Current Payment Scam Impacts Collection Industry

Recently, several Federal Reserve Banks issued a scam alert concerning a scheme that is being promoted in online videos that claim U.S. citizens may make payments using fictitious accounts held at the Federal Reserve Banks.  These fictitious accounts have been referenced as “secret accounts” and/or “Social Security Trust Accounts.” The individuals publishing the videos claim that substantial amounts are held within them for each U.S. citizen. 

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Pennsylvania Establishes Consumer Financial Protection Unit

Pennsylvania Attorney General Josh Shapiro announced last week that he is creating a Consumer Financial Protection Unit to protect Pennsylvania consumers from financial scams. He also announced the appointment of Nicholas Smyth, who helped create the federal Consumer Financial Protection Bureau (CFPB), as Assistant Director of the Office of Attorney General’s Bureau of Consumer Protection with a dedicated focus on financial initiatives.

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