OCC Warns of Credit Card Scam

September 27, 2013
American Banker  
credit card news

A fake Florida bank has been using a fraudulent credit card scheme to cheat U.S. consumers, the Office of the Comptroller of the Currency (OCC) is cautioning. The bogus AmTrade International Bank sends consumers mail offers for semi-secured credit cards, instructing them to send checks in amounts ranging from $500 to $900 in order to obtain the card.

Marketed as a strategy for rebuilding damaged credit, the card never arrives after the consumer's check gets cashed. The solicitations sometimes mention that Credit One Bank is associated with the credit card program; but in reality, that company has no connection with AmTrade. While AmTrade claims to be located in Ft. Lauderdale, Fla., its website and toll-free telephone number are no longer in service. The OCC believes the scam is directly connected to a scheme in which a company called Freedom 1st National Bank sends victims fake credit card offers.

Abstract News © Copyright 2008-2013 INFORMATION, INC.
Powered by Information, Inc.

Stay Updated

Join the fight against predatory lending. Enter your e-mail to sign up for breaking news, action alerts, and CRL's original research.

   Please leave this field empty

Help Us End Predatory Lending

Predatory lending destroys family wealth, and preys on our most vulnerable communities. You can help us end abusive lending practices by donating to CRL, or by sharing our work with others.