Protecting your money while betting on March Madness

COLUMBUS, Ohio (WCMH) – As the NCAA Tournament – March Madness – gets underway this week, basketball fans are building their brackets and placing their bets, and scammers are hoping to cash in and win big.

Just days before the Super Bowl last month, Better Call 4 told you the cautionary tale of Ricky Compton, a Columbus man who was the target of fraud through a popular sports betting app.

"$200 to $3200 to $1500 all in one day... and then over the next, I don't know, probably five or six days, it was a ton of $500s, $200s, $100... like there's probably around 10 transactions or so,” Compton said.

After he called Better Call 4, we reached out to the company, which acknowledged Compton was the victim of fraud and his account had been hacked.

Even though Compton got his money back – a refund of $8,140 – he said he changed his sports betting habits and urged others to do the same.

The Better Business Bureau of Central Ohio said sports betting is big business not only for sports book betting services, but fraudsters and scammers, too.

BBB of Central Ohio President Judy Dollison said the legalization of sports betting led to a surge in scams locally.

"A lot of the scammers are approaching through ads on social media,” she said.

The BBB said to play it safe during March Madness:

• Ignore pop-up ads, emails, or text messages from unfamiliar contacts; instead, look for established, approved services.

• Always read the fine print because even legitimate sports betting sites have the right to freeze your winnings.

• And even if you don’t place a bet but plan to watch the games, be aware that free streaming sites could be dangerous for your devices.

"We saw where the streaming service wasn't real, they were collecting your data and they were installing malware,” Dollison said. “So, you're not only out your information, your money; you're not getting the game that you signed up for, and you potentially have a virus on your computer."

For tips from the Better Business Bureau on how to bet safely, click here.