Cryptocurrency and online gambling have intertwined in recent years, leading to the impressive rise of the cryptocurrency gambling industry, which is expected to go over the $90 billion mark in the next 12 months.
While offering a brand new frontier for betting fans, even trusted Bitcoin online casinos unintentionally have also turned players into easy targets for potential scammers. Familiarizing yourself with the latest crypto-gambling tactics used by scammers will help you protect yourself against these threats.
This article explores the freshest developments in crypto gambling scams and provides practical advice on how to avoid becoming a victim.
Latest Trends in Crypto Gambling Scams
Scammers have always had a rich imagination, and crypto casino fraudsters are no exception. Here are the latest trends in crypto scams related to online gambling to beware of.
Mobile app players are highly vulnerable to crypto gambling scams, with attacks on mobile casinos increasing by more than 100% year-over-year. These platforms often have serious vulnerabilities exploited by scammers, including weak security protocols and out-of-date software. New casino player accounts on desktop platforms are also prone to fraud attempts, with roughly one in five new accounts falling victim to unauthorized access and cryptocoin theft. Fraudsters artificially boost the price of a casino-developed cryptocurrency, token, or coin using false information, then sell off their holdings once the price peaks, causing significant losses.
Scammers exploit casino offers multiple times by setting up several accounts with stolen or fake identities to redeem bonuses more than once. They also impersonate popular influencers, celebrities in gambling or sports betting, and iconic gambling platforms to gain trust and lure players into non-existent investment opportunities and rigged games. Additionally, scammers create the illusion of complex gambling-tied cryptocurrency projects and initial coin offerings to make quick money before disappearing. Bitcoin online casino fraudsters send emails and text messages imitating genuine casino communications, asking players to click on fake links or download apps, compromising their identity and crypto wallets.
Some fraudulent Bitcoin casino platforms manipulate game outcomes to ensure players always lose, exploiting the lack of well-streamlined regulation in the crypto gambling world. Popular crypto casino scams involve gambling sites, making it extremely difficult or impossible for players to cash out their funds and winnings. Many scam sites make it extremely difficult or impossible for users to withdraw their winnings, effectively trapping users’ funds.
Red Flags to Watch For
Unrealistic Promises
Be wary of crypto gambling sites or Bitcoin online casinos that promise players every bet/wager is a winning one, zero wagering on all bonuses they offer, or instant withdrawals. While some casinos are more lucrative, faster, and more convenient than others, always pay attention to potential scammers.
Guaranteed Returns or Massive Profits
Fraudulent crypto casinos may promise extraordinary winnings and easy profits in the form of ongoing massive bonuses or Cashback with high percentage rates (over 50%). Legitimate venues never guarantee any returns, which is why you should approach any claim of quick profits with skepticism.
How to Protect Yourself
First, do thorough research before joining new casinos. Before signing up for any Bitcoin online casino, conduct your own check by looking for reviews from trusted sources and real players. Investigate the casino’s history, ownership, and regulatory licenses. As Clarissa Kane, an expert from the online casino platform, mentions in her article, “Bitcoin gambling has been gaining popularity, and the trend is expected to continue. And as such, while operators and bitcoin players take advantage of this trend, rogue businesses also do the same.” Only choose licensed gambling sites. Ensure that the Bitcoin online casino you select is licensed and regulated by reputable authorities. Licensed casinos are subject to strict regulations and regular audits, ensuring fair play and secure transactions.
Next, read detailed reviews compiled by experts. Seek out reviews from industry experts like Clarissa Kane, a casino and gambling expert at nodeposit.org, who emphasizes the importance of verifying a casino’s credentials and security measures. Expert reviews can provide insights into the casino’s operations, customer service, and overall reliability. Check out reviews from players. Player reviews can offer valuable recommendations about a casino’s practices, payment processes, and game fairness. Look for consistent positive feedback and be cautious of repeated complaints, especially about withdrawals and customer service.
Look for responsible gambling tools. Choose casinos that offer responsible gambling tools such as self-exclusion options, deposit and loss limits, and cooling-off periods. The presence of these features indicates a commitment to player safety and responsible gaming practices. Enable two-factor authentication (2FA) on your account. Two-factor authentication adds an extra layer of security to your account, making it harder for scammers to gain access. Enable 2FA whenever possible to protect your personal and financial information.
Use strong passwords. Create strong, unique passwords for your casino accounts, and avoid using simple passwords like dates of birth or names of your parents or pets. Store your crypto in secure wallets. Instead of leaving large amounts of cryptocurrency on casino sites, store your funds in secure wallets, such as hardware wallets, to reduce the risk of losing your crypto if the casino is compromised.
Finally, do not disclose your personal information and credentials online. Be cautious about sharing personal information and credentials online, as scammers often use phishing tactics to trick players into revealing sensitive information. Always check who is requesting the personal data.
What to Do If You’ve Been Scammed
If you think you’ve fallen victim to a crypto casino scam, do the following:
- Report the incident to relevant authorities like the FBI or your local police. Use the FBI’s Internet Crime Complaint Center for additional guidelines on how to report a cybercrime.
- Change your password and enable extra security measures on your crypto account if this is the first time you have done it.
- Ask for legal advice from a lawyer who specializes in online fraud and cryptocurrency to determine your recovery options.
Conclusion
As crypto casinos become more popular, crypto gambling scams become more complex. Stay informed and updated with the latest trends, be proactive and protect yourself, and lower the risk of falling victim to these modern fraudsters.
