Full-cycle verification platform Sumsub is proud to announce its sponsorship of the ASEAN Gambling Summit 2024, reaffirming its commitment to helping gambling companies combat fraud amid the escalating threat of illegal activities in the region. During the summit, Sumsub will take center stage for an insightful panel discussion on how PAGCOR leverages artificial intelligence to achieve responsible gambling and anti-money laundering compliance. The panel will delve into the regulatory changes recently introduced by PAGCOR to streamline the industry and eliminate the country’s belonging to the FATF AMLA gray list. The panel will be comprised of renowned industry experts and thought leaders, including Romulo Law’s Marie Antonette Quiogue and Asia Gaming Brief’s Kelsey Wilhelm.

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

With this launch, Sumsub becomes the first provider to offer a comprehensive verification solution covering player onboarding, game-specific fraud prevention and compliance. The solution is built on four pillars, including fast and secure player onboarding, fraud prevention, player risk profiling and analytics modules, and Responsible Gaming (RG) compliance. It is the first automated solution on the market based on the Sumsub transaction monitoring system and global network with compliance expertise.

Penny Chai, Vice President of Business Development, Sumsub Asia Pacific, said: "As the gaming market in Asia Pacific continues to grow, we recognize the tremendous opportunities it presents for innovation and growth. However, as popularity surges, comes the risk of fraudulent activity has also increased. As the gaming community expands, so does the likelihood of malicious actors seeking to exploit vulnerabilities. Sumsub’s commitment is to provide platforms and operators with cutting-edge solutions that not only adapt to the dynamic nature of fraud, but also User protection sets new standards.”

The Asian gaming market is expanding at an unprecedented rate. The region has a population of over 4.6 billion and a growing middle class, providing huge opportunities for online gambling operators. Notably, countries such as China, Japan, South Korea and India are emerging as major players in the field, attracting significant investments and creating a conducive regulatory environment. Yet amid this promising outlook, concerns also arise as gaming companies grapple with security challenges. The Mekong, for example, is becoming a hotbed for online gaming fraud due to lax regulations and easy access for gamers from nearby China.

According to Sumsub’s latest identity fraud report, gaming was one of the industries with the highest incidence of deepfake fraud in 2023, accounting for 1.6% of reported cases. While this number may seem small compared to other industries such as fintech (7.7%) and cryptocurrency (87.7%), it masks the profound impact of fraud on gaming companies’ bottom lines.

Today, Sumsub protects over 50 million players worldwide and has reduced duplicate accounts by an impressive 75%. Sumsub invites attendees to explore its authentication solutions at booth B01 during the ASEAN Gaming Summit 2024. Book a session here to chat with the team and get a chance to receive exclusive gifts.