30 May 2015

Identity Theft Expert

Robert Siciliano - IDTheftSecurity.com

592Posts 1,490,178Views 60Comments

Prepaid Cards risk of Fraud

22 August 2014  |  1483 views  |  0

Somewhere out there is a dictionary that when you look up the term wire money, the definition says scam! Even though legitimate money-transfer businesses exist like Western Union, a request to wire money for that new car or vacation package is most probably a rip-off.

 

And the crooks behind these rackets are figuring out ways to overcome the increased awareness of consumers to the money-wiring scams. They’ve come up with yet another way to steal your money. Thieves are requesting reloadable prepaid cards.

Would you hand a well-fed-looking masked man on the street your wallet? (Let’s pretend for a moment he’s not pointing a gun at you and is simply asking for your money). Of course you wouldn’t give it to him.

But this is what people essentially do when wiring money or sending in the prepaid cards.

Here’s how it works: The thief makes a request to load your cash onto your card (to pay for whatever), and then send over the card number and PIN. This way, the crook can put your money onto their own cards. They then can go to an ATM and take out cash or spend your money at a store. Meanwhile you never receive the item you thought you were purchasing, like that adorable pedigree puppy you saw online.

But the scams don’t stop at buying puppies, vacation packages, cars or other common items. They can also come in the form of a notice that you won a prize, and that you need to send in a prepaid card to pay a processing fee. Sometimes the scam comes in the form of a utility company payment or even government payment.

Bottom line: Don’t send anyone prepaid cards!

In that same dictionary after the term prepaid cards is scam!

 

 

Blog updated: 25 May 2015 06:18:38
TagsSecurity

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Latest posts from Robert

Trusting too much brings Trouble

26 May 2015  |  699 views  |  0  |  Recommends 0 TagsSecurity

3 More Ways Criminals use influence to steal

23 May 2015  |  1286 views  |  0  |  Recommends 0 TagsSecurity

3 Ways Criminals influence to steal

22 May 2015  |  976 views  |  0  |  Recommends 0 TagsSecurity

Tax Return Basics: What You must know!

16 May 2015  |  2671 views  |  0  |  Recommends 0 TagsSecurity

Time to check your Facebook Privacy settings

14 May 2015  |  2733 views  |  0  |  Recommends 0 TagsSecurity

Robert's profile

job title Security Analyst
location Boston
member since 2010
Summary profile See full profile »
Security analyst, published author, television news correspondent. Deliver presentations throughout the United States, Canada and internationally on identity theft protection and personal security....

Robert's expertise

Who's commenting on Robert's posts

Ketharaman Swaminathan
Bjorn Soland
Prasenjit Das
John Serocold
Charmaine Oak
Iain Montgomery
Otmane EL RHAZI
Boris Taratine
Michael Rosenstein
Fred Pyziak
Matt Scott