Union Workers Target of Credit Card Scam
January 24, 2010 · Print This Article
Credit card scams appear every day and many of them are right on the border between illegal and legal. In other words, credit card offers may be technically legal but are deceptive because of how information is presented to the consumer. Recently it was union workers in Ohio who were targeted by a credit card scam.
Though the credit card scam targeted a particular group of people, there are lessons for everyone in the story. In this particular situation, union workers were sent offers for credit cards that had low interest rates. To obtain the card a fee had to be paid. The marketing material indicated that bad credit is not a problem. What was hidden in the fine print is where the scam is found.
The first deceptive practice is burying the information that the membership fee does not guarantee the credit card will be approved. The second deception was that approved credit cards could only be used to buy items out of a particular catalogue. The offer was presented as a regular credit card, but it was not.
The Ohio Attorney General Richard Cordray issued a public announcement warning union workers they are being targeted with this particular credit card offer requiring an advance fee. But he also provided valuable information for all consumers concerning how to avoid becoming a victim of a credit card scam.
First he advises people to reconsider accepting any offer that sounds too good to be true. Credit card companies are in business to make money and not to help people. AG Cordray also notes that guarantees a loan will be approved are probably not true. A legitimate financial institution is not going to approve a loan without doing credit checks first. The offers that come in the mail claiming that bad credit is not a problem should be looked at with suspicion.
There are other signs a company many not be legitimate. For example, if you are asked to send a membership fee to a post office box using overnight mail or wire services the chances are the offer is not legitimate. If you have never heard of the company then it’s time to do some research. Sending money to a company guaranteeing a loan or credit card that you are unfamiliar with is a clear path to being scammed.
You can research any company through the Better Business Bureau and the Attorney General’s Office. A legitimate company will have a business license and consumers can verify legitimacy fairly easily. It’s important to review complaints that have been filed against companies also. In the case of the union workers who are being targeted, many have filed complaints with the Attorney General’s office in Ohio so that others are not lured in by the offer.
Finally, you should never provide your personal bank account or other financial information to anyone unless you know for a fact the company is legitimate. Despite all the warnings constantly published, millions of consumers continue to give out their personal financial information to people and businesses they don’t know. To sum all this information up: it’s always better to err on the side of caution.
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“Albert, now you left the window open and you’re wasting heat!” that was another one with a squirrel who wasted energy. There was another one. “always count your change”..when the giraffe and flamingo were in a car and the giraffe started eating his hat.
Unfortunately, you don't have many options that'll get results without spending more money than you've lost.
One option might be Small Claims Court. Check about filing fees in your area.
All the credit card company will do is handle the refund to the mischarged person. They won't likely pursue the fraudster in this chase for what, to them, is a small amount.
You may be able to file the charge on your business insurance as a theft. And you may be able to report it on your taxes as a theft or bad debt; check with your accountant.
Rdio, the all-you-can-eat music streaming service that we’ve previously showed you in screenshots, no longer requires an invite, or even a credit card, to try out for three days free. After that, it’s $5 per month for desktop and browser access, and $10 per month for streaming and offline access on iPhones, Android, and BlackBerry. If you’ve given Rdio a try, tell us what you like, and whether it might be worth the monthly outlay, in the comments. [Rdio via GigaOM] More »
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Article by at 2010-08-04 11:47:51
Categorized in Credit Counseling,
Today, I’ll share a behavioral-change technique that’s helped me create a New York Times best-selling book, a blog that’s been read by millions of people, and a course on earning money that has helped my students earn hundreds of thousands of dollars on the side. In 1954, researchers Hastorf and Cantril published a seminal study in [...]
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I will file a complaint with the better business bureau for $5.
click on the logo. I added the BBB logo to my work's site, and the site has to be checked in order to get the logo. (At least where I live). When you click on the link, it should take you to the BBB's site, and the listing for that business.
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work for the gov’t, don’t use credit cards and be cheap. save as you go.
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Personal finance for people who hate personal finance – a great e-book, check it out
great vid, DOWN WITH BENCHMADE!!!
yes, you can transfer the debt. just call the company and give them the info, just to be on the safe side have the other person with you in case they need to verify with them. you may have to add person b as a user on the person a's card to do this.
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Anyone recommend a good personal bank account? May be ditching HSBC depending on the outcome of my next phone call.
It does in NY. We had a dealership buy back a new vehicle because we filed a complaint with the BBB. The lemon law truly worked.
I personally don't believe the BBB to be that effective at all. Companies pay a fee to display the BBB member sign. The BBB doesn't want to lose revenue, so they MAY drop a company's 'ranking' if they receive a lot of complaints about the company. But that essentially means nothing – the BBB has no legal jurisdiction to penalize or oversee any business – they can merely change the company's 'ranking'.
Most young adults go into the big world thinking that they know all there is to know but when it is time to handle the personal finances they have no idea what they should do. Before your young adult heads out into the world you should teach them about handling personal finance. If you do not teach them ho to handle their credit cards, loans, credit score, or bank account their financial situation could end up bad.
New Credit Card Regulations: What Will Change | Business
use MSN Money, or use Microsoft Excel to run a registar in columns.
A 42-year-old Anchorage accountant has been indicted on federal charges of defrauding clients of nearly $1 million. The 41-count indictment handed down Thursday charges Frances Yvonne Rowland with 14 counts of wire fraud, 12 counts of aggravated identity theft, 12 counts of credit card fraud, two counts of mail fraud, and one count of obstructing the Internal Revenue Service.
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Article by at 2010-08-28 13:22:36
Categorized in loan,
well you could double your money sir but i dont want to be a prize winner
RT Credit card fraud protection is easy – follow these simple steps #finance
Great program, but getting set up is NOT a quick venture. Dude, that’s one loooooooooooooooong trip to “take the kids out for ice cream!”
In a pre-approved card, the company issuing the credit card has already checked out your credit and they are extending an offer to you.
A credit card is pretty much a credit card, a card used to charge services and merchandise. However, interest rates, credit lines, and all financial terms can be different.
Some credit cards have to be backed up with money in the bank, but usually that's for people with bad or poor credit.
Good luck,
Siggy
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U.S. News & World Report – The Latte Factor, a term coined (and trademarked) by personal finance guru David Bach, is one of the most talked about concepts in the world of personal finance. But it might be based on faulty math.