Business Blog

If Instagram is the home of Throwback Thursday and Flashback Friday, #IGers should think of today as Word to the Wise Wednesday.

It used to be a rite of passage: spending the night in a line outside the box office to score tickets to the Stones, Springsteen, or [insert your favorite group here]. The convenience of internet ticket sales ended the sleeping-on-the-sidewalk ritual. But online ticket sales raised another concern: Were prospective buyers losing out to computer programs that scooped up the best seats only to resell them at inflated prices?

On the first day of law school, students learn the Latin maxim Res ipsa loquitor – “The thing speaks for itself.” Pardon the inaccurate translation, but in the case of the FTC’s Annual Highlights, we think Tabula crustum ipsa loquitor – “The pie chart speaks for itself.” In other words, the statistical recap of the past year tells an important story about what the FTC is doing to protect consumers and promote competition.

When websites prominently advertised “FREE!” golf balls and other gear, duffers and low-handicappers alike swung for the deal. But according to the FTC, 10 related defendants drove consumers into the rough with poorly disclosed terms and conditions, deceptive negative options, and misleading upsells, in violation of the FTC Act and the Restore Online Shoppers’ Confidence Act.

There was a twisted kind of accuracy in one of the company names used by a Phoenix-based outfit that peddled business opportunities. It was called “Building Money” and build it they did. The problem was that they built it for themselves – and not for the older consumers, military veterans, and folks on fixed incomes the FTC says they bilked out of millions of dollars.

Threats of imprisonment, warnings about extortion, and a security team allegedly comprised of ex-Israeli Special Ops trained in Krav Maga? It sounds like an action-packed movie plot, but it’s all related to a complaint filed by the FTC. And you’ll never guess the nature of the defendants’ business.

They sell patent and invention promotion services – or at least that’s what defendants World Patent Marketing, Desa Industries, and CEO Scott Cooper claim.

The scene is the west coast, the subject is emerging technology, and AI is in the title. But it’s not the 2001 Spielberg sci fi film.

Financial technology remains a hot topic for consumers, offering the possibilities of increased convenience and access to financial services at a lower cost. As part of its FinTech Forum series, the FTC continues to promote public discussion of the ways in which innovative FinTech services – many provided by non-banks and technology companies within the FTC’s jurisdiction – can benefit consumers and the potential issues for stakeholders to keep in mind.

When internet fraudsters mimic a legitimate business to trick consumers into giving out their personal information, it’s called phishing. It’s not just a problem for consumers, but for the companies the scammers are impersonating too. The FTC has long provided advice to consumers about steps they can take to avoid phishing scams. But what should you do if customers contact your company upset that they responded to a phishing email from a scammer impersonating your legitimate business?