Gamblers know the saying, “the house always wins.” You may win at first, but you’ll give your winnings back to the house if you play long enough.
If the house is crooked to begin with—you’ll lose much sooner.
March Madness is an annual phenomenon where millions hope to cash in. Online gambling sites take advantage of this event to hook young people into today’s “easy-money” culture. They make it look so easy. Every commercial shows winners galore! Their message, “You can’t miss!”
Meet Michael—A Young Gen Zer
Michael feels that his path to riches is through the internet—no 9 to 5 job for him.
He sees online gambling commercials on his TV and figures he can cash in quickly. After all, he grew up with technology. He has it covered.
So, as March Madness begins, he searches online for a gambling site “he can own.” Michael is optimistic he’ll make a fortune. So, he searches until he comes across a site that looks great. They guarantee his returns 100%. Michael is sure he’s found his path to riches.
The site looked good and made promises that Michael couldn’t ignore. So he signed up and transferred funds from his bank account to get started.
The first few rounds were a dream. Michael cashed in on every one of them. It was easy to win. So, Michael kept increasing his bets in hopes of a bigger payday.
Trouble In Paradise
As Michael started placing more and higher bets, it suddenly got harder to withdraw his money. Technical issues kept cropping up. Then, finally, he started receiving emails to verify his information. They wanted to verify his bank account number, social security number, and asked for a “backup” credit card.
In the meantime, Michael could not access the funds he transferred to the site or his latest winnings. He was furious.
Michael started an internet search on the gambling site. He found hundreds of complaints from previous customers. They all had the same problem as Michael. They won at first, then lost access to their money.
Michael realized that the site was a scam. He kicked himself for not researching before giving them money.
Then it dawned on him! Michael gave the scammers his financial information and social security number. The thought made him ill. Michael became a victim. Not only did he lose money, but his identity was stolen which caused problems for years.
Did You Spot The Red Flags?
- The site offered a 100% guaranteed return. Anytime you see something like this—run away. It is a scam.
- Michael assumed that because the site looked good, it was legitimate. But, the scammers of today are highly-skilled. They can create a site themselves in no time or quickly get an underground company to do it for them.
- Michael researched the company AFTER he lost money. However, he should have done his research BEFORE signing up.
Scams like this don’t only happen during events like March Madness. They occur all year. In August 2020 alone, sports betting generated over 2 billion dollars. So online betting is BIG business—and cybercriminals are cashing in.
Learn To Protect Yourself
- Gambling is never a sure thing. Don’t gamble with money you cannot afford to lose. If you have a gambling problem—get help.
- Do your research BEFORE you sign up on any site. Look at online reviews and search for complaints.
- Only use established sites with documented track records. Avoid new sites like the plague.
- Don’t ever assume a site is legitimate because it is flashy. Nothing can be further from the truth.
- Only give as much data as needed. ALWAYS question the need for more information.
- Put alerts on bank accounts and credit cards. Make sure transactions are legitimate.
- NEVER use company computers or home devices you use for business to access gambling sites. If they pass malware to your device, you’ll infect the network.
- Ensure all your data is backed up, and the backups are protected.
It is possible to gamble online safely, but you must take precautions.
The younger generation grew up with technology. The problem is that they trust what they see online too much. Because of this, the underworld is cashing in—big time! Don’t become a victim.
XSolutions is an IT Services Provider serving New York (NY), New Jersey (NJ), and Connecticut (CT). We provide Managed IT Services | Managed IT Security | Backup & Disaster Recovery| Cloud Data Protection | Security Awareness Training. Call (845) 362-9675 for a free consultation.