According to CreditCards.com, Joshua Finer, owner of VirtualWorks, misrepresented prepaid cards to his customers and was fined $52,000 by the FTC. Consumers who were applying for a loan or were lead to believe the card was free were actually charged $54.95 through a default setting by the online checkout's function. Read the full article here.
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According to this post on creditcards.com, VirtualWorks, A California-based credit card company has settled with the FTC for a sum of $52,000 for tricking customers into buying prepaid cards. Joshua Finer, the owner of VirtualWorks misrepresented his product to consumers by having them apply for a payday loan in which was disguised as "free", but then charged consumers a $54.95 prepaid card enrollment fee.
What are some other examples of deceptive marketing prepaid card schemes like this one that you've come across in through your endeavors?
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According to Credit.com, several major prepaid calling card companies have agreed to pay $2.25 million as part of a settlement to resolve Federal Trade Commission (FTC) charges. The companies were accused of misleading consumers about the number of minutes they were purchasing with their calling cards. The settlement resolves charges brought by the FTC last May against Alternatel, Inc.; Voice Prepaid, Inc.; G.F.G. Enterprises, LLC, also known as Mystic Prepaid; Voice Distributors, Inc.; Telecom Express, Inc.; and their principals, Nickolas Gulakos, Moses Greenfield, Lucas Friedlander, and Frank Wendorff. According to this article and the news about prepaid calling cards, what are some brands that you use or suggest others use? How can consumers protect themselves from fraud?
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