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Nov 27, 2013
FTC: International Bogus Debt Collector Phone Scam Swindles Millions From US Residents
U.S. authorities report they have broken up a phone scam in which callers in India posed as debt collectors to bilk millions of dollars out of more than 10,000 U.S. residents.
Officials say callers used threats of arrest or the loss of their jobs, and that the first-of-its-kind investigation may have only uncovered the tip of the iceberg.
The investigation revealed that from 2010 to 2012, $5 million was paid in 17,000 transactions to accounts controlled by the alleged fraudsters. The targets included people who applied for loans by punching personal details into a payday site but whose applications were rejected, Federal Trade Commission official Steven Baker said.
Furthermore, more than 20 million calls may have been placed over the past two years, with collectors demanding between $300 and $2,000 per call.
U.S. authorities report they have broken up a phone scam in which callers in India posed as debt collectors to bilk millions of dollars out of more than 10,000 U.S. residents.
Officials say callers used threats of arrest or the loss of their jobs, and that the first-of-its-kind investigation may have only uncovered the tip of the iceberg.
The investigation revealed that from 2010 to 2012, $5 million was paid in 17,000 transactions to accounts controlled by the alleged fraudsters. The targets included people who applied for loans by punching personal details into a payday site but whose applications were rejected, Federal Trade Commission official Steven Baker said.
Furthermore, more than 20 million calls may have been placed over the past two years, with collectors demanding between $300 and $2,000 per call.