Consumers facing financial pressure during the festive season have been warned against signing up with companies offering quick cash in exchange for personal information used to create multiple betting accounts.
Fraud prevention experts sounded the alarm after the Guardian investigated Kent-based Moneyful Ltd, a company marketing itself as a way to earn “easy money” over Christmas.
Moneyful claims its customers can earn thousands by uploading identification documents, including driving licences and proof of address, which the company uses to open accounts with bookmakers.
How Moneyful Operates
According to Moneyful’s terms, customers are required to order a Visa debit card, which the company then uses to deposit funds into the accounts it creates.
In return, participants receive £100 and up to £100 more for referring others to the service. The company claims to employ “sophisticated software” to profit from these betting accounts.
Promotional material suggests Moneyful may be leveraging matched betting—a legal practice exploiting bookmakers’ bonuses and free bets. However, this method, along with “bonus abuse,” is closely monitored and restricted by betting firms.
Warnings from Experts
While Moneyful’s website is prominent, similar schemes are reportedly operating via social media platforms, including Facebook, Instagram, and Telegram, advertising ways to “fund your festivities” and earn “extra cash.”
Consumer protection organisations have urged caution. Simon Miller, director of communications at Cifas, advised, “Consumers should view offers promising ‘get rich quick’ schemes or high returns for personal details as red flags. Always consult someone you trust before handing over sensitive information.”
The UK Gambling Commission explicitly warns against allowing third parties to use personal details for gambling, citing potential risks.
Risks of Sharing Personal Data
Experts emphasised the dangers of providing personal data to unfamiliar organisations. Sam Richardson, deputy editor of Which? Money, stated, “While these schemes may appear to offer an easy income stream, handing over personal details to companies spending money in your name is highly risky. We strongly advise against it.”
Richardson further recommended consulting your bank to ensure participating in such schemes does not breach its terms and conditions.
Legal and Consumer Concerns
Lawyers for Moneyful defended the company’s practices, insisting they are transparent and legitimate. They highlighted Moneyful’s Trustpilot rating of 4.3, based on 67 reviews, and pointed out that the company pays corporation tax and is VAT-registered.
However, consumer rights advocates remain sceptical. “Even legitimate-sounding schemes can pose significant risks,” warned Richardson.
Social Media Activity Raises Alarms
The Guardian also identified social media accounts and messaging platforms advertising the buying and selling of betting accounts. Such accounts, often termed “clean” accounts, are used to bypass restrictions placed on professional gamblers or those using banned techniques.
Final Advice
While the lure of extra cash during the festive season might be tempting, experts urge consumers to exercise extreme caution.
Offers that involve sharing personal data or creating betting accounts in exchange for money often carry hidden risks, both financial and legal.
If you’re considering such schemes, think carefully, seek trusted advice, and explore safer alternatives for financial support.
