so first of all I’d like to say thank
you I’m delighted by the response that’s the other video I did on a scam was
popular because I did it to stop people from getting scammed so I wanted to
share with you a trading specific scam that’s been going around that’s what I’m
going to do on this video click here to subscribe to our YouTube channel you’ll
get instant notification of new videos as they’re released
so this scam is very clever because it exploits a number of things and also in
positions trading as something that isn’t a scam but they scam you by
trading oh wow sort of let me explain you probably the best way to explain it
is to set up the conversation that takes place and typically this could start
with an email a text or a phone call of some sort but basically they get you to
speak to them and this is how the conversation goes on both sides so the
waste the scam starts is he picks up his phone and he gives you a call hi is that
Peter yeah it is hi who’s that hey that’s great
I’ve been giving a call I’m calling from this is quite clever actually at this
stage because they will actually use a name that exists already now my name has
been used in the past we put a stop to that pretty damn quick but it could be
any website that exists out there that could have trading related content
or is it somehow linked it or it could even be a bookmaker but typically it’s
something to do with trading yeah I’m calling from xxxx website oh and what
we’re actually doing I just wanted to let you know about a special offer that
we’ve got okay it comes at no risk to yourself where we would actually trade
on your accounts since that sounds interesting what how does that work I
don’t understand no there isn’t really any risk at all
because what we’re actually gonna do is we’re gonna trade for you and you
actually get to keep a chunk of those profits you don’t have to do anything
no like after all for you and all you do is keep the profits that we get from
trading well sounds yeah what makes X website if you want to
go and visit on there now you’ll see it’s run by mr. whatever yeah and he’s
really good trader etc he’s run out of capacity because of the premium charge
and various other things and he wants to actually trade on your behalf and you
will just get to keep the profit you don’t have to do anything else okay we
will trade on your account yeah and you just pay us whatever we make if we don’t
make any money for you you don’t get to pay us what sounds like a no-brainer
there is no catch there is absolutely no catch whatsoever okay you get to keep
whatever money we make we want to lose our Commission off of that anyway but
our team of specialist traders will be able to trade from you okay well yeah I
mean what do I have to do next thing well all you need to do is to hand over
your bet well they don’t actually say hand over because at this stage this is
where the scam really starts because what they were actually do is get you to
hand over your accounts details they will say something like yeah well we
actually need to do is have access to account we can’t trade on our account
okay because of the premium charge and yaris other things i don’t know if
you’ve heard about this bla bla bla bla yeah I know I’ve written around and say
why this situation has arisen so we actually need to have access to your
account we will trade on that account and you will get to keep the profits but
obviously we want a commission from that okay let’s get this queue or visit the
website blah blah blah etc etc and then what
they actually do is get hold of your account and testicles and trade in your
account sounds absolutely that’s what tastic
apart from they don’t actually trade in your count all that they do is go in to
your account and by the way she’d never give your account details for anybody
it’s a bit like going to a bank and then saying here’s my bank account details
mr. fraudster raped me of all the money in my account doesn’t make any sense so
never give you details out doesn’t make any sense never let anybody trade on
your account that doesn’t make any sense either I’ve done a video on that
somewhere in the past but what they actually do is they go in and they
actually place a large back bet on say a 16 or 17 to 1 outsider and on their
account they do the opposing bet they actually go in and and lay it so the
advantage for them is say the horse wins then they just phone up again and say
hey the horse won oh you know fantastic news we’re gonna make loads of money we
just need more money in your account and we can make even more for you but of
course if the horse loses then all of a sudden silence because all they’ve done
is they’ve transferred that money you backed 2,000 pounds at ten to one
they laid two thousand pound at ten to one basically at no risk it’s very
clever it’s a you know it’s a neat scam and of
course if the horse wins then you win a fortune they lose a fortune but they get
to keep a cut of it and they can come back to and ask you for more and say we
need more money in your account or you want to trade more and more and it only
takes a few strikes before of course your bankers bust and away they go and
I’ve actually been contacted by people several people who’ve been a victim of
this scam and I’ve been trying to get them as a group together to go after
these people and prosecute or at least get the police involved but people feel
a bit foolish and don’t want to do that which i think is a bit mad really so I
said it gave up on that which is a shame but the scam still comes around every
now and again and and it’s a really neat one and the way it’s structured fools a
lot of people because there’s a website there appears to be no catch the only
red flag that gets thrown up which should immediately be a red flag is if
people offer to trade on your behalf and offer to trade on your account and want
your account details to be able to do that so you know never give your candy
toes company it doesn’t make any sense never get anybody else to trade in your
account it doesn’t make any sense and if you trade profitably you do not need
other people’s money but because of all of the confusion dropped in around
winning accounts and stuff like that we’ve sort of transported ourselves back
a bit to the age where tipsters would say well my account was closed and
therefore this is the only way that I can make money and that’s a shame but
it’s a very clever scam and one that you need to be aware of if you’re interested
in learning more about betting Joe it’s tools and the opportunities they present
then why not visit bet angel comm today and download a free trial

Tagged : # # # # # # # #

Dennis Veasley

15 thoughts on “Betfair trading scam – ‘Classic’ scam that people fall for – Please share!”

  1. It's not a bad scam I guess but you would have to be silly to fall for it as a gambler/trader. If you were the scammer you would make the person being scammed have basically no chance of winning and use their balance to lay. Just find a market with no lay odds available and lay the persons entire balance on something that should win and be small odds, then put up the best price you can with their balance and then log in your account and back it. I guess you could go the other way also and find something that has minimal chance of winning with no odds up and put up all their money at 1.01 as if they wanted to back at that price.

  2. Hi Euler, was there any connection with the victims that contacted you regarding how their details were gotten? Like similar pages they had subscribed to for the 250% profit in 12 months type thing, or anything likewise. Every slimey animal leaves a trace!

  3. if you combine the first scam you described in another video with this scam. Then the other account he gambles with doesn't have to be his own, it can just be another victim. And if he makes 5 good trades out of 10 people, he gets commission + possibly tips, and so on. Cool video!

  4. i got approached by someone on facebook trying this exact scam and luckilly i saw through it, if you want any of their details peter i'd certainly help out

  5. Be very careful guys. Late last year I was scammed exactly as Pete describes here. The bustards are ForexPrime – stay well clear. Mind you they are not the only ones. But these bustards took me for £1000!!

    I copied this as I could not clearly explain what happened: Using different company names to hide everything from the regulators. Yes, is registered on CySEC, but as you clearly hear in the recording John said that Forex Prime, the signal provider and training center, is NOT regulated. This means they would easily mislead traders into placing trade they really shouldn’t be placing. On paper, a different company is advising about the trades you should place. This is just the same way a dodgy auto trade scam works, even if it links to a regulated broker. The 3rd party app is responsible for the trades, not the broker. In this instance, when things goes bad, it would be very easy for the broker ( to blame the unregulated signal provider (Forex Prime) for the bad results.

  6. Hello I'm gonna customise your car, all you have to do is to give me the keys and that's it! you'll have a better car. I'm really surprised that people still fall for that

  7. What most depresses me about trading scams is that although they are often obvious, many victims refuse to see that it is a fraud. It sounds vaguely plausible and the confident voice and patter seems to explain everything and heads off questions.
    I have seen people with several decades of experience in financial services hand over thousands to the most ridiculous ponzi scheme and despite going through every claim in detail to demonstrate its mathematical and practical impossibility they refused to see it. If it were a share scam they would have understood it instantly but because it bombarded them with talk of horses, second favourites, Betfair trading and book value it hit an enormous blind spot. To add insult one sent me an invitation to join (he got a bonus for introducing people). I was even told that I had a credibility gap as I'm such a trading minnow.
    A few years ago I read of a fraud case where the police had to arrest the victim and get a court order to freeze her assets. Despite the detectives showing her it was fraudulent, she refused to believe it and began sending information about the police investigation and even more money to the scammers.
    As pension funds are accessible early now and everybody is looking for a way to make a return…..the scams proliferate. Land banking, self storage pods. Maybe the ostrich farms of the late '80s will make a return. Personally I am playing safe and sticking with the little certificate that says that I have three bottles of wine valued at £20,000 in a vault. Somewhere.

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