£100 for your personal data? Beware of betting offers
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15 Jan 2025 •
Reading time: 3 minutes British consumers are increasingly being warned about a controversial practice. Companies such as Moneyful Ltd are offering financial incentives to obtain sensitive personal information. Although legal, this method raises serious concerns about data security and privacy.
Tempting and risky promises
For several months, the company Moneyful Ltd, based in Kent, England, has been offering £100 and referral bonuses to any individual willing to provide them with identification documents, such as an ID or proof of address. This information is then used to create betting accounts exploited as part of strategies such as matched betting, a method aimed at maximising winnings by using bonuses offered by bookmakers.
While these activities are not illegal, they are strongly discouraged by betting operators, who systematically block accounts linked to these strategies. The result? Consumers exposed to financial, legal and potentially identity theft risks.
Gambling Commission Warning
The Gambling Commission, the UK’s gambling regulator, has issued strict guidelines prohibiting the use of personal information by third parties for gambling activities. These measures aim to protect consumers and prevent abuses linked to questionable practices.
Despite these warnings, Moneyful Ltd defends the legality and transparency of its activities. The company emphasizes its compliance with tax laws and has a Trustpilot score of 4.3 based on 67 reviews, while comparing its offers to traditional investments such as ISAs.
Beyond Moneyful, social networks and messaging platforms are increasingly facilitating the sale or rental of betting accounts. These practices often attract professional punters looking to circumvent bookmakers’ restrictions, raising ethical and regulatory concerns.
Protect your personal data
Experts at Cifas, a fraud prevention organisation, warn against these too-good-to-be-true offers.
“Consumers should be wary of get-rich-quick sites.”
Simon Miller, communications director at Cifas
Sam Richardson, representing Which? Money, strongly advises checking with your bank before taking part in such schemes. He says such transactions could breach banking terms and conditions and expose participants to unexpected penalties.
Rules in Belgium: a different situation
In Belgium, there are strict rules governing gambling and the protection of personal data. The Gaming Commission (GC) oversees and regulates all online betting and gaming activities. Any company wishing to offer such services must be licensed and meet strict standards of transparency and data security.
It is illegal in Belgium to rent or sell betting accounts, and companies that attempt to exploit personal data for matched betting or similar practices are subject to severe penalties. Individuals are also held liable if they participate in illegal or non-compliant activities.
How to protect your data?
Even though this type of arrangement is not allowed in Belgium, you should remain cautious and protect your personal data. Here are some essential tips:
- Check the legitimacy: Before playing at an online casino, look for reviews and check official websites to ensure that it is a legal casino with a Belgian license.
- Don’t share your data: Avoid passing on sensitive personal information to unverified third parties.
- When in doubt: Contact the Gambling Commission or consumer rights organizations directly for advice.
While offers of easy money continue to be alluring, caution remains your best defense. Protect your personal information and consult experts before making any commitments. When in doubt, it is always better to abstain to avoid disastrous consequences for your financial security.