Sightline and GeoComply have teamed up in order to improve the “security and efficiency” of digital transactions within the regulated gaming industry.
The fintech company has signed an exclusive partnership to integrate both GeoComply’s IDComply identity verification solution and compliance-grade geolocation tools across its comprehensive suite of digital payment solutions of land-based and online gaming operators.
“Digital payments continue to proliferate in the regulated gaming industry, and it is essential to have solutions that safely, securely, and swiftly validate customers’ identities,” said Sightline SVP of Business Development Rose Zwirn. “Our vision is to create an omnichannel customer experience where patrons can seamlessly enroll, fund, and play their game of choice in under 180 seconds, putting gaming more in line with payments technologies in areas like retail and ecommerce.”
According to Sightline, it will leverage GeoComply’s identity verification and geolocation checks at strategic points during the customer journey to validate digital transactions and ensure compliance with the Bank Secrecy Act.
“Our companies have a long history of collaboration and we’re excited to be working together to implement our GeoComply Core and IDComply solutions for Sightline’s customers,” GeoComply VP of Business Development Sam Basile. “Our goal is to provide digital trust in every online transaction while opening the funnel for legitimate players and stop fraudsters from entering the digital gaming ecosystem. Working with best-in-class partners like Sightline gets us closer to that goal.”
The implementation of GeoComply’s products within Sightline’s offerings is scheduled to occur over the coming months.
Sports gambling most susceptible to fraud in the U.S.
Operators are bolstering their security measures amid a report by TransUnion that found instances of suspected digital fraud rose in the U.S. gaming industry in 2023, and the sector continues to be the most vulnerable in the country.
The TransUnion 2024 State of Omnichannel Fraud Report found that gaming had the highest rate of suspected digital fraud in the U.S. in 2023 at 10.9%, up 9% year over year.
The most common types of fraud seen in the gaming industry in 2023 were promotion abuse and new account creation using fabricated or stolen identities. According to the data, one in 10 global transactions in the gaming industry associated with online account creation in 2023 were suspected to be digital fraud.
