Fraud schemes usually include forms of consumer payment that limit consumer ability to stop or reverse payment. This article explains payment methods frequently used in fraud schemes and then sets out practical steps and legal rights that may allow consumers to get their money back, based on each of the common payment techniques fraudsters use to receive the consumer’s payment. Links are provided for further help.
Consumer Payments, Banking
New CFPB Rule Provides Enforceable Protections for Prepaid Cards
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.