This has a positive effect on her professional life and pursuits.

Money Laundering through Casinos – How to tackle it?

Posted on | by Signzian

An issue that has been ignored for too long is fraudulent activity via the casino system. It has now become a recurring issue, as gambling giants like Entain recently received a fine of more than £17 million for violating anti-money laundering protocols. The failure of these big gambling players to clamp down against money laundering not only contributes to the proliferation of criminal activity such as human trafficking and illicit arms dealings, but it also highlights how casinos now serve as a platform for modern slavery.

Money laundering is the illegal process of concealing the origins of money obtained from criminal activities. It is a severe crime, and yet, sadly, many casinos still fail to tackle it effectively. From a lack of proper regulations to inadequate tracking systems, this article will discuss why casinos still need to crack down on money laundering and how they can tackle it. We will also discuss the implications for businesses and what measures should be taken to prevent money laundering in the future.

Money laundering in Casinos

Global gambling-industry financial penalties amounted to approximately $128,913,840 in 2022, up 166% from $48,642,992 in 2021, according to USA-Casino.com. As of October 2022, the UK’s gambling regulator had charged 16 operators $48m (£45m).

Casinos have long been associated with money laundering due to the large amounts of cash that change daily. Despite this, casinos have failed to crack down on money laundering, and the problem seems to be getting worse. 

There are several reasons why casinos have failed to tackle money laundering. A few majors are 

  1. Lack of tracking of the fund source – because cash is often used. 
  2. Lack of AML policies. 
  3. Being located in countries with lax financial regulations makes it easy for criminals to launder money 
  4. Inadequately trained employees to spot money laundering signs and stop the same. 

So how can casinos crack down on money laundering?

  1. They need to put better policies and procedures in place to prevent it from happening in the first place. This includes proper customer due diligence, robust Know Your Customer (KYC) procedures, and more effective monitoring of transactions. As former US gambling regulator Richard Schuetz spoke with USA-Casino.com and said, “Given the inevitable increase of proliferation of online gambling in 2023, one can expect more regulations, and of course more casino and gambling industry fines”.
  2. Casinos need to do more to train their staff to spot the signs of money laundering. This training should cover what to look for when customers withdraw or deposit large amounts of cash and how to report suspicious activity.
  3. Casinos should consider using modern technology. 

The methods used by criminals

Though casinos have been put under increased pressure to stop money laundering, they continue to face many challenges. For one, criminals are constantly finding new ways to launder money, making it difficult for casinos to keep up. Moreover, many casinos still need to do more to crack down on, leaving themselves vulnerable to attack.

So what can casinos do to protect themselves from money launderers better? For starters, they need to be more proactive in identifying suspicious activity. This means being on the lookout for things like large cash deposits or withdrawals, frequent wire transfers, and patterns of betting that seem designed to evade detection.

Additionally, casinos need to ensure they have robust anti-money laundering policies and procedures. These should include KYC (know your customer) checks, reporting suspicious activity to authorities, training staff on the spot, and reporting red flags. By taking these steps, casinos can make it much harder for criminals to use them to launder money.

The Casino’s responsibility

In recent years, casinos have come under increased scrutiny for their role in money laundering. This is because casinos are often used to clean dirty money obtained through illegal activities.

Casinos have a responsibility to ensure that they are not being used to launder money. However, they have failed to crack down adequately on this activity. This is partly because casinos are often reluctant to report suspicious behavior to the authorities for fear of losing customers or damaging their reputation.

There are steps that casinos can take to tackle money launderings, such as better training for staff, improved customer due diligence, and more substantial reporting procedures. However, more must be done to prevent casinos from being used to clean dirty money.

The challenges of combating Casino’s money laundering

Although casinos are some of the most heavily regulated businesses worldwide, they are still struggling to combat money laundering effectively. The challenges are numerous and include both institutional and operational challenges.

Institutional challenges include that many casinos are owned by large, publicly-traded companies, making it difficult to implement adequate anti-money laundering policies. These companies are often reluctant to invest in compliance because it is not revenue-generating and can be seen as a cost center. In addition, there is often a lack of coordination between regulatory agencies, making it challenging to develop a cohesive strategy for combating money laundering.

Operational challenges include that casinos deal with large amounts of cash daily, making it easy for criminals to launder money through them. In addition, many casino customers are international visitors who may be using illicit funds to gamble. This makes it difficult for casinos to vet their customers and identify suspicious activity correctly.

Despite these challenges, there are some things that casinos can do to combat money laundering better. These include increasing transparency around ownership structures, investing in compliance functions, and developing better customer due diligence processes.

Solutions to tackle money laundering in Casinos

Money laundering is a serious problem for casinos. Casinos must implement better policies and procedures to crack down the same. Here are some solutions to tackle:

  1. Improve Know Your Customer (KYC) Procedures

Casinos need to improve their Know Your Customer (KYC) procedures. KYC is the process of identifying and verifying the identity of customers. This is important because it helps casinos ensure they are not doing business with criminals or terrorists.

  1. Implement Better Record-Keeping Practices

Casinos need to implement better record-keeping practices. This means keeping track of all transactions, both incoming and outgoing. This will help identify any suspicious activity.

  1. Use Technology 

Various technologies can be used to help combat money laundering. For example, casinos can use software that flags suspicious activity. They can also use data analytics to identify patterns of behavior that may be associated.

  1. Cooperate with Law Enforcement Agencies

Casinos should cooperate with law enforcement agencies in order to crack down on. This includes sharing information about suspicious activity with the authorities.

Conclusion

Money laundering is a serious problem for casinos and other gambling establishments, as it has the potential to lead to criminal activities. However, by investing in stronger AML systems and tightening their compliance regulations, casinos can reduce their chances of getting involved in such frauds. Additionally, they should also train staff on identifying suspicious activity and take steps toward improving customer verification processes. By accepting these necessary measures, casinos can protect themselves from being used as vehicles for money launderers while allowing customers peace of mind that all transactions are carried out legitimately.

A more proactive approach can detect and prevent money laundering. This can be done through improved customer due diligence practices and enhanced internal processes such as reporting suspicious activity immediately. With increased vigilance, casinos can ensure they remain compliant with regulations while reducing the threat of criminals using their services for illegal activities.

The latest AML onboarding solutions can help casinos prevent their operations from becoming dirty money laundering channels by tackling common AML malpractice. Technology can be the winning jackpot to clean up casino operations.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.
You can reach out to our team at reachout@signzy.com

Written By:

Shraddha is a passionate Digital Marketer and a versatile leader, working as the Director of Marketing at Signzy. She is a goal-driven professional with excellent innovative skills. Having 11+ years of experience across industries including travel, SNV, healthcare, and Fintech, Shraddha considers herself a self-empowered and self-driven individual ready to take on challenges and proactively rise to occasions in crisis. A professional who ardently believes in the right work-life balance, she ensures to spend quality time with her family. This has a positive effect on her professional life and pursuits.

Why Mandatory Verification of Online Gamers?

Posted on | by Signzian

As online gamers in India grows, the Ministry of Electronics and Information Technology has drafted amendments to the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021, to guarantee that games & gamers adhere to Indian laws and provide users with protection against potential harm.

Gaming has become a part of everyday life for many people, from casual mobile games to more hardcore console and PC gaming. As the popularity of gaming continues to grow, so does the importance of having an appropriate level of safety and security for gamers.

In this blog post, let’s explore what this proposal entails and why it is important. We will also discuss how it may affect both casual and professional gamers.

What is the government proposing for the Industry & Gamers?

The Ministry of Electronics and Information Technology (MeitY) proposed an amendment to bring online gaming under the ambit of the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021

The amendments seek to ensure due diligence from online gaming intermediaries so that users are not exposed to any activities breaching Indian law – such as gambling or betting – and also require a registration mark on all online games registered by self-regulatory bodies.

The Draft Rules

  1. A gamer must be informed of all online games offered by the gaming intermediary, as well as its policy regarding withdrawals and refunds of deposits made with the expectation of winnings. Also, how winnings will be determined and distributed, as well as the fees the user will have to pay for each game. 
  2. There should be a mandatory know-your-customer norm for verification (KYC).
  3. A user will need to be aware of the potential for addiction and the financial risks associated with each game.
  4. As part of the registration process of the game, the self-regulatory body must set up criteria for its content to protect the gamer from harm, including self-harm.
  5. Only games that are approved by the self-regulatory body will be permitted to operate legally in India.
  6. Five members will create the self-regulatory body’s board of directors, with expertise in online gaming, public policy, IT, psychology, and medicine.
  7. It is responsible for ensuring that the registered games do not contain anything that is not in the interest of India’s sovereignty, integrity, defense, security, friendly relations with foreign countries, or public order or that incites a cognizable offense.
  8. The Centre should be informed about the online games registered by all self-regulatory bodies, along with a report detailing the criteria for registering a particular game.

Why is there a need for such rules?

It is for protecting users from potential harm caused by skill-based games. 

  1. Innovation: As online gaming platforms are getting regulated as intermediaries and are subject to due diligence requirements, the online gaming sector will be promoted and innovation will be encouraged.
  2. Women Gamers Safety: Approximately 40 to 45% of Indian gamers are women, which makes keeping the gaming ecosystem safe all the more important.
  3. Because they generate revenue that needs proper regulation: In 2025, the Indian mobile gaming industry is to generate $5 billion in revenue. The industry grew at a CAGR of 38 percent between 2017 and 2020, versus 8% in China and 10% in the US.
  4. Credibility & Transparency: In addition to ensuring greater transparency, consumer protection, and investor confidence, this framework will boost the legitimate domestic online gaming industry.

What are the pros of the proposed mandatory verification of online gamers?

The proposed mandatory verification of online gamers has generated a lot of debate, with some people arguing that it is a necessary step to prevent underage gaming and others asserting that it will infringe on the privacy of gamers. Here, we take a look at the pros of the proposed policy: 

1) It would help to prevent underage gaming & Fraud: The proposed policy would require online gamers to verify their age before being able to play, which would help to prevent minors from accessing age-inappropriate content.

2) It could help combat cheating: By mandating age verification, it would become more difficult for people to create multiple accounts to cheat in online games.

3) It would promote responsible gaming: Making online gamers verify their age would encourage them to play responsibly and not engage in excessive gaming.

Our take

The government’s proposed mandatory verification of online gamers is a step in the right direction toward protecting citizens from online threats and fraud. With the implementation of this measure, users can be assured that their identities are secure when engaging with other players or playing games online. It will also help prevent illegal activities such as money laundering and identity theft which have been particularly rampant on gaming websites lately. In essence, this proposed measure could be immensely beneficial for both players and regulatory authorities alike by promoting safety and security in the digital world.

About Signzy

Signzy is a market-leading platform redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses – using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering customizable workflows. In addition, it gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling ten million+ end customer and business onboarding every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally, including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a robust global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and has a strong presence in Mumbai, New York, and Dubai.

Visit www.signzy.com for more information about us.
You can reach out to our team at reachout@signzy.com

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