Gambling scams: staying safe in crypto casinos

5 Tips to Avoid Scams in Crypto Casinos

Somebody once said that as the new technologies in iGaming come with a lot of benefits, so do the challenges. Cryptocurrency is not exceptional either. One such challenge is that it is prone to online scams. Crypto scammers will do anything to steal your crypto, just like financial criminals do in banks.

The good thing is that you can learn different ways of avoiding scams and protecting your crypto assets. This will help you determine threats and what to do if you suspect such threats.

Cryptocurrency

I know crypto lovers already know the meaning of cryptocurrency. However, in simple terms, a cryptocurrency can be described as an online asset with monetary value that is safeguarded by cryptography. Crypto transactions are done without involving third-party intermediaries such as banks, credit card operators, and banks. Therefore, it is accepted as a payment option on the 1Win bet.

Types of cryptocurrency scams

Generally, crypto scams can be categorised into groups, i.e.

• Unauthorised access to users’ digital wallets or authentication details.
• Transferring your crypto directly to a scammer. This is caused by impersonation or fraudulent investments.

However, the broad categories of crypto scams may include a variety of scams. Some of these crypto scams are severe and can leave you in a bad state. So, ensure you spot them early, and this will help devise ways of avoiding financial scams. They include:

• Social engineering fraud: scammers gain essential information regarding user accounts through psychological manipulation and deceit.
• Imposter and giveaway scams: perpetrators pose as crypto influencers or businesspeople to gain the attention of their targets.
• Frauds promising romance: scammers prey on innocent individuals on dating apps and shift conversation to lucrative cryptocurrency opportunities.
• Phishing: scams targeting information concerning the best crypto software wallets
• Blackmail and extortion
• Scams regarding business opportunities or investment.
• The emergence of new crypto-based opportunities creates more avenues for perpetrators.

How to spot crypto scams

It is easy to identify cryptocurrency scams, especially if you know what you are searching for. Legal cryptos do not hide information as they are publicly published on the blockchain and other tokens. Below are the ways to spot these scams:

• Read the white paper. It shows the protocols and explains how the network functions
• Identify team members, e.g., the developers
• Beware of free items
• Scrutinise the marketing: legitimate cryptos do not brand themselves as the next best crypto or post on social media sites.

How to avoid scams in crypto casinos

There are numerous actions of avoiding online scams in Indian crypto casinos. As such, you can stay clear of fraudulent activities and have a smooth gaming experience. If you encounter any crypto scams, do not disclose your information or contact them.

Play in licensed crypto casinos only

Crypto casinos must register and have a valid betting license to operate in India. The majority of these casinos have off-shore gambling licenses, as some countries prohibit betting. You should ensure that you play on online casino platforms with proper registration details only. This will ensure you receive a payout after winning.

Check casino reputation

Indian gambling sites have developed a rapport with punters and the wider community. This has created trust among the players, thereby attracting new ones. It is essential for potential punters to ascertain the reputation of the casino site before signing up. This information can be found in reviews or on the casino’s webpage.

Investigate the security measures

Generally speaking, cryptocurrency gambling platforms take pride in their security features. If you realise that this isn’t the case, then there is something fishy. The popular security measures used by every betting website are:

• Secure Socket Layer (SSL) encryption: secures the data shared between the user and the casino website and remains private.
• Two-step authentication helps prevent unauthorised log-ins and transactions. No one can access the site due to fraud or by accident.

Secure your crypto wallet

Perpetrators won’t stop after you’ve transferred money into your crypto wallet from the 1Win casino account. It is vital to protect your wallet from scams such as phishing and illegal access. Do not share your credentials with anyone unless you trust them. You can store your keys offline.

Read the terms and conditions

All casino sites in India provide T&Cs for players when they register. This section contains everything the site offers. The casino usually indicates favourable offers in terms and conditions which cannot be replicated by malicious sites. Therefore, it is imperative to compare and contrast the T&Cs of fraudulent sites and reputable casinos to spot the differences.

How to report scams

There are numerous organisations that can help you if you are a victim of a crypto scam or suspect malicious activity. They include:

• Security and Exchange Commission
• FTC fraud report
• FBI Internet Crime Complaint Centre
• Commodity Future Trading Commission.