(HURON COUNTY, ON) – The Ontario Provincial Police (OPP) are warning consumers not to blindly trust phone calls that claim to be able to negotiate amazing lower interest rates on your credit card or loan.
Two South Huron residents received phone calls this past week from scammers offering to lower the interest rates on their credit cards.
Members from the OPP Anti-Rackets Branch report this type of service scam is becoming more prominent. Consumers who get these interest rate reduction offers sometimes through automatically dialled robo-calls should listen to them with extreme skepticism because many are scams. What the callers really want is the processing fee, which is usually paid by credit card.
Investigators have found that people who pay for these services don’t get the interest rate reductions promised, don’t save the amounts promised, don’t pay off their credit card any quicker and ultimately struggle to get refunds.
If you are looking to reduce interest rates, call your financial institution or the customer service phone number provided on the back of your credit card and negotiate. Don’t be tempted by the promises made by a robo-call, hold off and hang up.
If you suspect you or someone you know has experienced an interest rate reduction scam or has been the victim of a scam contact the Canadian Anti-Fraud Centre at 1-888-495-8501 or online at www.antifraudcentre-centreantifraude.ca. Alternatively you can contact the OPP at 1-888-310-1122.