In early 2015, Green Dot started the process of discontinuing MoneyPak cards after facing ongoing reports of scamming, the New York Times states. As a result, MoneyPak cards are no longer sold, but Green Dot announced plans to allow customers to reload their prepaid cards at store registers.Continue Reading
Before its discontinuation, the MoneyPak card functioned as a funding source for compatible prepaid cards, according to Green Dot. Customers bought the card for about $4.95 and loaded between $20 and $500, which could also be used to fund a PayPal account or make cash deposits to participating retailers.
However, MoneyPak transactions are completed using an included PIN, the New York Times reports. Telephone and Internet scammers frequently asked victims to use MoneyPak for payments and persuaded them to reveal the PIN code, giving scammers unhindered access to the funds.Learn more about Credit & Lending