The city of Raleigh is warning drivers about fake QR codes that have been attached to downtown parking meters. They may be part of a wider scam.
News & Observer file photo
The City of Raleigh has identified a number of fake QR codes posted on downtown street parking meters, warning that these unauthorized links may be part of a wider scam.
On Dec. 31, the city released images of the suspect square codes with their accompanying text reading “Scan Here To Pay For Parking.” Officials had blotted out the codes’ patterns for security.
“These QR codes may be designed to trick you into clicking on malicious links or providing personal and financial information,” the city wrote in an online statement.
To properly pay for street parking, drivers can either use the meters or access the Passport parking app, which Raleigh debuted downtown in 2019. The city said people should only encounter QR codes if they are paying parking violations or in parking garages.
Raleigh says city employees are checking all downtown meters for the improper codes. It encouraged the public to contact Raleigh Parking to report suspicious meter signage.
Aside from street parking, local drivers will continue to have access to two hours of free parking at five downtown decks after the Raleigh City Council in November voted to extend this initiative until June 2026.
Brian Gordon is the Business & Technology reporter for The News & Observer and The Herald-Sun. He writes about jobs, startups and big tech developments unique to the North Carolina Triangle. Brian previously worked as a senior statewide reporter for the USA Today Network. Please contact him via email, phone, or Signal at 919-861-1238.
The embedded finance market projected to reach over $320 billion in revenue by 2030, said a report by QED Investors and Boston Consulting Group (BCG).
The report highlighted the growth in real-time payments in India. The number of monthly real-time payments has grown by five times in the last three years, from 2.6 billion to 13.3 billion. The availability of an alias directory and QR codes on top of RTP infrastructure was critical to propelling innovation
The report noted that the DPI stack has government-defined protocols throughout three layers, which in turn enable private innovation: foundational national digital ID, platform for interoperable instant and cheap payments, and consent-based exchange of federalised data.
Enterprise segment
The enterprise segment of embedded finance is expected to grow to a $50 billion revenue market, with horizontal software increasingly integrating payments, lending, and trade to address persistent issues in accounts payable and receivable.
Financial services are being embedded into B2B platforms and supplier networks, incorporating value-added services like cash flow forecasting and spending management tools.
Despite advancements, global fintech valuations have plummeted from 20 times revenue to four times on average, with funding down 70%, and nearly 50% in the past year, according to the Boston Consulting Group. The decline has been more pronounced in late-stage investments, which have dropped by up to 89%, compared to a decline in the range of 54% to 73% in early-stage funding rounds.
“With an annual global profit pool of $3.2 trillion on a base of $14 trillion in total revenue, the financial services industry is both massive and ripe for innovation,” said Nigel Morris, Managing Partner at QED Investors.
“Fintechs are growing faster than incumbents, and while the $320 billion in fintech revenue represents less than 3% today, the exponential advances in generative AI and continued growth in embedded finance indicate that we are still in the early stages of fintech’s journey. The separation of winners and losers is becoming apparent,” he said.
Scanning a QR code can expose you to identity theft, according to the Federal Trade Commission.
Quick-response, or QR codes, which store links and other information and are readable by a smartphone camera, are today widely used at businesses including restaurants and a range of retailers. Over 94 million consumers will use their phone to scan a QR code this year, according to Insider Intelligence.
The technology helps retailers by giving them insights into customer behavior, such as by linking a QR code to a store loyalty program. Yet while they offer a measure of convenience for customers and help enterprises do business, they can also give bad actors a stealthy tool for stealing consumers’ personal information, the government watchdog warns.
Identity theft can be financially devastating for victims, who often have little recourse. Armed with your personal information, thieves can drain bank accounts, rack up charges on credit cards, open new utility accounts and even seek medical treatment under someone else’s health insurance plan, according to an FTC report.
In some cases, a thief might even use your name when arrested by the police, regulators note. Telltale signs that your identity has been stolen include unexplained bank account withdrawals or credit card charges.
How scammers use QR codes?
Scammers sometimes put their own QR codes in places where they are commonly found, such as at parking meters stations, concert venues, parking garages, public fliers and bike share racks. As part of their schemes, they might cover up QR codes from legitimate business entities to steal personal information. Other scammers send unsolicited QR codes via text message or email.
As part of such ruses, fraudsters often say the matter is urgent by, for example, saying a package you weren’t expecting was undeliverable and that you must contact customer service immediately.
“They want you to scan the QR code and open the URL without thinking about it,” the FTC wrote in a blog post.
The malicious QR codes sometimes lead to phony websites that mimic legitimate sites. If you log in to the spoofed site, scammers can steal any information you turn over. Other times, scanning the QR code itself automatically installs malware on your device, the FTC said.
How to prevent QR code ID theft
Think twice before scanning a QRcode. If a code appears someplace unexpected, inspect it first. If it contains a URL with misspellings, the code could be a sign of fraud.
Beware QR codes receivedunexpectedly. Even if a text or email message from a business seems legitimate, contact the company directly by phone or online.
Update your phone’s software. Always install the latest versions of your smartphone’s operating system and protect your online accounts with strong passwords. Also use multi-factor authentication, so only you can access your personal accounts.
Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News streaming to discuss her reporting.
Opinions expressed by Entrepreneur contributors are their own.
Welcome to the new, new thing. Some say it’s the new television or radio. Some say it is the new out-of-home experience. Others call it the new way to experience a brand.
There is certainly no shortage of steroid-injected, turbo-charged descriptions for this amazing, revolutionary technology. So, just what is this radical disrupter, this global game-changer that we’re talking about here?
Ladies and gentlemen, drum roll, please! It’s the humble cereal carton, a can of soda, a box of washing powder.
Going digital: QR codes have seen a sharp increase in usage over the past two years.
getty
The popularity of QR codes have seen many ups and downs over the course of its almost 30-year existence, but with the need for contact-less menus and transactions during the pandemic, barcode technology is coming back in a big way. From 2018-2020, QR code usage has increased by 96% and many of the top real estate brokerages across the globe have taken notice.
With internet listings now being the primary means for home searches, the ease of use and speed of QR codes have made this once-forgotten technology more valuable than ever.
Here’s how top agents are using this simple yet effective tool to connect with clients.
Despite its complicated image, QR codes are both ubiquitous and simple, making it a fine candidate … [+] for those seeking to streamline information sharing.
AFP via Getty Images
Straightforward Listings
Previously, one of the main drawbacks of QR codes was entire segments of the population unaware of how the technology worked, but that has drastically changed since the pandemic says Chris Morrison, co-founder of RETSY. “I went to a restaurant with my mother, who is not a tech-savvy person, and I watched her easily scan a QR code to order a drink. I realized then that a lot more people must know how to use this technology than before.”
It was this realization that helped lead Morrison to start RETSY and develop the proprietary technology that would define the Scottsdale-based brokerage. “We use QR codes on almost every listing. What it does is give the consumer easy access to the information they want without all the extra trouble. No agents nagging you for months, no 1-800 recordings, no empty flier boxes. Just scan and you’ve got everything you need.”
For Tracey Atkins, a director at Private Property Global, QR codes not only make listings easier to access but also more enticing. By removing unnecessary text from listing advertisements, Atkins says that “we look less like we’re selling a home on the market and more that we’re telling a home to the market.”
The Melbourne-based marketing specialist added, “all we use is the image, the address and a QR code, and that leads them to a video where they can get a deeper level of understanding and engagement.”
Often, the search for a home is a digital one.
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Tried and True Methods Meet Modern Technology
Most agents have learned that sometimes traditional means of connecting with clients, like newspaper ads, billboards and cards, can work the best. However, for Catherine Bassick of Bassick Real Estate Advisors, adding a little update to these methods can make all the difference.
“I send out postcards about properties coming to the market and also those recently sold and I include a QR code to enable folks to get right to the property website instead of having to find it through several steps.”
Atkins says that PPG utilized QR codes alongside more classic advertising strategies when marketing the renowned Melbourne mansion Namarong. “We did a large campaign that included using QR codes through a national newspaper which was a powerful way to leverage that media and an opportunity for further storytelling.”
Real estate listings at storefront are just one way to reach potential clients. The addition of QR … [+] codes allows for all mediums to convey the same information.
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Agent Intel, With Ease
The ease of QR codes doesn’t just apply to home buyers but to agents as well, says Morrison. “When someone sees a property they like, they can scan the real estate sign and now we, as agents, can show them not only that property but others similar to it. We’re trying to make the perfect ecosystem for our agents.”
By using technology like QR codes, Morrison says that RETSY has been able to draw in some of “the top performing luxury agents who know that the tools we provide give us an advantage over any type of competition.”
The head of the Morrison Team added that the data gathered from QR codes is used for real estate and real estate only.
“A lot of companies give out QR codes so they can scrape your information, but with our system, it’s a closed loop, and it’s designed just for the real estate agents.”
CDR San Miguel uses QR codes as both a listing tool and a local resource for residents. A company … [+] brochure includes a QR code directing to the company’s lifestyle blog, written through the eyes of three generations of San Miguel de Allende residents.
CDR San Miguel
Creating A Personnel Connection
In addition to connecting home buyers with listings, Jim Dolan, owner of CDR San Miguel, says the scannable technology also aids in marketing his brokerage and himself.
“We put QR codes on the back of our cell phones. It’s great, I’ll be at a conference or socializing and someone will ask for a business card and all I have to do is flip my phone over and they instinctively know what to do.”
The luxury broker continued that, unlike physical business cards, digital cards are more likely to remain in the hands, or phones, of potential clients. “Most of the time you get these cards and they end up in a stack in your closet. But with QR codes, my information goes directly into their phones, and that’s a big thing for us.”
CDR San Miguel, Private Property Global and RETSY areexclusive members of Forbes Global Properties, a consumer marketplace and membership network of elite brokerages selling the world’s most luxurious homes. Search the latest luxury listings here.
