Sumsub takes the lead in gaming fraud protection at ASEAN Gaming Summit 2024

Sumsub, Asean gaming Summit 2024

Sumsub, a full-cycle verification platform, proudly announces its sponsorship of ASEAN Gaming Summit 2024, affirming its commitment to helping gaming companies combat fraud amidst the escalating threat of illicit activities in the region. 

During the summit, Sumsub will take centre stage with an insightful panel discussion on How can PAGCOR use AI for Responsible Gaming/ AML compliance, delving into the numerous regulatory changes recently introduced by PAGCOR in an effort to streamline the industry as well as efforts to remove the country from the FATF AMLA Gray List. The panel will feature prominent industry experts and thought leaders, including Marie Antonette Quiogue from Ardentconsult and Kelsey Wilhelm from Asia Gaming Brief.

In November 2023, Sumsub introduced the first integrated solution for user verification, anti-fraud, and compliance for the gaming industry. The solution empowers both platforms and operators to seamlessly navigate the entire player lifecycle, simultaneously maximizing profit revenue and ensuring compliance with all regulations and guidelines. 

With this launch, Sumsub is the first vendor to provide a holistic verification solution covering player onboarding, gaming-specific fraud prevention, and compliance. The solution is built on four pillars namely fast and secure player onboarding, fraud prevention, player risk profiling and analytics module, and responsible gaming (RG) compliance, a first-in-the-market automated solution based on Sumsub’s Transaction Monitoring system and global compliance expertise.

“As the gaming market in the APAC region continues to rise, we recognize the immense opportunities it presents for innovation and growth. However, with this surge in popularity comes an increased risk of fraudulent activities. As the gaming community expands, so too does the potential for malicious actors seeking to exploit vulnerabilities. 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. 

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,” said Penny Chai, Vice President of Business Development, APAC, at Sumsub.

The gaming market in Asia is expanding at an unprecedented pace. With a population of over 4.6 billion and a rising middle class, the region presents a massive opportunity for online gambling operators. Notably, countries like China, Japan, South Korea, and India are emerging as key players in this sector, attracting significant investments, and fostering a favourable regulatory environment. However, within this promising landscape, concerns have emerged as gaming companies grapple security challenges. The Mekong River, for example, is becoming a hotbed of online gaming fraud, fueled by lax regulations and easy access for gamers in nearby China.

According to Sumsub’s latest Identity Fraud Report, gaming faced one of the highest rates of deepfake fraud in 2023, accounting for 1.6% of reported cases. While this figure may seem small compared to other sectors such as fintech (7.7 percent) and crypto (87.7 percent), it belies the profound impact of fraud on the bottom line of gaming companies. 

Today, Sumsub safeguards over 50 million players worldwide, contributing to an impressive 75 percent reduction in duplicate accounts. 

Sumsub invites attendees to explore its identity verification solutions at booth B01 during the ASEAN Gaming Summit 2024. Book a meeting here to speak with the team and stand to receive exclusive gifts.