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Identity theft is the most common form of fraud. Thieves gain access to personal and financial information to order credit cards, set up cellphone accounts, steal bank and tax return funds, make purchases, and much more. Unfortunately, the elderly and the disabled are frequent targets of identity theft due to their vulnerabilities and special needs. […]
Category: Consumer Fraud
Lawmakers Urging Visa and Mastercard to Better Protect Consumers
The Federal Trade Commission (FTC) reports that credit card fraud has become the most common form of identity theft, with 390,000 cases reported in 2021, and 118,191 in the first quarter of 2022 alone. However, a recent investigation by BuzzFeed News allegedly revealed that the two dominant credit card companies, Visa and Mastercard, do little […]
Can Credit Report Errors Lower My Credit Score?
Credit reports detail your financial history and include credit activity, payment history, loan amounts, and information on creditors. Positive information in a report shows your financially responsible. Each month, creditors supply updated information to credit reporting agencies (CRAs), Experian, TransUnion, and Equifax are the major ones, who use the data to compile an overall summary […]
FTC Sues Walmart Alleging Money Transfer Services Fraud
In late June, the Federal Trade Commission (FTC) announced filing a suit against Walmart for what they allege as years of money transfer services fraud. In recent years, the FTC has brought multiple cases against money transfer companies for not protecting consumers from fraud. According to the details of the suit, the FTC claims Walmart […]
What Is Predatory Lending?
Predatory lending practices are designed to benefit only the lender, not the borrower, and they prey on those who are less likely to have the financial resources to cover the loans. Unfortunately, predatory lending is also quite common and completely devastates consumers financially. Subprime mortgage, payday, and car loans are three industries where predatory lending […]
Is Buy Now, Pay Later Risky for Consumers?
Buy Now, Pay Later (BNPL) services allow consumers to purchase and receive goods immediately while paying for them over time with installments, typically six to eight weeks. The industry saw an explosion of growth during the coronavirus pandemic when many people’s incomes saw a significant drop and state lockdowns necessitated purchasing online. While some BNPL […]