Notice of Proposed Rulemaking Seeking Public Comment on Proposal to Ban Payment Methods Favored in Fraudulent Telemarketing Transactions; FTC Matter No: R411001
Telemarketing, in my opinion, is derived from the sharing and/or selling of personally identifiable information between what appears to be perfectly legitimate organizations and shadow companies to achieve a desired outcome that may violate the DTPA (Deceptive Trade & Practices Act). As an example, I have occassionally received calls to lower my credit card interest rate. The caller asks what the credit card number is. The problem is, I have no credit card. When I ask them what the number is, they hang up. It is apparent that my credit score, rating, standing, etc. has been compromised. As a beneficiary of a decedent's estate that is classified by the IRS as a resident alien and material interest entity; publicly administered by financial custodians, their affiliates, administrative trustees, financial correspondents and other executive agencies, it is no question that personally identifiable information has been shared, unaware and unauthorized. The length of time that has transpired allowing this conduct makes it difficult to mitigate because the information has surmounted to unmanageable levels due to the amount of PII that has been compromised. Many legitimate companies (including financial) claim that they will never share your financial information. That remains to be seen in light of this proposal. A deceased lender (settlor)cannot authorize transactions, but the agent purportedly acting on his behalf can. This does not preclude that the agent may be acting prudently as a fiduciary in the best interest of its customer. Therefore, it may allow the fiduciary to go beyond the restriction and prohibitions of sharing the customer's/client's PII creating a higher degree of third party risks related to money laundering and other credit exposures. Telemarketers obtain personally identifiable information (PII) from the companies with whom consumers conduct business in attempts to gain the customers acknowledgement to share their sensitive information, oftentimes not to the best interest of the consumer. When this information is compromised, it may appear to financial and legal authorities that the consumer is attempting to defraud the government when, in fact, it is the legal a/o shadow company affiliates for self interest purposes. Another example is when the consumer/borrower is unaware that their mortgage lien (deed of trust) has been released and discharged to the borrower by the lender, but the note has been transferred to another mortgage service and the monthly note payment continues. This is a violation of TILA, FCA (Truth-In-Lending Act/Fair Credit Act) and raises other concerns of security breach, non-disclosure and proprietary trading on material information. People often wonder why they receive junk emails and junk postal mail from those to whom you have not solicited for a particular product a/o service. When a legitimate company sleeps with the enemy, its hard to get out of bed with them until the breach is faced head-on and mitigated at the root. Testimony has been given by the CFPB that your financial institution knows more about you than you do. Secretary of State Offices, state and local agencies, county registrars and elected officials know just as much. Press releases have disclosed incidents of personal information breach. The vehicles of breach come from within (unsuspecting employees and their aiders in other organizations with the power to move, transfer a/o share material information and use it to inappropriately benefit from it; leaving the unsuspecting consumer holding the ball and suffering the consequence.