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Online scam hijacks Social Security benefits
Once upon a time thieves stole Social Security checks from mailboxes. That was so 20th century. Now, thieves steal the checks online directly receiving the payment and eliminating the middleman. Identity thieves obtain the personal information of Social Security beneficiaries and then reroute the victims’ direct deposit. Instead of monthly Social Security checks going into a beneficiary’s bank account, the electronic payments go on to prepaid debit cards thieves use to get cash or buy merchandise. Read more…
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For the past several years, state and federal governments have been migrating
consumers to electronic government benefit payments (direct deposit or prepaid debit cards) from paper checks in order to reduce fraud, save money and improve the overall customer experience of receiving benefits. Moving government benefit payments from checks to digital payments, including prepaid cards, has reduced fraud by about 90% and the prepaid industry has worked closely with law enforcement to continue to find ways to reduce criminal activity. Prepaid cards have become a popular option that anyone can take advantage of to manage funds, budget and pay bills and they should continue to be an option to receive government benefits as well.
Jennifer Tramontana, Network Branded Prepaid Card Association