Federal authorities are sounding alarms about an array of fraudulent schemes involving a favorite money card product that is prepaid.
Lots and lots of customers have now been lured into delivering cash through the card, called MoneyPak. The green-and-white paper card that can be used to quickly вЂњreload,вЂќ or transfer, hundreds of dollars in cash onto another prepaid card is often the money conduit of choice, regulators and law enforcement officials say for online fraudsters.
The abuses are mounting because the market in prepaid cards is increasingly finding benefit with Us americans whom donвЂ™t gain access to a conventional banking account or bank card. The approximately $80 billion that Д±ndividuals are anticipated to wear prepaid debit cards this season is twice the quantity placed on those services and products in 2010, in accordance with the Mercator Advisory Group, a banking industry firm that is consulting.Read More»