Prepaid Not Good Solution to Combat Fraud

Posted by John B. Frank Wednesday, February 18, 2009

Yesterday I touched upon an article in the Telegraph.co.uk about whether or not Prepaid Cards could keep fraudsters at bay. She wondered if prepaid cards were the solution to rampant fraud. In that post, which I entitled "Can Prepaid Cards Be Loaded by Hackers?" I stated that I didn't think so, because it is much easier to produce a $50.00 counterfeit prepaid card than to produce a counterfeit $50 bill. Therefore I imagined that hackers have probably got close eye on the prepaid industry.

As it turns out, only one day later, there's a report that prepaid Visa gift cards are being targeted by the bad guys. Here's that video report from KTEN.

Visa Gift Cards Turned into Phony Credit Cards

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