Online Gambling Risks
How many times have you seen the news covering a lottery winner? You probably had the same thought that most of us have, “That must be nice.” While it remains a dream for many of us, some people take extra steps to make that dream a reality. But how far is too far to go for that “fantasy” payday? In this post, I am going to talk about Internet gambling scams and safety measures to keep you safely in the game.
Security
If you choose to partake in online gambling, know that there is more at risk than losing some money. Data breaches can expose users to synthetic identity fraud, account takeover, and identity theft. Before you play, check the security and encryption settings for the site. You will want to check in the “About Us”, “Home,” and/or “Security” pages to review their protective measures. Any site that is unwilling to share this information freely with users should be avoided. Of course, you should make sure that the site is secure. You will always see “HTTPS” in the web address and a lock icon.
Not only is a secure site beneficial for users, but it also keeps the site safe. Fraudsters use stolen data to scam companies, which leads to losses. Moreover, the potential for money laundering increases due to an uptick in “Frankenstein identities,” or bits and pieces of information from multiple real and fictitious individuals used to create a new, but fraudulent, identity.
Apps
You may be more comfortable using an app instead of a website. This is understandable because you can set up additional security parameters, such as biometrics. Logging in using a fingerprint is safer than a user ID and password. Be sure to read the app reviews and check the app verification before you download.
License
Look for a site that is licensed for online gambling. If you don’t trust the platform, do not take the chance. Hackers can easily steal credit card data, rig games by using bots, flood the system with bogus accounts, and otherwise access your data. Using a verified and trustworthy platform is crucial to safe and fair gameplay.
Card Details
Consider using “Privacy” whenever possible. Privacy is a tool that allows users to create virtual cards to keep their payment data safe. These single-use card numbers can be created and closed at any time. Users have the option to cap spending for each card, which gives you more control. This is a great tool for anyone who shops online (gambling or shopping!
Gaming
There is a difference between gaming and gambling online. You can enjoy passing the time with casino-style games without the financial risk. Sure, you won’t get rich by playing for fake money, but you won’t lose any, either. :)
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Krista Kyte is a personal finance blogger and personal banker with over 18 years of experience in the financial industry. Krista is passionate about helping our members understand their financial situations. She writes tips that will help consumers reach and maintain financial security, and start living the life they’ve always wanted.
