![]() But some card readers have been altered by thieves with a “skimmer” that collects the information on the magnetic strip. To use one of those cards at a retailer or restaurant, you have to swipe its magnetic strip through a card reader, then either enter your PIN into the reader or sign a copy of the receipt. As a result, those cards are more susceptible to a technique called “skimming.” Why are prepaid cards vulnerable?Īt least some of the Money Network cards have gone out without a security chip that would make it harder to steal the information stored on the card, such as the recipient’s name, account number, the expiration date and the three-digit security code on the back. Here are some tips for protecting the money the state sent you, as well as what you should do if you think you’ve been victimized by scammers. ![]() We will ensure recipients get the payments that they’re eligible for.” ![]() “FTB and Money Network take all fraud claims seriously and will investigate each claim reported on an individual basis. “Given the size of the MCTR program, we anticipated the possibility of fraud,” LePage said. With more than 9 million cards issued, though, just 0.5% would still be a large number of victims - 45,000, representing potential losses of $9 million to more than $47 million. Money Network didn’t respond to a request for comment from The Times.Īndrew LePage, a spokesman for the Franchise Tax Board, said the board was aware that some recipients had filed fraud claims with Money Network, adding, “Under the terms of FTB’s contract with Money Network the MCTR debit card program is expected to run with less than a 1% fraud rate, and currently Money Network reports that the rate is well below that level.” And many of the victims who tried to reach Money Network for help couldn’t get through, KGO reported. Some Californians said that their money was taken even before they activated the card, according to KGO, the ABC TV affiliate in San Francisco. An undisclosed number of residents have reported that their card’s account was drained by fraudsters after they started using it. The thefts have targeted Californians who received their grants in the form of a prepaid debit card distributed by the Money Network, a contractor for the state Franchise Tax Board. ![]()
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