It seems as if every time you open a newspaper there’s a story about teenagers being mugged by other teenagers. In 2006, about 23,700 had belongings taken by force – that’s over 120 muggings per school day*. And those figures are likely to be only the tip of the iceberg as only about 20% of robberies are estimated to actually be reported to the police*.
Although MP3 players and mobile phones are likely to be the main target of the attacks, it’s natural to assume that any pocket money that the victims have on them is also likely to be pocketed by the muggers.
Prepaid cards such as the Cashplus prepaid Gold MasterCard® card are a secure way for kids aged 13 or over to carry their money. If the card becomes lost or stolen, because a PIN is needed to be able to use the card in stores and at cash machines, the money within the card’s account is pretty well protected. And of course, a quick phone call to the prepaid card company’s Lost and Stolen Department (open 24 hours a day, seven days a week) should freeze the account. Then a new card will be sent out – with the cash in the account left intact. The new PIN can be quickly retrieved over the phone.
But teenagers’ money isn’t just at risk on the street – there’s also online fraud to watch out for. However, one or two of the more established prepaid card brands offer Free Purchase Protection. So for example, with a Cashplus prepaid card [title of card edited down], customers can get help if the goods purchased aren’t received, are faulty, the company goes bust before the goods or services are received, or a website turns out to be ‘dodgy’.
Also, a prepaid card limits the potential loss to only what has been loaded onto the card, as there’s no fixed overdraft in place to put at risk and no link to any bank other accounts.
With secure and convenient access to online statements, prepaid cards could also help kids to gain vital money management skills – by being able to easily see where they’ve spent their money, youngsters should find it simple to see where they’ve perhaps frittered their money away.
What’s more, as long as the main cardholder is 18 or over and lives in the UK, acceptance is guaranteed for a prepaid card. If a parent has younger teens aged 13 upwards, they could just take out an account in their own name and then set their youngster up as an additional cardholder. Parents can order a prepaid card in minutes online, and have the card ready to hand to their teenager within as little as three working days.
So for anyone looking for a safe way for their children to carry cash around, or a secure way for their kids to pay for goods and services online, prepaid cards are definitely the way forward.
*http://www.dailymail.co.uk/news/article-428243/Children-carry-40-cent-muggings.html
Ends
About Advanced Payment Solutions Ltd (APS)
APS is the leading European prepaid card provider, with more than 500,000 cards issued and £500,000,000 in payment turnover. Its flagship product, the award winning Cashplus prepaid Gold MasterCard® is the UK's first general purpose prepaid card for consumers and in the last couple years APS has developed a growing interest among small businesses which now exceeds 2,500 who are utilising the benefits of the Cashplus prepaid Gold MasterCard to manage and control their business expenditures.