FTC protects consumer payments and fights credit card scam

This is how the scam works: a robocall – often from “Card Services” – says that you qualify for a special program to lower your credit card interest rate, save thousands of dollars, and pay off the debt. A representative might tell you they work for your bank or credit card company and assist with consumer payments. They don’t.

Next, they ask for your credit card information and Social Security number. Then, they charge $300 to $3499 for their interest rate reduction services – often without your permission. Most of the time, you don’t get a lower interest rate or any help with consumer payments. And you lose your money.

The FTC and the Florida Attorney General filed a lawsuit to shut down this scam. The reason is that the company lied about lowering interest rates, lied about working for consumers’ banks, and charged consumers’ credit cards without authorization. They also violated the Do Not Call rules.

Four Steps To Guard Against Phone Scams:

1. Hang up the phone if get a robocall. Don’t try to speak to an operator or. If you respond by pressing any number, it will probably just lead to more follow up calls regarding consumer payments.

2. Don’t share information about your credit card, checking account, or Social Security numbers. The callers may trick you into providing or confirming the information.

3. Register with the Do Not Call Registry.

4. You can also sign up for a service to block robocalls, like nomorobo.com, which won the FTC’s 2013 Robocall Challenge.

If you are looking to lower your interest rate and pay debts you can visit Consumer.gov for tips on managing debt and using credit.

You can use checks and ACH for your business  and consumer payments. Printech offers CheckPlusCFO to automate your payment processing. If your company uses multiple bank accounts, multiple  currencies and operates from different locations, than CheckPlusCFO can save you time and cost of processing AP, payroll, refunds, claims and other payments.