Blog Posts Tagged with Payments and Billing

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FTC recaps consumer complaint data for 2017: Who’s on the list?

Once bitten, twice shy. That fundamental principle of human behavior is why reputable businesses that work hard to earn consumers’ confidence should support the FTC’s ongoing efforts to fight fraud. According to the FTC’s 2017 Consumer Sentinel Data Book, consumers reported losing a total of $905 million to fraud last year. That’s close to a billion bucks people won’t be able to spend on legitimate products and services from credible companies.

Venmo settlement addresses availability of funds, privacy practices, and GLB

Advances in payment methods could end those open-wallet debates about who owes what for the pizza. But as innovative technologies change how people pay for things, established consumer protection principles apply. An FTC complaint against peer-to-peer payment service Venmo – now operated by PayPal – alleges that the company failed to disclose material information about the availability of consumers’ funds.

So You Received a CID: FAQs for Small Businesses

So you’ve received a Civil Investigative Demand (CID) from the Federal Trade Commission related to a consumer protection matter. Now what? We appreciate that it can be daunting for any company – especially a small business – and we want to be as transparent as possible about the process.

2017: The consumer protection year in review

One Direction had a hit with a song called “18,” but the FTC’s recent law enforcement and policy initiatives suggest that the agency will continue to pursue many directions in its efforts to protect consumers in ‘18. (Sorry. We’re expecting a fresh shipment of pop culture references in January.) In case you missed them – and in no particular order – here are ten FTC consumer protection topics of note from 2017.

Advertisers should be uneasy about unproven disease claims

The “before” photo showed a silver-haired lady in a wheelchair with a hand on her furrowed brow. “24 hours after” and she’s smiling and knitting on the sofa, thanks to a dietary supplement proven in a 1200-person clinical study to reduce or eliminate the symptoms of joint pain, hypertension, diabetes, and depression. And how’s this for a bonus? Users can “easily lose between 8-13 lbs. per week.”

Fauxmats, false claims, phony celebrity endorsements, and unauthorized charges

Online news reports appeared to feature the miraculous results celebrities like Will Ferrell and Paula Deen achieved from muscle-building supplements, weight loss products, and other merchandise. But according to the FTC, those “news reports” were deceptively formatted ads and the claims about “miraculous” results were false or misleading. And those weren’t the only secrets hidden within the promotions.

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.

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