Blog Posts Tagged with Payments and Billing

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FTC alleges ISO, sales agents laundered millions in credit card charges

Consumer scams need four things to survive: food, water, air – and access to the credit card system. Credit card networks build protections into the system to engage lawful businesses while keeping an eye out for fraud. When people use tactics to try to work around those protections, law enforcers take notice.

FTC settlement with Amazon yields $70 million for consumers, advice for business

The FTC’s law enforcement action against Amazon for unauthorized billing recently settled, leaving two key takeaways: 1) Consumers are eligible for more than $70 million in refunds; and 2) Businesses need to get customers’ express consent before placing charges on their credit or debit cards.

FTC alleges deceptive “free” offers teed off golfers and left home chefs feeling burned

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.

FinTech Forum: A closer look at peer-to-peer payment systems and crowdfunding platforms

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.

Third FinTech Forum to discuss artificial intelligence and blockchain

Artificial intelligence and blockchain. If those terms relate to your company’s work, you might want to mark March 9, 2017, on your calendar. If you have financial services clients and you’re not up to speed on how either artificial intelligence or blockchain relates to their business, you’ll definitely want to reserve March 9th for the FTC’s third FinTech Forum.

Trial and error

Imagine a series of promotions that involve pain relief promises, cognition claims, endorsements, 30-minute radio ads, “risk-free” money-back guarantees, “free” trial offers, negative options, telemarketing, and upsells of buying club memberships. What could possibly go wrong for consumers?

Where would you like to start?

$586 million Western Union settlement: Be careful about the company your company keeps

“For many years, Western Union’s money transfer system has been used by fraudsters around the world to obtain money from their victims.” That’s how the FTC’s complaint against Western Union opens – and it tells a compelling story of a corporation the FTC says knew that massive fraud was afoot and had the ability to address it, but chose to look the other way.

Edge of ‘17

Just like the white winged dove sings a song,” you can count on the BCP Business Blog to celebrate the “Edge of Seventeen” – 2017, of course – with a recap of in-case-you-missed-it developments from 2016. (Sorry, Stevie Nicks. That was a stretch.) In no particular order, here is our take on ten noteworthy consumer protection actions from the year gone by.

Military Consumer: Sound Off!

The military community makes many of the same consumer decisions as their civilian counterparts. We all need to manage our money – and avoid rip-offs. But servicemembers and their families also face unique challenges, like frequent relocations and deployment. When a permanent change of station is on the horizon, a military family needs to rent or buy a new place to live, manage money while on the move, and be vigilant about dealing with businesses in an unfamiliar locale. A servicemember’s regular paycheck from Uncle Sam can make them a target for scammers.

FTC says NetSpend decked consumers with deceptive claims for prepaid debit cards

From the perspective of consumers, the whole purpose of prepaid debit cards – their reason for living, if you will – is to give consumers immediate access to their money. Those cards are an especially important financial lifeline for people who don’t have traditional bank accounts.

Record $1.3 billion ruling against Scott Tucker and others behind AMG payday lending

The FTC’s lawsuit against AMG Services, Scott Tucker, and others challenged deceptive and unfair payday lending and debt collection practices that targeted cash-strapped consumers. The case has already resulted in an important ruling related to the scope of the FTC Act. But an order granting the FTC’s Motion for Summary Judgment includes a history-making provision: a $1.3 billion financial remedy – the largest ever in a litigated FTC case.

FinTech Forum: A closer look at marketplace lending

Innovative financial technology is changing the way consumers borrow, share, and spend money, offering the promise of increased convenience and access to financial services. The FTC is hosting a series of FinTech events to broadly explore the implications of this financial technology for consumers, building on the agency’s longstanding focus on technological innovation and extensive enforcement experience in the area of non-bank financial practices.

7 quotes of note from the Amazon decision

In Amazon’s Appstore, many apps geared toward kids prompted them to use fictitious currency, like a “boatload of doughnuts” or a “can of stars,” as part of game play. But a federal district court recently agreed with the FTC that Amazon’s practice of charging cold, hard cash for those imaginary items and billing parents and account holders without their express informed consent violates Section 5 of the FTC Act.

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