Online Fraud Victims Need More Help from Banks to Recover

Steve Unger was startled when a Wells Fargo banker called him out of the blue to say one of his online accounts had been violated and someone had viewed his account numbers.

"I saw no unusual activity on my accounts, and my experience was that my account numbers were always masked," he recalled.

As it turns out, this problem is common in online banking — account numbers are hidden in some places but often displayed in full in statement and check images.

Read the full article at AmericanBanker.com.

CFPB Takes Action to Halt Illegal Debt Collection Practices by Lawsuit Mill and Debt Buyer

The Consumer Financial Protection Bureau (CFPB) today ordered the debt collection law firm Pressler & Pressler, LLP, two principal partners, and New Century Financial Services, Inc., a debt buyer, to stop churning out unfair and deceptive debt collection lawsuits based on flimsy or nonexistent evidence.

Read the full article at CUInsight.com.

Reform Online Lending Supports FTC's Recent Sanctions: 'Game Over' For Phantom Debt Collectors

KANSAS CITY, Mo., September 18, 2015/PRNewswire/ --Reform Online Lending (ROL) today praised the Federal Trade Commission’s “game over” sanction against Broadway Global Master Inc. and In-Arabia Solutions Inc.  The action permanently bans these companies from the debt collection business for their alleged fraud in harassing consumers into paying phantom debts.

“The resolution of the FTC’s recent settlement is a big win for the innocent consumers who were defrauded out of more than $5.2 million,” said Mark Curry, founder of Reform Online Lending. “The FTC’s action is also a boost for legitimate online lenders, who represent a majority of this marketplace. Additionally, the FTC sanctions help ROL in our effort to create a safer borrowing space by weeding out the bad actors.”

Phantom debt collection occurs when fraudsters harass consumers to collect on debt that is not owed. These collectors often use intimidating and illegal tactics to collect on this non-existent debt. According to the FTC’s order, the operators of this recent phantom debt collection scheme are prohibited from making falsifications about any product or service, using customers’ personal information for profit or inadequately disposing of any customer information.

“We strongly support the FTC’s decision to deliver such harsh sanctions to the fraudulent operators who are contaminating the marketplace,” Curry said. “It is our hope that actions like these will protect current and future consumers from becoming victims of this kind of fraud.”

About ReformOnlineLending.org

ReformOnlineLending.org is a program of entrepreneur and industry leader Mark Curry to identify and bring justice to scammers who take advantage of consumers of the online financial services industry. The program is designed to educate American consumers on the scams that are perpetrated in the online lending industry, and to work with government authorities to prosecute scammers who seek to take advantage of the industry's millions of consumers.

Contact:
Reform Online Lending
info@reformonlinelending.org

 

SOURCE Reform Online Lending

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http://www.ReformOnlineLending.org

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Statement from Mark Curry, Founder of Reform Online Lending

KANSAS CITY, Mo., Aug. 13, 2015 /PRNewswire/ -- Mark Curry, the founder of Reform Online Lending, today applauded the Federal Trade Commission for taking action against two brokerage firms that allegedly sold consumer data illegally to a third party that used the information to steal millions.  

"Protecting consumer data should be paramount for everyone in the financial services industry. Online lenders and their service providers must take every step to protect consumer data," said Mark Curry, founder of ReformOnlineLending.org.

"When a customer provides their information to a lender, that lender has a special responsibility to protect it. American consumers should not have to worry about their private financial data being sold to thieves.  With this action, the FTC is making clear that if you illegally sell consumer data, you will be caught.

"The challenge for regulators and law enforcement in the online lending space is to separate the good actors from the bad ones.  Fortunately, the vast majority of online lenders have strict privacy controls in place to protect consumer data and adhere to best practices, but the bad actors must be exposed and punished." 

About ReformOnlineLending.org

ReformOnlineLending.org is a program of entrepreneur and industry leader Mark Curry to identify and bring to justice scammers who take advantage of consumers of the online financial services industry. The program is designed to educate American consumers on the scams that are perpetrated in the online lending industry, and to work with government authorities to prosecute scammers who seek to take advantage of the industry's millions of consumers.

Contact: Reform Online Lendinginfo@reformonlinelending.org

Reform Online Lending Helps Protect Military Families from Scams, Offers $25,000 to Whistleblowers

KANSAS CITY, Mo., July 15, 2015 /PRNewswire/ -- Reform Online Lending joins the Federal Trade CommissionConsumer Financial Protection Bureau and other government agencies on Military Consumer Protection Day in the mission to protect military personnel from financial scams.

Reform Online Lending is focusing its efforts on weeding out fraudsters who target members of the military and their families. Industry employees who provide information about lending scams that defraud military men and women, veterans or their families will be eligible for a $25,000 reward if the information leads to a successful prosecution. 

"We honor the service of our military men and women, as well as the sacrifices their families make," said Mark Curry, founder of Reform Online Lending. "In recognition of Military Consumer Protection Day, we are pleased to announce that we are increasing our focus on protecting our military from financial fraud."

For Curry, protecting military families is personal.  He served in the reserve component of America's armed forces for 12 years, including two years in the Army National Guard and 10 years in the Air Force Reserve. He called Military Consumer Protection Day a "critical initiative to raise awareness of scams."

"Providing military consumers with tools and resources to protect them from fraud is the least we can do to give back to those who serve our country," Curry said.

Military members, veterans and their families can visit the Military Consumer Protection Day website to learn about the campaign and find information about avoiding and recognizing fraud.

"We strongly support the FTC and CFPB's efforts to protect military consumers," Curry said. "It is disgraceful that fraudsters target military families, stealing the resources our military personnel earned while serving America. Reform Online Lending is proud to provide consumer financial awareness to our military today and every single day of the year." 

About ReformOnlineLending.org

ReformOnlineLending.org is a program of entrepreneur and industry leader Mark Curry to identify and bring to justice scammers who take advantage of consumers of the online financial services industry. The program is designed to educate American consumers on the scams that are perpetrated in the online lending industry, and to work with government authorities to prosecute scammers who seek to take advantage of the industry's millions of consumers.

Reform Online Lending Provides Counsel to Seniors During Older Americans Month

MarketWatch shared consumer protection advice that Reform Online Lending's Mark Curry offered to senior citizens during Older Americans Month. "Unfortunately, older adults are frequently the victims of scams because financial predators view them as vulnerable and easy targets for fraud," Curry said. Reform Online Lending shared tips for recognizing the most common scams involving consumer loans. "We believe that with the right information, seniors can take charge of their finances and fight back against the criminals who attempt to con them," Curry continued. 

Read more at MarketWatch.