Credit card fraudsters have made some serious headway lately, and they are continuing to try to exploit consumers’ weaknesses to gain access to their information.
The new year has seen a spate of card frauds targeting consumers.
It appears that a new category of card is gaining traction.
Credit cards with hidden or false informationOn Monday, the Federal Trade Commission announced that the company that provides the cards used by most American households has a history of creating misleading or inaccurate credit card information.
A report from the FTC found that card issuers have used a variety of tactics to trick consumers into entering their information incorrectly.
The card issuer, MasterCard, has said it uses “fraud detection technology” that works by analyzing the data that consumers enter on their credit card statements and by scanning them to verify their identity.
It also has been accused of trying to conceal information about its customers’ spending patterns, including when they pay their credit cards, by including it in a “guaranteed minimum” of cardholder disclosures.
The FTC found many card issuees, including Visa, American Express, and Discover, were doing things to help conceal cardholder information.
The commission found that the companies “may have engaged in deceptive or misleading conduct, and the FTC has the authority to stop or restrain the conduct, if it believes it poses a substantial risk of consumer harm or financial harm.”
The commission said that it also is “investigating” several other card issuors for possible violations of the consumer protection laws.
A card issuer has to have a fraud protection plan, or a fraud reporting and verification program, to ensure that all customers receive accurate and complete information.
This is the new standard.
They’re doing it to protect their bottom line.””
There are a lot of good companies out there that are doing it and a lot that are being asked to do it.
They’re doing it to protect their bottom line.”
The FTC’s report found that most card issuists, which have an average of six employees, had a fraud prevention plan in place by October 2015.
More than half of those plans were in place for at least two years, the report found.
The commission’s report did not say what types of card issurs had been found to be in violation of the law.
The companies are required to post a fraud notice on their websites.