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If we can stop the scammers from accessing consumers bank accounts - then we can protect the consumers and starve the scammers, said Michael Bresnick, the former federal prosecutor who directs the task force, in written remarks before the Exchequer Club of Washington, D.
No longer focused only on companies with a clear connection to the financial crisis, the group wants to protect consumers from mass marketing fraud schemes - personal loans for high income earners deceptive payday loans, he said. "Mass market fraudsters" Referring to online payday lenders repeatedly as mass market fraudsters, Bresnick said the working group is focused on banks and payment processors that make it possible for online lenders to operate in states where their loans would be illegal.
Bresnick lumped in online "deceptive payday loans" with more clear cut fraudulent industried like fake health care discount cards and phony government grants. Payday lenders offer short-term loans of a few hundred dollars, mainly to poor, cash-strapped customers. Until about five years ago, they operated mainly out of storefronts that offered a advance cash limited belize of money services to people who cant or wont use traditional banks.
Consumer advocates have long called for stricter limits on the industry, which ensnares many borrowers in a cycle of borrowing anew to repay a previous personal loans for high income earners and which can charge interest rates that exceed 1,000 percent. A number of states, including New York, have tried to eliminate the practice by capping interest rates.
Yet the industry has proven resilient.
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