Betting Account Sales Warning Issued for People
A warning has been issued over people selling their personal details for “easy money” as their name could be used to open multiple betting accounts.
Companies are offering “easy money” for buying personal information. © besteonlinecasinos, Pixabay
Key Facts:
- Moneyful Ltd claims to offer the chance to earn “easy money”
- The firm said that some people have made thousands of pounds using it
- The personal details that are sold may be used to create betting site accounts
- Lawyers for Moneyful claim the firm’s practices are above board
Companies such as Moneyful Ltd, which is based in Kent, offer as much as £100 to people who sign up.
In its promotional material posted to social media, Moneyful claims that some of its users have made thousands of pounds as a result.
Details about the service are scant, but Moneyful’s sign-up process suggests that details sold by its users will be used for matched betting purposes.
Caution Issued
Cifas, a financial risk advisory group, warned of the dangers of “passive income” offers made by the likes of Moneyful, though it would not comment on specific companies.
Simon Miller, the director of communications for Cifas, said consumers need to be wary of “offers that seem too good to be true”.
Speaking to the Guardian, he added: “Adverts for ‘passive income’ and high rates of return in exchange for your personal details should be seen as red flags.
“If you are being asked to hand over sensitive information, we would urge consumers to stop and think, and get a second opinion from someone you trust wherever possible.”
But lawyers for Moneyful said its practices are above board. In a statement, the firm accepted it is “perfectly fair to say that there are risks in handing personal data to any organisation”.
Moneyful added: “No efforts whatsoever have been made to hide anything from the public. Our client pays corporation tax and is registered for VAT.”
Discuss with Bank First
Which? Money said firms such as Moneyful – which says it could be used to “fund your festivities” and “deck the halls with extra cash” – could be appealing.
But the deputy editor of the publication, Sam Richardson, urged “extreme caution” to those considering selling their details.
He said: “We would not recommend people handing over personal information… to unfamiliar firms that can spend money on your behalf.
“Anybody who does want to sign up to this agreement should discuss it with their bank first to ensure it is not in conflict with any of the bank’s terms and conditions.”
Matched betting is a practice by which betting site offers are used to make money. Bookmakers are aware of matched betting but work hard to close down accounts they suspect of using it.
