Category: PrePaid Cards
Prepaid Cards are payment cards that are pre-loaded with a specific amount of money, not linked to a bank account, and used for purchases or withdrawals up to the card’s balance. They are often used as an alternative to traditional bank accounts or for gifting. Associated fees with prepaid cards can include activation fees, reload fees for adding more money, monthly maintenance fees, and ATM withdrawal fees. Fraud involving these cards can occur through methods such as phishing scams, where fraudsters trick users into providing card details, or through card skimming at ATMs or point-of-sale terminals. Fraudsters may also convince victims to purchase prepaid cards and share the card details or numbers as a form of payment in scams. To mitigate fraud risks, users should treat these cards like cash, be cautious when sharing card information, and use secure methods to check balances or reload funds.