Biometrics for ID Called More Useful by 58% of Digital Account Holders

Online gaming has experienced explosive growth buoyed in part by the global pandemic as well as by technological advances and changes in laws that introduced Twitch, eSports, casinos, and cryptocurrency to the gaming world.

That dramatic growth has not gone unnoticed by digital thieves who have increasingly been looking at the online gaming sector as a potentially lucrative environment to pull off scams. Microtransactions, which enable users to purchase gaming tokens to unlock special features, are becoming more commonplace.

With financial information in play and often stored, it’s critical for platforms to distinguish between real customers and scammers. As the popularity of gaming continues to expand, cyber thieves are eyeing the community as an easy environment for phishing scams and other credential-stealing attacks.

In the latest Digital Identity Tracker®, done in collaboration with Jumio, PYMNTS breaks down the escalating risks of deception in the gaming industry. It also explores how developers and publishers can use resilient digital identification solutions to purge fraud and safeguard gamers.

The report shows that 33% of consumers give companies sensitive data for entertainment purposes. Gaming company Electronic Arts (EA), for example, was infiltrated by fraudsters who used phishing and account takeover (ATO) attempts to drain the accounts of some of the top FIFA Ultimate Team player accounts. Following the attack, EA pledged to integrate stronger customer verification measures.

Interactive live streaming platform Twitch is also upping verification methods following criminal activity involving a money laundering scheme that led to the arrest of 40 people by Turkish police.

Over the previous three years, over 500 million new players jumped into digital gaming for the first time. To keep people engaged and coming back for more, developers and publishers have to ensure the environment is secure and safeguarded from fraudsters.

When it comes to digital identity verification solutions, the report indicates that 58% of digital account holders think biometrics is a more convenient method of protecting their identity. Further, 55% trust biometrics more than pin numbers or passwords.

To learn more, download the Digital Identity Tracker®.