Blog Posts Tagged with Payments and Billing

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The Avant settlement: New financial platforms, established consumer protections

“There is nothing new under the sun.” It’s from the Book of Ecclesiastes and who are we to disagree? So even when innovative products enter the market – for example, new platforms offering financial services – fundamental consumer protection principles remain constant. And as the FTC’s $3.85 million settlement with Avant, LLC, demonstrates, that includes representations and practices related to online lending.

FTC to law violators: Don’t bank on bankruptcy

A recent ruling by a Florida Bankruptcy Judge sheds light on a tenacious team within the FTC’s Bureau of Consumer Protection. But first, let’s set the time machine to 2008 when the FTC entered into a settlement with BlueHippo, a computer financing company that pitched electronics to consumers with “less than perfect credit, bad credit, no credit.”

They give love a bad name

Just in time for Valentine’s Day, the FTC staff released a Data Spotlight highlighting the category of scam with the highest amount of reported financial loss among complaint categories the FTC uses to track fraud. The category may surprise, but here’s a hint. In the words of Bon Jovi, these con artists “give love a bad name.”

Hey Nineteen: Nine FTC developments that could impact your business in 2019

Steely Dan may be one of the best duos of the rock era. (Sorry, Donnie and Marie fans.) Their song “Hey Nineteen” reminds us to mention some FTC consumer protection developments that could be of interest to your company or clients in 2019. As “Any Major Dude Will Tell You,” when you’re “Reelin’ in the Years” – or at least recapping the past one – consider this non-exhaustive and in-no-particular-order case compilation.

Endorsement enforcement: Deceptive diabetes claims challenged

Archeologists report that the first mention of diabetes was in a papyrus excavated from an Egyptian tomb. Roll the scroll out a bit and it wouldn’t surprise us to find an ad (in hieroglyphics, of course) for a pill or potion promising a miracle treatment. Questionable diabetes products have been around for centuries and the latest one to attract law enforcement attention is a dietary supplement called Nobetes.

Talking turkey

Whether it’s a spare can of cranberry sauce or an extra turkey platter, thoughtful Thanksgiving hosts make contingency plans for the holiday. This year, if the dinner discussion veers into controversial territory – like the pumpkin pie vs. pecan pie debate – here’s a suggested topic of conversation you can have at the ready.

The gift of data – and a few words about gift cards

When people take a moment to report fraud, identity theft, or questionable business practices to the FTC, they’re giving consumers everywhere a “gift” of sorts. We use those reports – we get millions every year – to warn others about the latest scams. They also serve as an important source of information for our law enforcement efforts.

Scammers increasingly demand payment by gift card

Through Consumer Sentinel we hear from people across the country about frauds they encounter in the marketplace. One thing we learn from these reports is how scammers want to be paid. People are telling us that they’re increasingly being told to pay with gift cards – specifically, by giving someone the PIN number off the back of a gift card. Often people are specifically asked for certain brands, like iTunes and Google Play cards.

$505 million back for payday loan customers – and two messages for business

For consumers who took out loans with online payday lender AMG, the company’s illegal tactics left many of them saying OMG. But finally there’s good news for AMG customers arriving in the form of $505 million in refund checks just mailed to people who borrowed money between January 2008 through January 2013. That’s the largest amount ever sent in a refund program run by the FTC.

Time for a ROSCA recap: FTC says “risk free trial” was risky – and not free

Like the three sides of a triangle, ROSCA – the Restore Online Shoppers’ Confidence Act – has three basic compliance requirements for online sellers who enroll consumers in continuity plans, often known as negative options. The law bans online negative options unless the seller: 1) clearly discloses all material terms of the deal before obtaining a consumer’s billing information; 2) gets the consumer’s express informed consent before making the charge; and 3) provides a simple mechanism for stopping recurring charges.

Cryptocurrency webcast starts soon

The Cubs are in Los Angeles and the White Sox have the day off, but there’s still a lot happening in Chicago today. The FTC’s workshop Decrypting Cryptocurrency Scams is set to start at 1:00 PM Central Time at DePaul University. Speakers will explore how scammers are exploiting the interest in cryptocurrencies and what can be done to protect and  empower consumers. Can’t make it to the Loop Campus this afternoon?

Decrypting cryptocurrency scams: What’s on the agenda?

It’s unfortunate, but it happens. First came cryptocurrency. Then came the cryptocurrency crooks. In the emerging cryptocurrency marketplace, what needs to be done to protect consumers from scams, schemes, and swindles? That’s the topic of a half-day workshop on June 25, 2018, in Chicago, and the FTC just announced the agenda.

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