Tag: FinTech

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A mobile banking app that promises consumers 24/7 access to their money and a high rate of interest? Sounds like a perfect 10. But according to a lawsuit filed by the FTC, San Francisco-based Beam Financial stumbled on required skills and definitely didn’t stick the dismount.
Small businesses are a critical part of the U.S. economy, providing opportunity and employment to consumers across the country. Unfortunately, the current health crisis has brought financial strain to small businesses and their ability to secure the financing they need to survive. So...
For small businesses, there’s never been a time when “business as usual” has been so unusual. With many companies facing coronavirus-related challenges, the FTC has tips for business owners – and for those offering small business financing – about navigating today’s uncharted...
As an essential engine of the American economy, small business has a big impact. But where can small business owners turn for the capital they need to grow? Traditional lenders are one option, but the “It’s a Wonderful Life” image of George Bailey at the Building & Loan may not...
They say hindsight is 20/20, but what about foresight? We’re not ones to prognosticate, but a look at notable FTC cases and initiatives from the past year suggests some topics likely to be top of mind in months to come. Here is a non-exhaustive list of issues in our 2019 rearview...
The term “FinTech” covers a lot of topics central to the FTC’s consumer protection mission – lending, payment systems, data security, privacy, and truth in advertising, to name just a few. So where can businesses go for resources on how established consumer protection standards apply...
It’s time to get up to speed and down to business. Strictly Business: An FTC Forum on Small Business Financing begins at 8:30 ET today, Wednesday, May 8th. Just in time for National Small Business Week, the half-day workshop will focus on the online marketplace for small business...
Where do entrepreneurs go if they’re long on ideas, but short on capital? In their short history, crowdfunding platforms have often been the financial sparkplug that ignites the engine of innovation. But some campaigners promote zealously and deliver zilch. According to the FTC, a...
Whether you’re starting a business or trying to grow one, there’s one thing you need to take it to the next level: capital. Entrepreneurs look to traditional lenders, of course, but they’re also turning to the online marketplace to find small business financing. What types of products...

Filtering by content type: Case

The FTC sued the operators of a mobile banking app, alleging that they falsely promised users high interest rates on their accounts and “24/7” access to their funds.
Payment processor Allied Wallet, its CEO and owner Ahmad ("Andy") Khawaja, and two other officers, Mohammad ("Moe") Diab and Amy Rountree, have agreed to settle Federal Trade Commission charges that they assisted numerous scams by knowingly processing fraudulent transactions to...

Filtering by content type: Press Release

The Federal Trade Commission sued the operators of a mobile banking app, alleging that they falsely promised users high interest rates on their accounts and “24/7” access to their funds.
The Federal Trade Commission is sending PayPal payments totaling more than $470,000 to people who lost money to deceptive chain referral schemes involving cryptocurrencies.
The operator of a deceptive crowdfunding scheme will be banned permanently from engaging in crowdfunding activities as part of a settlement with the Federal Trade Commission over allegations that he used contributors’ funds on himself rather than to deliver the high-tech backpack he promised.
The defendants are permanently barred from multi-level marketing as part of settlement.
Payment processor Allied Wallet, its CEO and owner, and two other officers have agreed to settle FTC charges that they assisted numerous scams by knowingly processing fraudulent transactions to consumers’ accounts.
WHAT:The Federal Trade Commission will host a forum on small business financing.WHEN:Wednesday, May 8, 8:30 a.m. – 12:45 p.m. ET (Doors open for registration at 7:45 a.m.)WHERE:Constitution Center400 7th St SW
The Federal Trade Commission has taken legal action against the operator of a deceptive crowdfunding scheme who told consumers he was raising money to develop a high-tech backpack and other products, but failed to deliver any of the products and instead used much of the funds for himself.

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