Amateur scambuster James Thomson, a Melbourne sailmaker by trade, knew he was onto something when his mobile phone rang late last week and the male caller with a hidden number said: "Shut your website down. We know your home address. If you don't shut it down we'll send three blokes over."

Thomson does not know who the caller was, but his website aussiescamalert.com had been running extensive rip-off warnings about a company called Laybet Professionals who sell the promise of riches through horseracing gambling software but had, Thomson found, a rash of Victorian victims alleging they lost up to $50,000 each from the Gold Coast company with no apparent prospect of getting it back.

Victims also came from NSW and South Australia, but Victoria had been targeted through cold calls, texts and "Make Money From Home" advertisements in the Herald Sun.

"They are certainly very active," says Thomson.

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Internet gambling exchange Betfair monitors suspicious activity and can reverse transactions and freeze accounts. A spokesman said such ********** where third parties access individual accounts were an industry-wide problem.

"While we can't prevent customers allowing third-party access to their betting accounts or making unwise investment decisions, Betfair does everything in its power to identify and stop fraudulent activity," he said.

Geelong mechanic "Robert" said he was "one of the lucky ones" when the $5500 he sent to Laybet Professionals for gambling software he didn't receive was returned to his bank account.

Consumer Affairs Victoria received 103 complaints about sports gambling software ********** in the past financial year. Within that category "lay betting" is betting on horses not to win.

Laybet Professionals is linked to other companies called Laytrade Professionals, Accord Professional Group and Voss Capital Management, with a business address on the Gold Coast in the office of "Accountants for Free Enterprise".

Company documents show company director Raymond Gilding lists a home address in Kilmore, Victoria. However the address given is a rented bungalow on a dirt road, among horse stables. The tenant, Glenn Craven, did not know of a Mr Gilding. Laybet Professionals did not return calls. Retired jockey Mick Dittman endorses the company on their website. He said he was aware of complaints but never had a problem with the company's products.

A similar Queensland-based ******** last spring netted up to $4 million, according to NSW police. In 2011 Fairfax Media revealed similar companies based in Melbourne had siphoned money into companies in Vanuatu. Queensland police said there was "nothing to suggest" a new spate of **********.

Ricky Burgess, a 48-year-old truck driver from Cranbourne, has lost $50,000 after answering a Herald Sun advertisement. He was told by a salesman on the phone the software would earn 10 to 15 per cent each day and that he could earn a further 20 per cent on managed resources.

"Gold and silver and oil. And he said the oil was doing really well because of the war and what was happening in America and everything," he said.

"He led me to believe they used software for that as well. I've never been conned in my life but this bloke got me a ************ beauty. It's not something to be proud of. That's why people don't come forward."

Victims in Ballarat, Shepparton, Adelaide and Bowral have lost an average of $25,000 each. Contracts sent to them promise a 10-day cooling-off period but a Shepparton man who asked not be named said he tried to cancel his purchase and get his $25,000 back on day eight and has not heard from the company since.

A Ballarat victim said he was being persuaded to invest "100 large, the salesman's words" when he cut his losses.

Some victims received laptops loaded with the software but all said it did not work. Others never received it. Before buying it they all put "trial" money into Betfair accounts and were able to proxy into salespeoples' computers to see what they were told was the account making money in real time.

Scambuster James Thomson removed pages on his website last week when he was threatened on the telephone because he decided to be cautious.

"Victims I know about are just the tip of the iceberg," he says. "The scammers are relentless and ruthless."



Read more: http://www.smh.com.au/digital-life/...l#ixzz2l584t2Zt

Nothing new, people will never learn.

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One Drive

"If the corporates are treating you poorly , just go elsewhere."
"If they need you , they will soon find out."
"If you need them , you will soon find out." --moeee
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its usually worse in recessions when people are desperate.

Yes. Similar in the sharemarket when it's ripe for a crash or down track.. out come the p a r a s i t e s with their $cam$ and $cheme$, ready to line their pockets with the mug money.

LG

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The trick isn't finding profitable angles, it's finding ones you will bet through the ups and downs - UB

The ACCC are forever warning people of these Racing Preditction Hardware Scammers.

You,d think people would wake up.

You'd think people would wake up but they really don't. We've had various clients ask us on a number of occasions "What do you think of this opportunity?" and link us to a website for us to check out.

Only for me to research it and find out its some kind of Sports/Racing Trading 'opportunity' to invest and make money rapidly which just smells of being dodgy instantly.

One guy even got himself and his parents burnt once for around $5,000 each and he still asks questions about things he finds on the internet. It's just human nature I think and those who aren't well versed in financial skepticism and think its easy to pay someone else to make you a quick buck are extremely vulnerable.

It's also got a lot to do with the complete lack of understanding that people have towards all forms of finance (tax, superannuation, savings etc etc) which is essentially why I have a job. It's amazing how often people will opt to pay something with their super and say 'well its not really my money anyway, its from the government' when this is entirely false. Superannuation money is whats been earnt by that individual and IS their own, its just they can't access it until later in life.

Anyway that is kind of off track but i'm never surprised to see these ********** at work. Some people just can't help but look for a quick fix or easy path to being a millionaire and in the end it can cost them dearly.

As a financial advisor, I hope you don't tell your clients that your a bit partial to the odd bet or two Josh. That won't instill too much confidence in them....hehee??

So very true.

RCP, it certainly doesn't come up with clients at all although I don't have my own clients anyway. We have to even be very wary of where we are seen around the place as well. For example if I go out to dinner and decide to have a $10 flutter on the pokies with mates I try to ensure i'm not in there long or that I don't really recognise anyone around the place.

It's interesting how the Financial Planning industry can be perceived sometimes, for example if I pay a Mechanic to work on my car, he fixes it and then I see him put $50 on a horse or into the pokies later that week then thats his perogative. But if someone pays a financial planner to help them with retirement planning that might save them thousands of dollars, if we are seen to put $50 on a horse people see that as us spending their money even though all they've done is pay for our service like any other service.

Dealing with peoples finances and retirement planning on a daily basis gives you a new appreciation of various attitudes and financial education thats out there, particularly across the generations and cultures.

I can see your dilemma Josh. Maybe if you become a financial planner for an outlaw bikie gang, and they catch you having a punt, tell 'em you're just doing the laundry...lol