This article explains scammed consumers’ best approaches to retrieve their money, depending on the method used for its payment. The article covers unusual payment methods preferred by scammers, such as gift cards, wires, prepaid cards, remotely created payment orders, express mail of cash and money orders, and not just credit or debit cards.
Consumer Payments, Banking
Effective April 1, the CFPB Prepaid Accounts Rule adds protections for prepaid cards, payroll cards, and person-to-person payment services, as set out in this article. The rule improves fee transparency, protects cards from unauthorized charges and errors, and addresses abusive overdraft fees. Consumers can obtain actual and statutory damages and attorney fees for violations.