The online gaming industry has experienced rapid growth following increased indoor activities for many consumers during the global health crisis, with growth expected to continue during the next few years. One recent study found 400 million more consumers are expected to try their hand at online gaming by 2023, representing a key opportunity for online gaming publishers and developers.
This growth has also caught the attention of fraudsters, however, who are increasingly targeting the digital gaming space as legitimate consumers flock to these platforms. Cybercriminals have found the industry an especially attractive forum for illegal or malicious activity as microtransactions — which allow consumers to turn real currency into gaming tokens or purchase features within the game — become a more dominant aspect of online gameplay. Finding ways to differentiate between legitimate customers and bad actors easily and swiftly is therefore essential.
In the latest Digital Identity Tracker®, PYMNTS analyzes the rising threat of fraud within the digital gaming industry and how implementing robust digital identity verification solutions can help gaming developers and publishers better oust fraud and protect gamers’ personal information.
Around The Digital ID Space
Fraudsters are eyeing the digital gaming industry as the popularity of this entertainment expands, using phishing scams and other credential-stealing attacks to slide onto online platforms and siphon off protected personal or financial information. Gaming company Electronic Arts (EA) recently admitted it had suffered several phishing and account takeover (ATO) attempts focusing primarily on high-profile players of its FIFA Ultimate Team game, for example. The company also noted it would be incorporating additional account verification measures to ward off such attacks in the future, indicating gaming entities are paying closer attention to shifting cybersecurity and digital identity verification needs.
Online streaming platform Twitch is another digital gaming entity looking to oust fraud and other criminal activity from its channels, including money laundering. This follows a recent incident where Turkish police arrested 40 individuals in connection to a money-laundering scheme occurring on Twitch — something that occurred just a few months after the streaming service experienced a hack exposing its users’ personal and financial information to cybercriminals. Implementing robust digital identity verification tools could help Twitch and similar platforms differentiate between legitimate consumers and fraudsters more swiftly.
For more on these and other stories, visit the Tracker’s News & Trends.
Unity Technologies On Why Robust Digital Identity Verification Is Crucial To Digital Gaming’s Expansion
Digital gaming is becoming an increasingly popular pastime for consumers across the globe. Players now seek interconnected experiences where they can interact with other gamers worldwide, turning online gaming into a social activity, explained Felix Thé, VP, product management, operate solutions for video game software provider Unity Technologies in a recent PYMNTS interview. Yet the rising popularity of this industry also means fraudsters are increasingly becoming attracted to such platforms, making it imperative for developers to ensure they can verify gamers’ identities easily and swiftly to keep personal and financial information safe from bad actors.
To learn more about why digital identity verification is critical for digital gaming’s continued growth, visit the Tracker’s Feature Story.
More than 500 million new players logged on to digital gaming platforms for the first time in the past three years, representing a key opportunity for online gaming developers. To capture the loyalty and engagement of these customers as they seek out new forms of entertainment, developers must be sure they are keeping bad actors from being able to access their platforms. Implementing digital identity verification solutions that can protect consumers’ personal and financial information and oust fraudsters is therefore becoming essential for gaming developers to remain competitive.
To learn more about how adopting emerging authentication technologies such as biometrics and two-factor authentication (2FA) can enable developers to keep their platforms secure, visit the Tracker’s PYMNTS Intelligence.
About The Tracker