Prepaid Card Scams: 3 Prevention Methods

While prepaid card scams are nothing new, the coronavirus pandemic is a huge opportunity for fraudsters. Here are three security measures prepaid card companies can implement to protect their customers.

Better Security Could Be a Differentiator

A graph shows 15 reasons why millennials prefer prepaid card purchases.
Millennials responding to an online survey reported that their most important preference in a prepaid card was online security. (Credit PrepaidCards123)
A chart shows that freelancers are not entirely happy with their payment experience, with 50.4% of respondents saying it “needs improvement.”
Freelancers report that their payment experience with clients could be improved upon, according to a Tilpalti study. (Credit Tilpalti)

Prepaid Card Scams Prevention Tools

A chart shows the most popular reasons for preferring biometrics to confirm digital payments.
In select countries, biometrics are preferred for confirming digital payments due to being quick and more convenient than passwords.
An infographic shows the 2020–2021 Market Summary for virtual cards.
Virtual credit cards have a lot of potential for the prepaid card industry, but work still needs to be done.
A graph shows how different challenge types in multi-factor authentication can help reduce prepaid card scams.
Device and knowledge-based challenges can thwart automated bots. Device-based challenges can thwart phishing and targeted attacks. (Credit Google)

Conclusion

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