By  Mon Feb 10, 2014

New Phone Scam Aims to ‘Cram’ Charges: 5 Things to Know for the Week

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Consumers may want to keep a close eye on their phone bills for weird charges while also remaining cognizant of the phone calls that they receive. An up-and-coming phone scam is preying on unsuspecting mobile subscribers by getting them to call back to an expensive hotline.

  • PayPal unveiled a new website redesign that aims to provide a mobile-first experience with plenty of content such as videos, photos and illustrations. The new design sports a modern look and easier navigation that reflect simplicity. The U.S. will be the first to see the design while other markets will see the changes in coming weeks.
  • The IRS released a new update for its mobile applications, called IRS2Go. One major upgrade is the ability for taxpayers to check the status of their refunds. “The IRs is focused on providing taxpayers with convenient self-service tools like IRS2Go, which provides details on everything from tax refunds to free tax assistance,” said IRS Commissioner John Koskinen.
  • Consumers should be on the lookout for a telephone scam that is designed to cram charges onto their phone bills. Scammers use will auto-dial a phone number and hang up after just one ring. Fearing that they missed a call, victims will use caller ID to return the call, which routes to an expensive hotline that imposes hefty charges just for connecting.
  • Citibank customers will begin to notice a new experience when they head to the ATMs as the bank gradually upgrades to the increasingly popular self-service channel. The bank expects all of its ATMs to carry the new interface by the end of February.
  • Later this week, one major online bank plans to slash its savings rate. The The national savings rate, of 0.28% APY, has not budged much for the past several months due to little change in online savings rates. We’ll see if the rate change from this online bank will have an effect on the national average.

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