iDenfy’s ID verification will safeguard the online betting platform against unverified accounts and money laundering schemes
Kaunas, Lithuania (June 00, 2024) – iDenfy, a leading Lithuanian RegTech company known for its identity verification and fraud prevention solutions, is thrilled to announce a strategic partnership with Sesame Online, a premier online gambling platform based in Bulgaria. This partnership aims to enhance user security and protect the platform from online scams and money laundering. This collaboration aims to elevate user security and streamline customer acquisition processes, enhancing the overall iGaming experience.
Sesame Online operates in the online gambling industry, offering casino games and sports betting. Sesame Online stands out for its commitment to impeccable customer service, transparency in operations and bonuses, and a strong sense of community both within the organization and with its customers. For these reasons, it is important to ensure a safe place for users to play and avoid regulatory issues regarding users’ age identification as well as vulnerable fraudulent activities for money laundering purposes.
The online gambling sector faces stringent regulatory requirements to mitigate security risks with platforms often targeted by unverified users. One of the most pressing issues is the infiltration of underage users. Allowing children to gamble not only violates legal requirements but also creates a negative impact on their brains. Research shows that children introduced to “harmless betting” by age 12 are four times more likely to engage in problem gambling later in life. A teen’s brain, with an underdeveloped logic center, isn’t wired yet to weigh risk and make healthy choices, making the identification of users’ ages critically important.
Further, although Anti-Money Laundering (AML) laws are standardized across online casinos and betting platforms, the industry still has specific issues that make it a prime target for illicit activities. Criminals can exploit these platforms by channeling illegally obtained funds through betting activities or making low-risk bets to deposit illicit money and withdraw it as winnings. Ensuring the identity of each user helps gambling operators maintain platform integrity and significantly reduce fraud risks.
iGaming platforms like Sesame Online need to verify their users’ identity, age, location, and the source of their funds as part of their AML efforts. These checks are essential for preventing fraudulent activities and ensuring that gaming services are not exploited by malicious individuals. However, the Sesame Online team knew that the heavily manual user onboarding process would lead to lower conversion rates. For this reason, the iGaming company looked for a RegTech service provider that could offer both efficiency and superior user experience.
Recognizing the critical importance of secure customer identification, Sesame Online has partnered with iDenfy, a market-recognized leader in the identity verification solutions sector. iDenfy offers AI facial recognition, 3D liveness detection, and authentication, ensuring that no fraudulent accounts are accepted. It’s worth mentioning that iDenfy’s identity verification equips gambling operators with the ability to recognize, verify, and extract information from over 3,000 identity documents across 200 countries and territories, with 99.99% of success rate as well as 24/7 oversight by expert reviewers, that can guarantee accurate and compliant user onboarding experience.
By integrating iDenfy’s full-stack ID verification solution, Sesame Online streamlined its Know Your Customer (KYC) processes, creating a more efficient user experience and improving onboarding while maintaining the highest security and compliance standards.
“We chose iDenfy as our identity verification service provider because they are leaders in the market, offering robust automation solutions specifically tailored to the iGaming industry. This change has already helped us onboard more users in less time, ensuring that only verified, real gamers access our services swiftly,” said Victoria Petrova, the CEO of Sesame Online.
Domantas Ciulde, CEO of iDenfy, added: “Our partnership with Sesame Online underscores our commitment to leveraging technology to elevate security online. By constantly improving the power of biometric authentication and machine learning algorithms, we empower gaming operators to uphold regulatory compliance and safeguard young demographics.”
Sesame has received the Responsible Gaming Program of 2023 award from BEGE Expo. This recognition underscores the platform’s commitment to maintaining a safe and secure environment where players can responsibly enjoy games of chance. By prioritizing security and community engagement, Sesame Online can continue to provide an exceptional gaming experience to its users while maintaining trust and integrity within the community.
This collaboration not only enhances the platform’s security but also fosters a safe and responsible gaming environment, setting a new standard for the strictly regulated industry.
About iDenfy
iDenfy, a platform of identity verification services and fraud prevention tools, ensures AML, KYC, and KYB compliance for every company — from large-scale businesses to small organizations. The rapidly growing business was named the best Fintech Startup in 2020. Recently, iDenfy was featured in G2’s Spring 2024 report as the leading identity verification software.
For more information and business inquiries, please visit www.idenfy.com
Contact:
Aurimas Kybartas
Phone: +37067644539Email: aurimask@idenfy.com
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