With that in mind, the Federal Trade Commission has announced an ongoing crackdown on scam artists who use robocalls to pitch phony credit card interest rate reduction plans to financially desperate consumers.
“During these difficult economic times, the last thing anyone needs is to be bombarded by robocalls pitching worthless interest-rate reduction programs. The lawsuits announced today are not the first, nor will they be the last, that the agency brings to protect consumers from intrusive, illegal, and deceptive telemarketing robocalls,” said FTC Chairman Jon Leibowitz.
Specifically, the FTC reported that it filed lawsuits against three outfits that pitched phony interest rate reduction plans for up-front costs as high as $1,495. The agency noted that it had stopped a similar scheme last year where people were duped into signing up for phony auto warranties by scam artists using robocalls.
Typically, one sign of a financial scam involves a requirement for consumers to pay a substantial up-front fee, which can then be difficult, if not impossible, to recover after a refund is sought.
In this particular case, the scammers were also violating the federal Do Not Call law, which is aimed at protecting people from unwanted telemarketing calls and other similar nuisances.
The story also serves as a reminder that along with unsolicited phone calls, people who receive emails asking for financial data should also treat such communications as a likely scam or phishing attempt. Such emails can claim to be from one’s financial institution or even from the IRS, and will generally ask one to provide financial data with an eye on opening up fraudulent accounts.
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