Today AARP submitted a letter to the Consumer Financial Protection Bureau (CFPB) commenting on the agency’s proposal to regulate the payday lending industry. For years, many of AARP’s state offices have engaged their state legislatures and governors to secure consumer protections for Americans who find themselves in need of the small-dollar loans that the payday industry offers.
“Free credit scores” are effective bait. Just ask any of the 200,000 consumers who complained to the Federal Trade Commission about one recent online scheme that lured them with “free” access to their credit scores … then snagged them with a common switch: billing $30 a month for credit monitoring services they never ordered.
College students and others who have student loans are the latest target of IRS impersonators. In this iteration of the ongoing, widespread scam, fraudsters threaten arrest and other penalties unless a nonexistent “federal student tax” is paid immediately.
The latest ploy cybercrooks are using to spread ransomware and other types of computer malware to provide them with remote access to PCs and Macs or to steal log-in credentials: After buying domain names with a missing or misplaced letter in website addresses belonging to well-known companies, they simply wait for you to make a typo.
Fraud is a growing problem across the U.S., with more than 1.2 million fraud-related complaints reported to the Federal Trade Commission’s Consumer Sentinel Network (CSN) in 2015 alone. Among those complaints, a total of $765 million was lost by consumers who fell victim to scams, according to CSN’s February 2016 data book.
Phishing attempts on social media have more than doubled over the past year as scammers find new ways to trick people into providing personal and financial information.
Ransomware is on a rampage, seizing control of personal computers and institution-wide networks and encrypting files to make them inaccessible until a ransom is paid to release them.
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