Because around 80 countries have already embraced smart card technology, the more vulnerable U.S. has become the favorite target of identity thieves. Given that smart cards provide such superior security, the question is why the U.S. hasn’t embraced their use. According to O’Brien’s story, there has been no political pressure to force businesses and financial institutions to make the switch. Importantly, an upgrade to smart cards would be expensive.
Tag: what is a prepaid credit card
Cybercriminals Hit Target
Target says that it discovered the problem on Dec. 15 and was able to take steps to resolve future problems. Target also said that the information stolen included customer names, credit or debit card numbers, card expiration dates and three-digit security codes.
Google Launches Prepaid Card
Google Inc. decided that the run-up to the holiday shopping season was the right time to announce its entrance into the prepaid debit card industry. On November 20 the search engine company declared – via blog post, of course, and with typical irreverence – the availability of its Google Wallet Card. “Your roommate finally paid… Continue reading Google Launches Prepaid Card
How To Keep Holiday Spending Joyful
Prepaid debit cards can help you stick to your budget. by Shane Tripcony It seems to happen earlier and earlier each year. Even before the little ones don their witch and ghost outfits to go out trolling for candy on Halloween night – let alone before anyone has planned out their Thanksgiving Day feast –… Continue reading How To Keep Holiday Spending Joyful
Chicago Introduces Transit Card With Prepaid Option
Understandably, much of the current media attention devoted to the Ventra cards centers on how Chicagoans can transition from using Chicago Card transit cards and other paper tickets to the new option; basically, riders have to wave the radio frequency identification (RFID) enabled over a reader as they enter a subway station or board a bus. Although of less immediate concern to riders of Chicago’s public transport system is a new option that allows Ventra card holders to also open a prepaid debit MasterCard account.
Prepaid Debit Card Scams Proliferate
While popular, the utility scam is not the only type that relies on the use of prepaid debit cards. According to a story in the Arizona Republic, two citizens of Surprise, Arizona were indicted in a $2.5 million income-tax scheme involving prepaid debit cards. According to the charges brought by the U.S. Department of Justice, the alleged perpetrators told victims that they could receive “Obama stimulus money” or “government funding” via a prepaid debit card. In return for that promised government money, victims handed over personal information that was used by the alleged criminals to file false federal income-tax returns. In total, the 18-count indictment by the federal government says that the perpetrators received over $2.5 million in refunds.