Be wary of exchanging personal information for ‘easy money’ – say experts

Fraud prevention experts and the Gambling Commission are warning people about companies offering "easy money" in exchange for personal details, especially after the financial strain of Christmas. 

These companies prey on people looking to make quick cash, offering tempting schemes.  

The alarm was raised after the Guardian reported on a company called Moneyful Ltd., which was promoting an "easy money" scheme over Christmas.  

The Kent-based company claims to have made people “thousands” by using personal information to open betting accounts. 

How does it work?  

• You upload personal ID documents (such as a passport or proof of address). 

• They open betting accounts in your name using your details. 

• They say they use ‘sophisticated software’ to make money from these betting accounts. 

• You’re asked to order a Visa debit card, which is used to deposit funds into these accounts. 

• You receive £100 for participating, plus up to £100 for each person you refer. 

What the experts say 

Experts are warning that handing over your personal details is risky.  

Cifas, a financial risk advisory group, urges people to be cautious when dealing with any “get rich quick” schemes.  

As Simon Miller, director of communications at Cifas explains:  

“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.”   

The Gambling Commission, which oversees the betting and gaming sector, also warns against letting someone else use your personal details for gambling. 

What is matched betting?  

Moneyful may be using your personal details for something called matched betting, also referred to as ‘bonus abuse.’  

• Matched betting takes advantage of bonuses and free bets from bookmakers to make money. 

• While not illegal, bookmakers will take action if they catch someone abusing these bonuses. 

Beware of social media ads 

Moneyful promotes itself heavily on social media. Ads on Facebook claim that using their service will help you “fund your festivities,” “deck the halls with extra cash” and “have a financially merry Christmas.” This can be a red flag that the company is targeting vulnerable individuals. 

Sam Richardson, deputy editor of consumer publication Which? Money, advises to act with caution if you receive an offer like these.  

“[This] seemingly ‘easy’ way of making money will appeal to lots of people – but extreme caution is advised. 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.” 

Risks of sharing personal data 

While Moneyful insists all the company’s practices are above board, handing personal information over to companies and individuals comes with a risk.  

Here’s why:  

• Puts you at risk of identity theft and being impersonated by criminals to open fraudulent accounts or carry out financial fraud.  

• Could affect your financial future if your data/identify is used fraudulently.  

• You may be unknowingly breaking laws or violating bank terms.  

Help with gambling related debt 

If you are missing payments or find yourself in debt because of your gambling, you should seek free debt support as soon as possible. We can help find the debt solution that is right for you. 

We can also refer you to one of our partner organisations who can provide you with more structure support to help you deal with your gambling problems.