Online Casinos have been yielding millions every year as revenue. But, unfortunately, the amount of money they make is reminiscent of how easily they can bait players into online casino scams that seem legit at first glance.
As a result, Financial Fund Recovery decided to investigate the process and determine the mishappenings inside an online casino. If you don’t know who Financial Fund Recovery is, you are seriously missing something important in your life or simply waiting for a defrauding instance.
Financial Fund Recovery is a number one choice for fund recovery solutions worldwide, with thousands of solved cases and over $19 million recovered. We have a team of qualified attorneys and detectives who work day in day out to help you recover your money. We outdo the rest because we have the best recovery specialists who guarantee that your fund reaches you first.
In addition, we take pride in recovering all kinds of funds from online gambling scams, including casino scams worldwide.
IN THIS ARTICLE
What is an Online Casino Scam?
Casinos are businesses that allow players to bet on games, gamble, and make money. Most casinos are built closely with a restaurant, resort, or another amenity to increase participants’ entertainment.
Online casino scams are rigged businesses that use illegal means to trick people and steal their money. For instance, players are drawn in with exciting rewards and further manipulated with bets that always lose.
Hundreds of online casinos seem original. However, after you have made the deposit and lost your money, we conduct our research only to find out that the casino you have put your money in is nothing but a significant casino scam in the making.
Financial Fund Recovery highly discourages you from gambling, especially in an online scenario with a greater chance of rigging the game. Many names in the gambling world are household names. However, a lot among them are not legitimate. Tons of small casinos, trying to earn a position for themselves, end up committing treacherous acts of felony only to be exposed later.
How Do They Work?
If you’re eager to know more about how these rigged casinos work, some frequently occurring casino scams are listed below. The warning signs of these scams are many. The list is endless in number, right from Chargeback abuses, Chip Dumping, and Bonus Abuses. Hence, we elaborate on a few scams that take away the most significant chunk of money.
Casino Scam 1: Bonus Abuse
Bonus abuse is the most rampant among famous casino frauds. The most common bonuses offered are signup bonuses, referral bonuses, and bonuses to existing players for bringing them back in the game.
Many casinos offer bonuses like instant signup bonuses. Referral bonuses mean where the reward is a percentage of the amount deposited. It signifies that the more a person deposits, the more returns he receives. It’s a fake claim as the amount of bonus one receives is limited to a particular amount.
Casinos operate on the same page, and sometimes they make a lot of money, and sometimes they make losses. Hence, offering a bonus during the early signup is simply out of the question.
Casino Scam 2: Casino Credit Card Scam
An online casino proves to be one of the best means in the hood to rob all your credit card details. These casinos attract players by providing free deposits, insane bonuses, and super-fast withdrawal options. Little do they know that these casinos are planning to do nothing but steal all your credit card details and use it when they wish. Financial Fund Recovery has already warned its clients about the rampant misuse of credit card information in the gambling industry. Therefore, it’s necessary to proceed with caution when giving out your financial information.
Another way casinos cheat you off your money is through cryptocurrency deposits, mainly bitcoin deposits. Due to the rapid growth in blockchain technology, many crypto sites have started accepting cryptocurrencies. Now, cryptos, despite being a significant investment, are encrypted. Hence, once the money transfers, you will not get it back as crypto transactions are irreversible. Therefore, it is always suggestible to make your deposit via other mechanisms instead of crypto.
Casino Scam 3: Rigged Games
Do you know that most games in a new casino work as per a plot even before one plays it? At Financial Fund Recovery, we researched the unfairly fixed matches that are a part of these casino scams.
It is a common issue that players face when signing up for new casino sites in the lot. These games are set up to work with unfair schemes, i.e., in favor of the house. In tackling the issue, understanding the RTP rate, i.e., Return to Player Rate of the game, is highly suggestive. Notable casinos often publish the RTP rates, but newer casinos don’t. An RTP rate of approximately 95-98% is typical. Anything lower than that means it’s a false game.</p.
Other minor issues include improper response to withdrawals, where one should expect money within 48 hours but doesn’t.
Casino Scam 4: Identity Theft
A type of scam one can find in any industry is the theft of identity. Sadly, the gamblers also deal with this misfortune. While users generally fill in their details to get started on an online casino platform. Their data isn’t always secured.
Personally identifiable data such as name, address, age, date of birth, contact details, and more are collected and used by them. With easy access to such information, stealing and using your identity for illegal practices is a child’s play for them.
Casino Scam 5: Ransomware & Spyware
Technology is truly the best invention. But, it isn’t always put to the correct use. At least, that’s the case with malicious software such as ransomware and spyware. For example, spyware employed by casinos often arrives on your device while downloading the app or online site. They then snoop on your activities, gather, and store your passwords and other critical details.
Ransomware, on the other hand, blocks all your activities and access. The operators then request payments or fees to unlock services. The participant ends up losing their money to such frauds.
How to Avoid Online Casino Scams?
Such unanticipated scams can be hard to analyze or spot. Hence, our experts have studied and put together some pointers that can help you avoid falling for them.
- Do not download or use apps or games from sources that are not 100% trustworthy.
- Make sure you only join a casino that is regulated and licensed with the country of your residence.
- Check out reviews and testimonials on what other players think or say about a casino.
- Consider participating with some renowned casinos within the industry.
- Avoid third-party offers and engage in downloads of official applications.
- Run background checks on the casino that you want to join. Verify the licensing details and be cautious of offshore and unregulated business.
- Avoid casinos that are new and seem to have appeared suddenly, out of nowhere.
- If their rewards are excessive and beyond what can be deemed real, it’s best to stay distant and safe from them.
- Read the Terms & Conditions to the online casino.
What to do if you have been scammed?
The worst of casino scam cases have unfortunately caught many victims today who are baffled by the issues that follow up. They think that their money is gone for good and end up devastated. Little do they know that specific fund recovery groups are experts in recovering the money that you’re losing due to such casino frauds.
Being the pioneer in this field, Financial Fund Recovery is ready to help you. Apart from Crypto, Binary Options, and Credit Card recovery, we specialize in online casino fraud recovery. With a 92% win rate, world-class legal connections, and fruitful analytical methods, we have gained the respect and trust of all our customers via our unique methodology of fund recovery that we implement. So if you have lost your funds via any casino scams, do reach out to us, and we’ll reconnect to you at the earliest.