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How Not To Get Scammed Buying and Selling Funds

Posted by : ikelos on Sunday, March 11, 2012 permalink
Seems like these crooks are going to be around for a long time; hanging around and rearing their ugly heads every now and then like a bad case of venereal disease. Based on yet another recent spate of activity from scammers, the Pokerkaki Team would like to urge all kakis to be vigilant when buy and selling funds.

We all know what it's like. You're looking to jump into that tasty looking 1 Million Guaranteed Sunday Million on Pokerstars, and it starts in 20 minutes! Problem is, you need some Pokerstars funds. So you jump into the forum, and you run into 'cuteger87' on the chatbox. She/he's selling funds, and what's more selling them at 2 points below current exchange rates! If that's not a good deal, you don't know what is! So you exchange details with cuteger87, and you send some money to her/his bank account. cuteger87 promises that the funds are on the way. you check your Stars cashier every few minutes, but the funds are not there. Minutes turn into hours, and hours turn into days. Your increasingly frantic and threatening messages go unanswered, and cuteger87 will not pick up the phone, if he/she hasn't already turned it off. When this happens, you've pretty much lost the hard earned cash you were planning to parlay into a Final Table finish.

We implore you to read on for these Red Flags, which may well be your only defence against this plague of con artists.

New Seller

When did this person join the forum? Yesterday? Last week? A year ago? If there's a guy on the forums who just joined yesterday and is looking to offload a whole lot of funds, please do not send him a chunk of your life savings. This of course, does not entail that ALL new sellers are untrustworthy.

Endorsed Seller

Look carefully at the endorsements. How many endorsements are there? Who are the folks making the endorsements? If there are just one or two endorsements, and the endorsers are pretty new, alarm bells should be ringing pretty loudly.

Selling Below Par

Let's say the current exchange rate is 1.50, and there's a guy whose willing to sell funds to you urgently at 1.47 (1.47! TODAY ONLY!). You might want to ask yourself why this person is willing to take a 3 point haircut, in addition to why he or she needs the funds so urgently.


Some sellers buyers usually have some kind of tale about being outside and would you please transfer the money/Stars funds first and they'll settle up once they get home etc. Don't entertain stories from people you don't know. It usually ends with you out of pocket.


When the urge comes calling, we know it's sometimes hard to put the brakes on. Resist the urge to trade with someone you don't know, even if it means you may have to wait for a couple of hours. The cash games and tournaments will be there 24/7. Once a scammer gets your cash, the money is gone forever. You can also use Skrill (Moneybookers). They don't charge uploading fees, though you might lose a little on the exchange rates. Remember, as long as YOU don't take a risk with random folks, it's close to impossible for you to get suckered.

As always, dearest kakis, caveat emptor.

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