Banksters And Scamsters Work Together


Why report a scam when you can profit from it?

 

breaking_news_3-150x150Looking the other way once again pays off for banks at consumer expense. See the June 11 New York Times article by Jessica Silver-Greenberg, Banks Faulted As Taking Role In Web Fraud. Details how banks ignored signs that credit card accounts were being hit by scamsters.* Sample:

 

The Times reviewed hundreds of filings [from] civil lawsuits….The documents…paint a troubling picture. They outline how banks profit handsomely by collecting fees while ignoring warnings of potential fraud….Indeed, banks across the country, from some of largest to smaller regional players, help facilitate billions of dollars of fraud each year. (Page B2)

 

The Times article is a stunning piece of in-depth reporting on how banks—in this case Zions and First Delaware—aid and abet credit card fraud. They do not have to report it and can profit by not doing so. (An ordinary customers credit card can be raided to the point that triggers bank fees for not having sufficient cash available to make monthly payments.) The consumer is on his own.

 

The article details how banks support “cold call” live-operator and robo-call scams by not alerting consumers and regulators. I hope the author will one day link how other businesses may look the other way in order to sell their services to dubious clients with scams for sale via “cold calls.” The scam business model, along with banksters, uses willing telemarketers, robo-callers, list and script developers, and compliance experts (who help fashion scripts to get around FTC and FCC regulations).

 

*To read the Times article, link here: Fraud Against Seniors Of#2DE406

The article is part of a New York Times series on financial exploitation of older Americans.

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