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.










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