KYC serves as a valuable method for the casino to verify your account and ensure that winnings are disbursed to you exclusively. Nevertheless, it has the downside of elongating withdrawal times.
Typically, you need to undergo the KYC process when initiating a withdrawal, necessitating patience while your documents receive approval. The casino’s stated pending time for withdrawals usually doesn’t encompass document verification, introducing an additional waiting period.
The duration of this document approval varies according to the casino you use. Some casinos expedite the process, approving documents on the same day or within a few hours, while others might take longer.
Another drawback emerges when there are issues with your documents, leading to non-approval and further delaying your withdrawal. The silver lining is that once you pass the verification process, you typically won’t need to repeat it unless you secure extensive or jackpot winnings.
Moreover, Cifas Gaming Sector Analysis claims that 3,300 instances of fraud at the same address were found for one client after a review of 100,000 items of data. Analyses also revealed:
|That’s how many attackers were able to pass identity verification procedures.
||That’s the number of cases with accounts that were suspected of facility abuse.
||In 44% of cases, identity fraud was involved, either through fake identities or impersonation.
Although Cifas data shows that the gambling industry is subject to the same attacks as other sectors, the KYC procedure reduces the risk.