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Small business owners have a higher risk of identity fraud than other adults according to a recent study co-sponsored by ITAC, the Identity Theft Assistance Center, and The Financial Services Roundtable.
The Javelin Strategy & Research 2010 Identity Fraud Survey Report found that overall identity fraud grew by 14% in 2009 to 11.1 million adults, in part due to the economic downturn. Small business owners are one-and-a-half more times likely to be a victim than other adults.
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At any age or stage in life, it’s important to stay informed about ways to save and protect your money. The FDIC, in observance of National Consumer Protection Week (NCPW) March 7-13 and its theme of helping people of all ages exercise their consumer rights, announced today that the agency will begin to regularly deliver timely tips on money management on the agency’s Web site and through an e-mail subscription service.
The first five tips will be issued during NCPW – one each day – beginning Monday, March 8. Starting the following Monday, the tips will be provided on a weekly basis as the FDIC “Consumer Tip of the Week.” Topics will range from saving and borrowing money to protecting money with FDIC insurance and avoiding financial fraud.
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The Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009, which took effect February 22, 2010, requires new disclosures on monthly credit card statements. The Financial Services Roundtable and the Center for Responsible Lending have teamed up to explain a few of these new disclosures, which are intended to make the cost of credit clearer to American consumers.
The Disclosures WILL:
● Show you how long it will take to pay off your entire balance if you pay only the minimum payment each month and make no additional purchases or advances.
● Show the total cost, including principal and interest, if you make only minimum payments to pay off the balance.
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