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ICFE eNEWS #15-26 - August 24th 2015

Penn Corner  - FTC update

Penn Corner August 2015 - Update from the Federal Trade Commission

Data Brokers Sell to Scammers

The FTC has charged a data broker operation with illegally selling sensitive information from online payday loan applications to scammers who then raided people's accounts. According to the complaint, the information collected from applications included Social Security, credit card, and bank account numbers. But instead of passing the information on to legitimate payday lenders, the FTC says the company knowingly sold it to scammers who used it to take millions out of people's accounts and charge their credit cards.

Credit Repair Snare

Four people behind FTC Credit Solutions — a credit repair scheme that targeted Spanish speakers — have agreed to settle FTC charges that they tricked people into paying to get negative information removed from their credit reports. According to the FTC, the company guaranteed it could get people a credit score of 700 or more by removing the information. To bolster its credibility, the company also claimed it was licensed by the FTC. The truth: the FTC doesn't license credit repair services, and removing accurate negative information from a credit report is illegal. In addition to a $2.4 million judgment, the defendants will be banned from the credit repair services industry.

Medicare Card Con

A group of government imposters — who convinced people to hand over their bank account information to get new Medicare cards — has agreed to settle FTC charges. Scammers targeted older people, telling them they needed bank account numbers to verify a person's identity before a new Medicare card could be sent, the FTC says. They assured people no money would be taken out. But the FTC says it was a scam, and people later found several hundred dollars missing from their accounts. Never give out financial or other sensitive information to someone who calls you out of the blue. Read Government Imposter Scams for more.

Trimming the Family Dollar Tree

Discount retailers Dollar Tree and Family Dollar have agreed to sell 330 Family Dollar stores in 35 states to settle charges that Dollar Tree's proposed $9.2 billion acquisition of Family Dollar would likely be anticompetitive. According to the FTC, Dollar Tree and Family Dollar stores compete head-to-head in price, product assortment, and quality, as well as location and customer service. The FTC's order preserves that competition by requiring Dollar Tree to sell the stores to a new owner that will continue to operate them.


"Scammers used consumer information they bought from this operation to make millions in unauthorized charges. Companies that collect people's sensitive information and give it to scammers can expect to hear from the FTC."
Jessica Rich, Director of the FTC's Bureau of Consumer Protection

And the Winner Is... the FTC's Robocall Challenge

On August 13, the Partnership for Public Service presented the FTC's Roberto Anguizola and Kathleen Daffan, as well as the General Services Administration's Tammi Marcoullier, with the Basics Award for Ingenuity and Results, sponsored by former FDIC Chairperson Sheila Bair. The team created the FTC Robocall Challenge, which generated new technical tools to stop unsolicited and illegal telemarketing robocalls.

Money Back

The FTC is returning money to people targeted by two different scams:

  1. In the case of Innovative Wealth Builders, a telemarking operation that falsely promised it could reduce people's credit card interest rates to save them thousands, the FTC has sent 10,387 checks totaling more than $969,000 to people who lost money.
  2. The FTC also is mailing 3,133 checks totaling more than $87,000 to people who lost money to the Your Yellow Book scheme, which tricked small businesses, doctors' offices, retirement homes, religious schools, and charitable organizations into paying for listings they didn't ask for or want in an online "yellow pages" directory. More information about the FTC's refund program is available on the FTC's website.

Follow the Lead Generation Workshop

The FTC will hold a workshop, Follow the Lead: An FTC Workshop About Online Lead Generation, on October 30, 2015, to explore the growing use of online lead generation. This is where online lead generators identify or cultivate consumer interest in a product or service, and then sell the "lead" information to third parties — in industries including consumer lending and education. The workshop is free and open to the public.


IN OTHER NEWS:

FTC Awards $25,000 Top Cash Prize for Contest-Winning Mobile App That Blocks Illegal Robocalls

FTC Issues Statement of Principles Regarding Enforcement of FTC Act as a Competition Statute
"Melanoma Detection" App Sellers Barred from Making Deceptive Health Claims

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ICFE eNEWS is available FREE upon request by visiting our Web site and filling out the contact form, and selecting "Yes" for "Add to Mailing List. Please pass this eNEWS on to your peers and interested others and invite them to subscribe for free. Also, visit the ICFE's new Web site: StudentDebtHelp.org

Sent by:

Paul S. Richard
President - Executive Director
Institute of Consumer Financial Education (ICFE)

About the ICFE:

The Institute of Consumer Financial Education (ICFE) was founded in 1982 by the late Loren Dunton (creator of the Certified Financial Planner (CFP) designation).  The ICFE is dedicated to helping consumers of all ages to improve their spending, increase savings and use credit more wisely. 
The ICFE is an award winning, nonprofit, consumer education organization that has helped millions of people through its education programs and Resources. It publishes the Do-It-Yourself Credit File correction Guide, which is updated annually. The ICFE has distributed over one million Credit/Debit Card Warning Labels and Credit/Debit Card Sleeves world wide.

The ICFE became an official partner with the Department of Defense/Financial Readiness Campaign in June of 2004.The ICFE was an active partner in the California Student Debt Resource Awareness Project (CASDRAP) which resulted in a new web site: (studentdebthelp.org).  CASDRAP disbanded in 2010, shortly after the web site project was completed.  In 2011 the ICFE assumed the single sponsorship of the (studentdebthelp.org) web site and is now responsible for its content and operation.

The ICFE is also an on-line help for consumers who spend too much.  ICFE's spending help was featured in PARADE Magazine in the Intelligence Report section. The money helps and tips are from the ICFE's Money Instruction Book, our course in personal finance.

Visit the ICFE's other web sites at: www.financial-education-icfe.org and studentdebthelp.org.  Both sites helps consumers and students with mending spending, learning about the proper use of credit, budget and expense guidelines, how to set up and implement a spending-plan and also how to access financial education courses and how to teach children about money. Other ICFE services include: Ask Mr. G,  a free eNews, and an online resource center for students, parents and educators, plus financial education learning tools and a book store.

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Home ] ICFE News Releases ] ICFE in the News ] Children and Money ] Financial Education ] Resource Center ] Credit Card Tips ][ Credit File Correction ] Mending Spending ] Links and Resources ]  [ Online Store ]

 

Copyright ©  1997 - by Paul S. Richard
and the Institute of Consumer Financial Education, All Rights Reserved.
View our
Privacy Policy Our Terms and Conditions

Institute of Consumer Financial Education
PO Box 34070
San Diego, Ca 92163
Paul S. Richard, Executive Director
Phone 619-239-1401

FAX 619-923-3284

Questions for www.financial-education-icfe.org Click to go to Website Contact Us or 
Website Design Donated by Desgn School Programs