Selling accounts: Easy money or scam?
Recent reports indicate Brits are being offered payment in exchange for agreeing to have betting accounts opened in their name. Although promoted as ‘easy money’, concerns have been raised.
How it works
One company cited by news outlets including The Guardian is Moneyful Ltd, a Kent-based company registered since 2001. There are others.
They promise the opportunity to make “thousands” using their services. Typically, this process involves registering and submitting ID verification documents, then allowing the company to use these details to open various accounts, including at casino and betting sites.
Next, individuals are encouraged to order a debit card which the company then uses to deposit funds into the accounts. It appears that the companies are then using matched betting supported by “sophisticated software” to generate money.
In the case of Moneyful Ltd, customers are paid £100 plus another £100 for each successful referral.
Matched betting?
Matched betting is a technique used to take advantage of free bet offers by placing a counter-bet on an exchange site such as Betfair. It allows potential losses to be offset, and free bets to be claimed with virtually no risk.
Matched betting is legal, but operators will typically shut down accounts they suspect of being engaged in it, often citing ‘bonus abuse’.
The most valuable casino and sports betting promotions are offered as ‘welcome bonuses’, and can therefore only be claimed once per account. Claiming more bonuses requires new, ‘fresh’ IDs, hence the value of the personal data these companies are paying for.
Reactions and implications
These schemes have recently been reported on and warned against by multiple news platforms and financial advice websites as well as the Gambling Commission (UKGC).
Companies like Moneyful are openly capitalising on the fact that so many people feel cash-strapped at the turn of the of year, using adverts containing slogans such as “deck the halls with extra cash”.
Moneyful’s lawyers published a response to the concerns, agreeing that there “are risks in handing personal data to any organisation” but stressing that its own operations were legitimate.
Whilst there’s no indication that Moneyful is committing fraud, there have been comparable cases. In late 2023, a British man, Jon Howard was sentenced to 5 years in prison after opening more than 1,000 Bet365 accounts using various borrowed identities. It was estimated that he made £236,000.
Concerns
In the modern era, data holds a lot of value. Our personal details, such as those being sold to companies like Moneyful, are sensitive. For this reason, the UKGC has understandably warned against engaging with any third party which wants to use your personal details.
Concerns include that the data may be misused, or that the company to which you have entrusted it may be acting illegally. Handing over your personal data puts you at increased risk of identity fraud.
Additionally, it’s possible that engaging with these companies could result in significant blemishes on your credit report. Also, it may well be that allowing a third party to spend in your name is a violation of your bank’s terms and conditions.
Advice
As of early January 2025, it appears that Moneyful’s site has been taken down and its domain name listed for sale. However, many more companies and individuals are operating similar schemes, often through social media.
Any promises of ‘getting rich quick’ or ‘easy passive income’ should be treated with caution. People should always be extremely wary about handing over any personal details, and are strongly advised to avoid schemes such as those run by Moneyful and similar organisations.
