Consumers warned over offers of money to open betting accounts in their names
Share:
Specialists raise alarm over companies such as Moneyful promoting ‘easy money’ in exchange for personal details. Consumers struggling to pay bills over the festive season have been urged not to sign up with companies that offer money in exchange for personal details in order to open multiple betting accounts in their name.
Fraud prevention and consumer specialists raised the alarm after the Guardian highlighted one such company, Kent-based Moneyful Ltd, which promoted the chance to make “easy money” over the festive period. The company, which claims that customers have “made thousands” by using its service, asks users to upload their ID documents, such as a driving licence and proof of address. According to its terms and conditions, it can then use the documents to open accounts with bookmakers.
The company’s website says it asks customers to order a visa debit card, which it can then use to deposit funds into the accounts it creates. In exchange, Moneyful pays customers £100, as well as up to £100 each time they refer the service to another user.
The company claims that it uses “sophisticated software” to make money from the betting accounts it opens. Information provided during the sign-up process suggests that Moneyful may be using the accounts to engage in “matched betting”, a way of making money from bookmakers by capitalising on bonuses and incentives such as free bets, exploiting differences between various companies’ offers.
