The Federal Trade Commission and the Federal Deposit Insurance Corp. announced Wednesday they have teamed up to crack down on the practice of issuing fraudulent credit card renewals.
The FTC and the FDIC say they will work together to crack the issue, and the banks that provide the credit cards will also have to provide a refund check.
The companies that provide these products must also provide the FTC with data that identifies consumers who have used the card.
The FTC says that the fraudsters will have to stop issuing credit cards to people who don’t have the necessary identification and other documentation.
The new policy will apply to both card issuers and merchants who provide card renewal services.
A consumer must have valid identification and proof of income, such as a utility bill or paycheck.
The credit card must have a expiration date.
The Federal Deposit Association has already said it will stop issuing debit cards to consumers who don�t have a valid card or who have no income.
The association has also been issuing warnings about the fraudulent activities, and urged customers to verify their identity.
This is an evolving threat.
We�re always evolving,” said Jessica Rich, an FDIC spokeswoman.
This is the first time the FTC and FDIC have teamed to crack this issue, Rich said. “
We�re working with our regulators to make sure we don�’t run out of options,” said David Smith, chief executive officer of the Federal Reserve Bank of New York.
This is the first time the FTC and FDIC have teamed to crack this issue, Rich said.
We�ve seen other issuers start to step up, she said.
The FDIC says it will work with its banks to review the new policy.
There are two types of credit cards.
The first is the debit card.
There are many of these types of cards that consumers can get, and these cards are used by many different people, she added.
The second type of credit card is the credit card with an expiration date, like a bank debit card or a credit card.
These cards are more prevalent among the young and middle-aged, who tend to spend a lot of money, and they are often used for spending on things that aren�t always cash.
The FDIC and the FTC are urging all Americans to verify whether they are a consumer with a valid credit card and to report any fraudulent activity to the government.
If you�re a consumer and are in need of a credit report, contact the Credit Karma Consumer Reporting Service at 1-800-322-1236 or visit the CreditKarma website.