By: Lesley Fair | Dec 15, 2020 12:00PM
To quote studio head Samuel Goldwyn’s famous malaprop, an oral contract isn’t worth the paper it’s printed on. The same can be said of a written security policy if a company doesn’t carry out its provisions.
By: Lesley Fair | Dec 15, 2020 12:00PM
To quote studio head Samuel Goldwyn’s famous malaprop, an oral contract isn’t worth the paper it’s printed on. The same can be said of a written security policy if a company doesn’t carry out its provisions.
FTC Safeguards Workshop: Watch the webcast now
By: Lesley Fair | Jul 13, 2020 9:22AM
Information Security and Financial Institutions: An FTC Workshop to Examine the Safeguards Rule – a virtual event to consider the future of the Rule – is on now. Watch from the LIVE WEBCAST link on the event page. In addition, FTC staff is tweeting from @FTC using the hashtag #SafeguardsFTC.
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FTC releases agenda for Safeguards Rule virtual workshop
By: Sachit Gali | Jul 6, 2020 8:56AM
Financial institutions collect personal information from customers every day, from names and addresses to bank account and Social Security numbers. The Gramm-Leach-Bliley Act’s Safeguards Rule requires those institutions to develop, implement, and maintain a comprehensive information security program. As part of its regulatory review process, the FTC has proposed changes to the Rule.
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3 new things to know about FTC Safeguards Rule review
By: Lesley Fair | Apr 27, 2020 7:11AM
As part of its regulatory review, the FTC announced earlier this year Information Security and Financial Institutions: An FTC Workshop to Examine the Safeguards Rule. If the Safeguards Rule is of interest to you or your clients, you’ll want to know about three new developments.
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May 13th workshop takes a closer look at the GLB Safeguards Rule
By: Lesley Fair | Mar 2, 2020 3:48PM
Turning eighteen was a momentous birthday for most of us and the same could be said for the Gramm-Leach-Bliley Act’s Safeguards Rule. Finalized in 2002 and in effect since 2003, the Safeguards Rule requires “financial institutions” to develop, implement, and maintain a comprehensive information security program for handling customer information.
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FTC’s Privacy & Data Security Update for 2019 – and how you can use it
By: Lesley Fair | Feb 25, 2020 10:05AM
To review everything the FTC did in 2019 dealing with consumer privacy and data security – Enforcement, Advocacy, Rules, Workshops, Consumer Education, Business Guidance, and International Engagement – it could take days to compile all that information. The FTC has an easier way to share those developments with your company, clients, and colleagues.
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Consumer reviews: The FCRA upshot of fighting ire with fire
By: Lesley Fair | Jan 14, 2020 10:49AM
California-based mortgage broker Mortgage Solutions FCS also does business under the name Mount Diablo Lending. And according to the FTC, the company gave consumers a devil of a time if they posted negative reviews on Yelp. Is your business pondering how to address unfavorable consumer comments?
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$575 million Equifax settlement illustrates security basics for your business
By: Lesley Fair | Jul 22, 2019 6:48AM
Patch your software. Segment your network. Monitor for intruders. According to tech experts, those are security basics for businesses of any size. But when you’re industry giant Equifax – a company in possession of staggering amounts of highly confidential information about more than 200 million Americans – it’s almost unthinkable not to implement those fundamental protections.
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Data security settlement with service provider includes updated order provisions
By: Lesley Fair | Jun 12, 2019 11:39AM
The domino principle. The ripple effect. The butterfly phenomenon. Apply the analogy of your choice to describe what happens when one software developer’s allegedly lax security practices result in the breach of confidential customer information maintained by multiple businesses that use the software.
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FTC’s 2018 Privacy & Data Security Update: What it means for your business
By: Lesley Fair | Mar 15, 2019 10:02AM
Looking to take a deep dive into the breadth and depth of the FTC’s approach to consumer privacy and data security in the past year? The FTC’s website, including the Business Center, has what you need. But what if you or your clients prefer an at-your-fingertips digest of developments in 2018? We’re got that covered, too.
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FTC challenges Lending Club’s “No Hidden Fees” claims
By: Lesley Fair | Apr 25, 2018 1:09PM
It’s a given that companies shouldn’t charge consumers hidden fees. But it raises a particular concern when an online lender makes “No Hidden Fees” claims a centerpiece of its marketing – and then deducts from those loans hundreds or even thousands of dollars in hidden up-front fees.
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Venmo settlement addresses availability of funds, privacy practices, and GLB
By: Lesley Fair | Feb 27, 2018 12:06PM
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.
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2017: The consumer protection year in review
By: Lesley Fair | Dec 28, 2017 4:14PM
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.
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4 Gramm-Leach-Bliley tips to take from FTC’s TaxSlayer case
By: Lesley Fair | Aug 29, 2017 12:21PM
If you or your clients are in the tax preparation field, there are three letters you should focus on. OK, I-R-S may be the first thing on your mind. But as the FTC’s proposed settlement with TaxSlayer suggests, don’t forget those other important letters: G-L-B.
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By: Lesley Fair | Jul 13, 2015 10:20AM
There are three letters every auto dealer should know about. GTO? XKE? Good guesses, but not what we had in mind.
We’re talking about GLB.
The Gramm-Leach-Bliley Act requires financial institutions to give their customers initial and annual notices about their privacy policies. If the company shares certain customer information with particular types of third parties, they also have to give customers the opportunity to opt out of sharing. The FTC’s Privacy of Consumer Financial Information Rule – friends call it the GLB Privacy Rule – explains the specifics.
New ID theft recovery plan and a lend-a-hand plan for business
By: Lesley Fair | May 14, 2015 12:09PM
Maybe it’s a suspicious tax document flagged by your HR staff or a customer concern about an unauthorized charge. Identity theft can reveal itself in many ways. Regardless of the tip-off, there’s a new one-stop federal resource – IdentityTheft.gov – to help people report and recover from ID theft.
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Time 2 txt about data security basics?
By: Lesley Fair | Jan 23, 2015 9:38AM
53 and it’s likely to go up. That’s the number of data security law enforcement actions the FTC has settled so far. The facts of each case are different, but distilled down to the basics, they stand for one central proposition: Your company’s data security measures should be reasonable and appropriate in light of the sensitivity and amount of consumer information you have, the size and complexity of your business, and the availability and cost of tools to improve security and reduce vulnerabilities.
By: Lesley Fair | Jun 27, 2014 3:03PM
Ahab hunts big fish.
Captain and whaling boat sink.
Ishmael prevails.
Sometimes you want to read all 209,117 words of Moby Dick. Other times a haiku will do. Sometimes you want an in-depth analysis of the FTC’s enforcement, rulemaking, research, education, and international efforts related to privacy and data security. Other times a summary will suffice.
By: Lesley Fair | Nov 9, 2012 1:18PM
Some things you’d expect to find in a trash can: last night’s potato peelings, the casserole that looked so promising in the cookbook photo, and Oscar the Grouch. But if you run a business, the one thing you don’t want in the dumpster behind your office is paperwork containing sensitive information about your customers. Just ask PLS Financial Services, PLS Group, and the Payday Loan Store of Illinois.
By: Lesley Fair | May 24, 2012 11:03AM
In Short: Advertising and Privacy Disclosures in a Digital World — an FTC workshop to discuss guidance on disclosures in the online and mobile world — is set for May 30, 2012. This is the latest development in the ongoing conversation about revising the FTC’s 2000 guidance publication, Dot Com Disclosures.