Sending money via mobile phone
Another miracle of modern technology, aimed at making life easier for us, may likely be the new target of fraudsters.
The new service was unveiled yesterday in Barcelona. Mobile phone users can now send money with the push of a few buttons. This is a win-win, as phone users can quickly transfer money, and banks are reducing their per-transaction costs.
With this new system, a mobile phone user “loads cash” onto the phone, and orders it to be sent to another mobile phone. The recipient receives a text message that money has arrived. Now this may sound odd, but remember several years ago when the idea of “emailing money” via PayPal sounded strange? Now PayPal is an extremely popular service that is widely-used by millions.
This new service will be particularly beneficial to people who wish to send money internationally.
I wonder what the first fraud scam involving this service will be???
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