Cramming: It's a multibillion dollar con that cheats millions of Americans every year. But because it uses small charges, hidden as deceptively legit sounding fees embedded on phone bills, victims may not notice for months or years. DailyFinance readers share how they got scammed -- and how they fought back.
Almost 30 years ago, the government's breakup of AT&T changed how telecom billed customers, and scammers discovered a loophole that let them slip unauthorized fees onto consumers' monthly phone bills. Since then, "cramming" has grown into a multibillion dollar a year con game.
A manipulative scheme that made unlawful profits on the price of crude oil was flagged in a complaint Tuesday by the Commodity Futures Trading Commission, a sign that the regulator is cracking down on potential speculation in energy markets.
A new report by the Center for Responsible Lending shows that issuers have created or expanded at least eight hidden charges to replace the income they anticipate losing because of newly enacted laws and Federal Reserve rules intended to stop credit card abuses.
