A Fake Chip Collateral Scam involves someone who has a high probability of making money out of your business. For example, a businessman might offer to sell you a few chips for a profit. The businessman agrees to pay the shill 20 percent of the profit. Later, the shill returns the chips and says he will meet you tomorrow night to finalize the transaction.
This scam is easy to commit. In many cases, the hustler will meet with the mark and exchange the fake chips for cash. The scam artist may even have more than one potential customer at the table. In addition, the hustler will use questions and demands to delay the mark’s decision.
A Fake Chip Collateral Scam is one that makes use of fake chips and asks you to pay for them. This shady practice is a common practice in the gambling industry. A scammer can get away with as little as $5 in return for fake chips. However, this is not necessarily the case. It is possible for someone to scam you out of thousands of dollars.
The scam usually involves a person meeting a mark at a table and exchanging chips for cash. It is possible to get more than one person to join the table to become the mark. These people are known to manipulate consumers to get money from them, either by tricking or threatening them.
If you suspect that someone is using fake chips, don’t buy them. Casino chips, also known as casino checks or tokens, are regulated by Federal law. If you have the money, you can invest in real chips at a casino. However, be careful with fake casino chips.
The casino chips are often marked with their serial numbers. Counterfeiting these chips is illegal, and the casinos have special security measures to detect fakes. The cashiers at the casinos are also trained to detect them. The counterfeiting process can also include forging checks and signatures. So, if you see a casino sports book posing as a real business, it might be a fake.
The perpetrator can also make purchases using stolen or cloned credit cards. The fraudulent transactions can be reported to the issuing bank and the funds returned. This fraud has the potential to cost merchants money. But luckily, most people do understand the importance of EMV and will likely opt for other methods of payment.