‘Deceptive’ Marketers Banned from Mortgage Fix Services: FTC

In three separate actions, the Federal Trade Commission said today it has settled with marketers who sold mortgage modification or foreclosure rescue services, but did not deliver what they promised after charging thousands in upfront fees.

Community Bankers: Consumers Be Wary of Mortgage-Fix Scams

The Independent Community Bankers of America is issuing tips for consumers on avoiding fraudulent offers of foreclosure and refinancing assistance. The ICBA and nearly 8,000 community banks in the U.S. advise borrowers to contact their mortgage lender first if they are having financial troubles.

$10M Scam: Consumers Hit with Bogus Credit, Debit Charges

More than 1 million consumers have been hit with one-time bogus charges on their credit and debit cards totaling $10 million – and the payments routed to scammers in Eastern Europe and Central Asia, according to a complaint filed by Federal Trade Commission. The victims were mostly identity theft victims from the United States, but many may not have even noticed the micro charges, ranging from 20 cents to $10, the FTC said.

Twitter Settles FTC Charges of Failing to Secure User Data

Micro-blogging giant Twitter has agreed to settle charges by the Federal Trade Commission that it failed to safeguard the personal information of its users. It is the first case the FTC has brought against a social networking site.

Crackdown on Mortgage Fraud, Relief Scams Yields 485 Arrests

A federal task force targeting mortgage fraud and foreclosure-rescue scams today released their tally since March 1: 485 arrests, 191 civil enforcement actions and the recovery of more than $147 million. Operation Stolen Dreams targets fraudsters taking advantage of many desperate homeowners hoping to avoid foreclosure through bogus mortgage relief programs, federal officials said.

FTC Teaser Site ‘Guarantees’ Loans – Like Upfront Fee Scams

The Federal Trade Commission wants to drive home the impact of a well-crafted and marketed website that “guarantees” a loan – just like your typical advance-fee scam sites. So it created its own “teaser” site to make a point: Scammers cleverly can masquerade as lenders.

FTC Settles with N.Y. Pre-paid Calling Card Firm on ‘False Claims’

The Federal Trade Commission has settled with a third pre-paid calling card company in an ongoing crackdown, bringing to $4 million the total amount such firms have paid in response to charges of making false claims and not properly disclosing “maintenance” and other fees. The newest settlement stems from the FTC’s July 2009 complaint against New York-based Diamond Phone Card.

FTC: Tweak Proposed Law on ‘Cash for Gold’ Offers

The Federal Trade Commission testified before a House panel that it supports a bill to protect consumers from online “cash for gold” services that may not deliver a fair price or properly shipped returned items – but the proposed law needs a couple of important tweaks. Even as gold prices reach new highs this week, the FTC said it is getting increasing complaints from sellers of gold jewelry or other precious metals who say they are not getting a fair price

Foreclosure Rescue Scams: Don’t be Taken by Phony Audits

The Federal Trade Commission calls it the latest twist in increasing foreclosure prevention scams: forensic auditors backed by attorneys who claim they can find laws your lender violated to get you off the hook.
“The ‘auditors’ say you can use the audit report to avoid foreclosure, accelerate the loan modification process, reduce your loan principal, or even cancel your loan,” the FTC said.

FDIC Warns of Fraudulent E-mails Bearing Its Name

The Federal Deposit Insurance Corporation, the agency that insures Americans’ bank deposits, has posted an alert warning the public of bogus e-mails claiming to come from the FDIC. The FDIC said it has received numerous reports of the e-mails, which are fraudulent and should be deleted.

Next Page »