Although the hearing was designed to highlight the impact these crimes have on the elderly, it also resulted in some genuine action. In its own written testimony before the committee, Green Dot Corporation, one of the leading suppliers of prepaid debit cards, announced that it would eliminate the MoneyPak PIN, which allowed money to be added to an account to take place via phone.
Tag: federal trade commission
How To Fix Your Credit Report
A Federal Trade Commission (FTC) study conducted last year found that five percent of consumers had errors on their annual credit reports that could cause them to have to pay more interest on their loans.
FTC Charges Marketers with Deceiving Small Businesses
As alleged in the complaint, MSD sales agents typically call small businesses and lead them to believe they are associated with the businesses’ current card processor, Visa, MasterCard, or their bank. The sales agents allegedly promise substantial savings on credit and debit card processing, specifying a much lower rate than the business is currently paying. Agents quote one fee, a fixed per-transaction cost, without mentioning all the other fees the businesses will have to pay, and when asked if there are other fees, merchants are allegedly told there are none.