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Monday, 12 March 2012

Following on about Betfairs Security

Just want to follow on from my post at the weekend and clear up a few other points that have been raised on some of forums and some other facts.

Firstly If Betfair are refunding victims using the trapped funds which were proven to be fraudulent  then of course I'm happy about that and I would like to hear some stories where this is the case. Others may have the opinion that trapped funds generated by their accounts are rightly theirs so I think this needs clearing up for a start. I do also understand why Betfair policy on fraud is in place and I can see why they can and probably will stand by it in the future. But one thing they can surely look at now is how to improve the security of the site and how to implement advanced safety measures for those who use the exchange regularly.

The Core of the problem is clearly security and how easy it appears to be for hackers to access other people accounts. I still have no idea how I got hacked. I keep my internet security as tight as possible and have only ever logged in from what I consider a very secure network. I do this for a living so security is one of the highest priorities for me but with Betfair there is only so much you can currently do to prevent this.

Going back to my particular situation and the foreseeable events that could have arisen.
Firstly you should know that my balance was left in its exact state it was in before it  was breached which to me suggests they wanted to slip back and have another free ride hoping that I wouldn’t notice in my settled bets page.
 I was lucky in that when they attempted to move the funds a trigger kicked in because the account used to match me must of been flagged by Betfairs fraud department.So Betfair aren’t blind to this kind of activity and do have measures in place which is a start. However, If this “flagging” didn’t happen I don’t think it would of been long before they were back in having another pop, being someone who understands probability pretty well too it would NOT have been long before my trading bank was cleaned out.
The harder part for these criminals I would imagine is getting funds out of the system once they have generated the profit on the victim’s behalf. I got lucky twice.

1. The hacker won
2. The other account was already flagged therefore triggering a block.

It all gets much worse when 1. Says “The hacker lost”,
This lost money goes to genuine punters and this is where Betfairs policy kicks in. Unless they decide to change this policy there can only be one solution which is to 

FIGHT THE PROBLEM AT THE SOURCE!

I also want to state that I don’t  like making this story public and don’t enjoy making Betfair look bad. My experience on the exchange has been life changing and I’m grateful of Betfairs exchange concept and platform but I feel it’s important people know what can happen and how they can prevent it happening to them. For a trader to lose his/her bank is absolutely devastating and even if it wasn’t their fault I can almost guarantee it would a have serious physiological impact on their future trading and confidence. I know personally that it would of been a big knock to lose my bank  especially when I know how safe I try to be with my personal details and Internet security.

3 comments:

  1. Hello Sam!
    I think Betfair thinks he is the no1 in the sport trading and he can do anything what it want with its customer.(for time being)
    Thats my opinion.

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  2. Great couple of posts Sam. I immediately changed my password following news of last year's breach at BF, which may have saved me from some of the funny business you've experienced. Glad you "got out alive" mate :-)

    Like you say, we can't knock BF too much as their platform is pretty incredible really and has been life-changing for me too. Their attitude towards their customers isn't as good as it could be though, and I had to ring up and get arsey with them just to get compensated for a gaff they caused me last month whereby they incorrectly limited my account. When I told them that I'd missed out on a day's trading, the operator's reply was that I may have lost that day and in turn, they might have saved me money?!! It's clown-like behaviour really.

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