Internet fraud hits new credit card

Wednesday, November 9, 2005

Advanced Payment Solutions, the company behind the credit card Cashplus, has warned people of a website scam where unsuspecting customers are charged a fee for access to a credit card that requires no credit check.

What the customers receive in exchange for the fee, which can range from 99p to £25, is a simple link via email to the Cashplus website.

This is Money quotes Rich Wagner, chief executive of Advanced Payment Solutions: "We are not affiliated with the vendors of the information posted… and we will take immediate action should we become aware of any non-authorised organisation or person purporting to sell our Cashplus prepaid MasterCard."

The Cashplus credit card works on a prepay system, where users can top up their card with cash or a debit card at a Post Office branch and then use the card at places that accept MasterCard.

The initiative works in much the same way that prepay works with mobile phones, where the user cannot exceed the money they have put on the card.

The scam is the latest internet fraud method, a trend highlighted by a recent survey that showed an increase in the value of internet fraud in the first six months of 2005.