Quasi-Cash Scam

Quasi Cash Fraud

posted on Thursday, July 8, 2021 in Fraud

A new phishing trend has surfaced in an attempt to gain your personal information. Here’s a crash course on Quasi-Cash scams, including what they are and how to recognize them.​

What is Quasi-Cash?

Quasi-Cash is a kind of product or item that is representative of actual cash such as money orders, traveler's checks, foreign currency, wagers, lottery tickets, or casino gaming chips. 

What is Phishing?

Phishing is a cybercrime in which a target or targets are contacted by email, telephone, or text message by someone posing as a legitimate institution to lure individuals into providing sensitive data such as personally identifiable information, banking, and credit card details, and passwords.

What is the Quasi-Cash Scam?

A new phishing trend has surfaced where scammers posing as Quasi-Cash merchants, call you in an attempt to verify fictitious transaction activity. These scammers typically convince the cardholder to download an app and either convince cardholders to make transactions or take control of the device themselves.

Tips for cardholders:

  • A legitimate merchant does not need your card information, social security number, or state-issued ID information to process a refund. 
  • SHAZAM Fraud Operations Specialists will NEVER ask for a full card number 
  • Cardholders should NEVER share one-time passcodes
  • Cardholders should be wary of unknown callers and attempt to contact a trusted number before providing personal information 

How to report the scam? 

If you have fallen victim to the Quasi-Cash Scam, please contact us at 866.360.5370 or stop by your local branch to speak with a C1st Representative.