With the NCAA men’s basketball tournament currently underway, Kaspersky has warned sports fans to be cautious of online betting scams.
In a press release shared with VPNOverview on Tuesday, the cybersecurity company explained that scammers are targeting online bettors. “With legal online betting having taken hold in recent years, scammers are increasingly targeting this burgeoning industry,” Kaspersky said.
Besides betting scams, Kaspersky highlighted a fake merchandise store designed to steal the banking details of unsuspecting victims.
More People Fall for Online Betting Scams Than Other Popular Scams
A new survey by Kaspersky shows that 15% of online sports bettors have encountered some form of betting-related scam, and up to 14% of respondents admitted they’ve fallen victim to such scams.
According to Kaspersky, this figure is higher than that of other hotbeds for scams, like video gaming and online banking, where only 10% and 9% of users, respectively, have fallen victim.
The Better Business Bureau (BBB) has also issued a warning about the heightened risk of betting scams during the NCAA March Madness. Bettors are particularly at risk in countries like New Mexico, where the law doesn’t permit online betting.
David Swope, the BBB’s president in New Mexico, highlighted some threats like misleading pop-ups and geo-targeted ads designed to steal victims’ personal information. Victims may also face other issues, such as not being able to cash out winnings, getting subjected to unnecessary verifications, or having to make additional payments.
Meanwhile, Kaspersky’s anti-phishing team shared a screenshot of a fake NCAA merchandise store.
“The site appears legitimate, while purporting to sell gear, but when the user enters bank details, that info appears to go straight into the hands of scammers and the buyer does not get their purchase,” Kaspersky explained.
It’s not uncommon for scammers to take advantage of major sporting events to target fans. Ahead of Super Bowl LVIII last month, Kaspersky also identified various Super Bowl-related scams.
Stay Safe While Betting Online
Kaspersky urged bettors to adopt stringent security measures like enabling two-factor authentication (2FA) on all betting accounts.
The cybersecurity company also advised bettors to only wager on reputable sites, be skeptical of offers that seem too good to be true, and use unique passwords for each account to prevent cross-platform vulnerabilities.
In addition to Kaspersky’s security tips, we recommend using a virtual private network (VPN) to shield your online activity from hackers and scammers and ensure your betting habits and financial transactions remain private. You can also use a VPN to spoof your location and watch the NCAA March Madness online if you’re abroad.
Additionally, we recommend setting your devices to update automatically so you receive patches for potential security vulnerabilities that bad actors might exploit.
Read our guide to phishing to learn more about how to identify scams.
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