In the digital era, financial and non-financial enterprises do their business operations digitally, whether it be customer onboarding or business transactions. Along with business digitalization, financial fraud and crimes also come as a challenge for companies and organizations that are operating their businesses in Canada. This financial fraud happens due to the lack of an identity verification system. So, it is essential to have a robust identity verification system for business identity authentication purposes.
Authentication types depend on the business need. Banks, financial institutions, fintech companies, insurance companies, and trading businesses do KYC verification and AML verification for identity authentication. Some businesses are age-restricted businesses where age verification is important to identify the right customer for their business. Some companies demand transaction monitoring and background checks for high-risk clients. Therefore, it depends on the business’s needs what type of identity verification is required for a smooth business process.
Why is the Age Verification Solution Crucial?
Age verification is an identity verification technique for age-restricted businesses. The age verification system automatically verifies the age of the customer and helps recognize the right customer as per the business age criteria. Age verification solution helps various industries in Canada. These industries are:
Online Gaming Industry:
The gaming industry is a vibrant industry that attracts people of all ages. Age verification solutions help gaming companies verify the age of the customer and comply with Canadian age-restricted gaming regulations. Online gaming platforms have age restrictions for paid gaming and don’t allow underage customers. The age verification system assists in identifying the underage customer by verifying the age of the user.
Age verification helps in various ways in the online gaming industry, as they are:
Quick Onboarding:
The age verification system verifies the age of the customer quickly and accurately, which assists in a fast customer onboarding process. As a result, gaming companies can onboard new customers, and customers can access paid gaming through secure transactions.
Enhance Security:
Age verification adds an extra layer to the security and provides an age-gating for the gaming platform that doesn’t allow underage customers to access paid gaming.
Prevent Financial Fraud:
Underage customers also try to access paid gaming as online games attract persons of every age. They also try to pay for it by using their parents’ credit/debit cards without their parents’ awareness. An identity verification system helps to recognize those identities and prevent financial fraud.
Build Trust and Reputation:
Age verification providers help online gaming companies make the fraudless business through genuine customer recognition. It helps to build trust between gaming companies and gamer. It gives surety to parents who allow their kids to participate on the gaming platforms. A fraudless image of the gaming company also helps to build a reputation in the digital world.
Ensure Gaming Regulations:
Age verification software also ensures the gaming regulatory regulations and prevents the regulatory’s penalties.
These above are the reasons why age verification solutions are crucial for the gaming industry in Canada. It is not just a compliance tool; It is a business that needs secure business for the online gaming industry.
E-commerce Industry:
The E-commerce industry is the most active in Canada. Every day, a lot of new customers purchase something related to fashion, electronic items, cosmetics products, furniture and decor items, and many more. They do transactions on the e-commerce platforms according to their needs. However, some products have age criteria for purchase, and an age verification system helps to recognize the right customer as per the age criteria of the products.
Benefits of age verification for eCommerce industry:
- An age verification system authenticates the age of the customer for certain products that only allow adults to use them.
- Identify real customers for purchasing medicines.
- Protect minors from purchasing age-high price-value products.
- Ensure the e-commerce industry regulations are followed and avoid heavy fines.
- Helped in fraud prevention for the e-commerce industry.
Adult-only Industry:
In the digital landscape, age restrictions also apply to adult-only industry. Porn sites, dating sites, and marital businesses are part of the adult-only industry, which also doesn’t allow the below 18 age person to participate and access the content. Age verification services play a crucial role in the adult-only industry.
Benefits:
- Prevent minors from accessing restricted content online
- Mitigate fraud
Alcohol Industry:
The Canadian alcohol industry doesn’t allow underage customers to purchase alcohol items. Before buying online alcohol, customer needs to verify their age. Eligible customers can only purchase alcohol online. Age verification API assists in identifying and verifying the age of the customer.
Benefits:
- Underage customers can’t purchase the alcohol
- Prevent financial fraud
- Ensure regulatory compliance
Conclusion:
Age verification solution system is a business need for online gaming, age-restricted products and services, e-commerce businesses, and adult-only and alcohol industries in Canada. It protects minors from financial fraud and safeguards Canadian age-restricted businesses. KYC Canada is a trusted and reliable KYC solution provider that assists financial and non-financial firms with an API to authenticate identities, mitigate risk and fraud, and prevent financial criminals. They provide age verification solutions along with KYC.
According to the business need, KYC Canada provide an identity verification solutions and assists in combating identity theft and fraud, money laundering, financial crimes, and suspicious activities. Therefore, secure business by implementing a robust age verification system and staying ahead in the Canadian business world.