After all, they’re equivalent to cash, and are relatively untraceable.Īccept payments from a wider range of sources WITHOUT the chargebacks.įor instance, prepaid cards can be used at many ATMs to convert stolen earnings to cash without much fuss. This makes it incredibly easy for fraudsters to use prepaid cards in money laundering and other scams. ![]() However, limited-use prepaid cards don’t have to be tied to any particular account or identity. These scams are tricky because they can be difficult to spot, and they’re even harder to trace.Ī customer must provide personal information to set up a reloadable prepaid card. Fraudsters often use prepaid cards to make illegal purchases, accept fraudulent payments, or arrange payment to facilitate larger scams. When we say “prepaid card fraud,” that can apply to any illegal or fraudulent use of prepaid card credentials. Why Prepaid Card Scams are so Popular With Fraudsters ![]()
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