More and more people are exploring the excitement and rewards that betting platforms offer. However, like any financial activity, online betting is not without risks, especially fraud.
In this article, we break down what betting fraud is, common types of scams, and tips to protect yourself.
What is fraud in iGaming?
Betting fraud in the online gaming (iGaming) sector includes various deceptive tactics used by fraudsters to gain unauthorized access to users’ funds or personal information. This type of fraud affects both players and legitimate platforms, as criminals use these channels for activities like money laundering.
Malicious parties are constantly developing new methods to exploit platform vulnerabilities, making it essential for both players and companies to stay alert and informed. Although fraud is not the norm, it is a potential threat. Therefore, understanding the risks and types of fraud is the first step to enjoying online betting safely.
Most common types of online betting fraud
Let’s take a closer look at some of the most frequent types of online betting fraud. Being unaware of these aspects can increase your chances of becoming a victim in the world of online betting and iGaming. Let’s start:
- Identity theft fraud: fraudsters steal other people’s identities to open betting accounts, enabling them to launder money and engage in other illegal activities. This type of fraud not only implies financial loss but also violates the privacy of victims, whose personal information could be sold on the dark web.
- Phishing scams: using fake emails or messages, scammers obtain users’ login information, allowing them to withdraw funds from victims’ accounts. This method is widely used across betting platforms.
- Fake betting records: some scammers create fake records showing highly successful betting results to attract users into investing in “winning strategies” that are, in reality, a complete scam. These manipulated records can be quite convincing, especially to inexperienced bettors.
- Third-party bank accounts: fraudsters use other people’s bank accounts to hide their illegal activities. Sharing personal banking information with strangers is never safe, as it could involve you in illegal activities without your knowledge.
- Fake betting sites: some websites mimic legitimate betting platforms, tricking users into depositing money without providing any real service. These sites typically don’t allow withdrawals, leaving bettors without access to their funds.
- Deepfake identity fraud: recently, deepfake technology has allowed fraudsters to bypass identity verification systems, letting them impersonate legitimate bettors.
- Investment scams: fraudsters often pose as experienced bettors who promise high returns in exchange for investments. In reality, they simply disappear with the invested money.
Tips to prevent fraud in iGaming
Although there are risks, you can take steps to enjoy a safer betting experience. Here are some essential tips to protect yourself from fraud on iGaming and betting platforms:
- Keep your personal information safe: never share your passwords, verification codes, or banking details with anyone. Scammers will take advantage of even the smallest lapses in security.
- Verify platform legitimacy: before registering on a betting site, check that it has valid licenses and a reliable reputation. Platform legitimacy is crucial for ensuring a safe experience.
- Enable two-factor authentication (2FA): two-factor authentication adds an extra layer of security to your account, making unauthorized access more difficult.
- Monitor your account regularly: review your betting transactions regularly. If you spot any unusual activity, report it immediately to the platform.
By following these steps, you can stay a step ahead of fraudsters and enjoy online betting with peace of mind.
What to do if you are a victim of fraud
While prevention is your best defense, there are steps you can take if you fall victim to fraud. Here are some immediate actions to consider if you encounter iGaming fraud:
- Contact your bank: inform your bank of the fraudulent transactions and request the cancellation of future transactions to prevent further losses.
- Notify the betting platform: report the fraud incident to the betting platform where it occurred, as they can act to protect other users and prevent similar incidents.
- Protect your personal data: after a fraud incident, monitor any signs of identity theft, such as unfamiliar transactions or unauthorized access attempts.
In conclusion, recognizing betting fraud can help you stay safe. We encourage you to follow these tips on your next betting experience and enjoy online gaming without worry. Additionally, if you’d like to learn more about digital security, we suggest visiting Bitso’s Help Center to further expand your knowledge.
