FTC lawsuit knocks Amazon on payments play
Payments Dive
SEPTEMBER 27, 2023
The FTC alleged in a lawsuit filed Tuesday against the online retail juggernaut that it maintained a monopoly partly through its checkout process.
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FTC, FloatMe reach $3M settlement
Payments Dive
JANUARY 29, 2024
The cash advance provider “lured consumers in with false promises of free money advances,” and then made it difficult for them to cancel, FTC Director Samuel Levine said in a press release.
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FTC Report: Largest Mega-Stores, Grocery Conglomerates Profit Off Pandemic Price Hikes
Electronic Payments Coalition
APRIL 9, 2024
The Federal Trade Commission (FTC) recently released a report questioning whether COVID-19 price increases at grocery conglomerates, including corporate mega-stores, were necessary and if the continued higher prices were all about increasing profits.
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Payments processor BlueSnap reaches $10m settlement with FTC
Finextra
MAY 2, 2024
BlueSnap and its former CEO have settled with the Federal trade Commission (FTC) for knowingly processing payments for "deceptive and fraudulent" companies.
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Non-bank financial institutions must report data security breaches: FTC
Payments Dive
NOVEMBER 1, 2023
The amendment to the FTC’s Safeguards Rule would require non-banking financial institutions to report when they discover information impacting at least 500 people has been accessed without authorization.
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FTC refunds USD 2.6 mln to FloatMe users for misleading practices
The Paypers
SEPTEMBER 17, 2024
The FTC has announced it will distribute over USD 2.6 million in refunds to consumers affected by FloatMe , an online cash advance provider accused of misleading practices.
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FTC Reports Over 18K Fraud Cases Linked To Coronavirus
PYMNTS
APRIL 15, 2020
According to the FTC, there have been 18,235 reports of fraudulent activity or fraud attempts related to the coronavirus since Jan. The FTC says the top categories of these scams entail travel and vacation-related items, online shopping and bogus text messaging, along with “all kinds of imposters.” million to fraud.
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FTC Reports $145M In COVID-Related Scams Since January
PYMNTS
SEPTEMBER 22, 2020
More than 200,000 Americans have lost $145 million linked to the COVID-19 pandemic since the start of the year, the Federal Trade Commission (FTC) reported on Tuesday (Sept. At 7,628, the FTC found that the greatest number of complaints came from people aged 30-39, who lost a total of $13 million with a median loss of $209.
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FTC Warns Taxpayers About Stimulus Fraud
PYMNTS
AUGUST 11, 2020
Congress has yet to agree on the next round of stimulus funding, but the Federal Trade Commission ( FTC ) is already warning the public to beware. No one will call to ask for your bank account, credit card or Social Security number, the FTC said. Consumers who spot a scam should contact the FTC at ftc.gov/complaint.
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Coronavirus Scams Trigger Surge In FTC Complaints
PYMNTS
MARCH 31, 2020
The Federal Trade Commission (FTC) reported in a press release that it has received over 7,800 complaints from consumers all relating to the coronavirus pandemic, twice the number it received just a week ago. The FTC will regularly make the number of coronavirus-related complaints public on its Explore Data page.
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FTC investigates 'surveillance pricing' based on customer data
Finextra
JULY 23, 2024
The Federal Trade Commission is investigating how companies including Mastercard and JPMorgan Chase use AI and personal data for services that let firms set different prices for different people.
FTC, 48 States Launch Massive Antitrust Suit On Facebook
PYMNTS
DECEMBER 9, 2020
The Federal Trade Commission (FTC) and 48 states launched a massive antitrust lawsuit on Facebook Wednesday (Dec. The FTC is seeking an injunction in federal court that could require divestitures of assets, including Instagram and WhatsApp.
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FTC demands pricing input from Mastercard, others
Payments Dive
JULY 23, 2024
The Federal Trade Commission demanded information from eight companies, including the card network, to better understand how consumer data is being used in the pricing of products and services.
FLEETCOR: FTC Allegations ‘Without Merit’
PYMNTS
JANUARY 20, 2020
The Federal Trade Commission (FTC) has filed a suit against Georgia fuel card firm FLEETCOR , alleging that it bilked customers out of millions of dollars in hidden fees, a charge the company denies, according to reports on Monday (Jan. FLEETCOR said it “strongly disagrees with the FTC’s complaint,” saying the claims “are without merit.”
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FTC Refunds $12M To Consumer Victims Of Bogus Online Trial Memberships
PYMNTS
MAY 19, 2020
More than 147,000 consumers who were scammed by I Works are getting full refunds totaling $12 million, the Federal Trade Commission (FTC) announced Monday (May 18). The FTC alleged the Utah-based company operated deceptive trial memberships and bogus government grant and money-making schemes in 2010.
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FTC Reports Record Surge In eCommerce Complaints Amid Pandemic
PYMNTS
JULY 1, 2020
Since the beginning of the coronavirus pandemic, the Federal Trade Commission (FTC) has received a record number of complaints related to online shopping, the agency reported on Wednesday (July 1). The most common missing items included face masks, sanitizer, toilet paper, thermometers and gloves, the FTC said.
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FTC Sends $2M In Payments To Fake Immigration Center Victims
PYMNTS
MARCH 2, 2020
In response to fraud from the American Immigration Center, the Federal Trade Commission (FTC) is sending out refunds for those defrauded, according to a press release. The FTC will issue 4,976 refund checks and 44,136 PayPal payments to victims, totaling over $2 million to help make them whole. There was also a $2.2 Analytics Inc.,
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FTC revs up money transfer case against Walmart
Payments Dive
JULY 6, 2023
The Federal Trade Commission revved up its case against Walmart last week, alleging the retailer facilitated fraudulent transactions, despite a court ruling setback in March.
FTC Mulls Antitrust Injunction Against Facebook
PYMNTS
DECEMBER 12, 2019
Officials at the Federal Trade Commission (FTC) are considering the possibility of a preliminary injunction against Facebook over antitrust issues related to how the social media giant’s apps interact with each other, according to a report by The Wall Street Journal. The FTC action could happen as soon as next month.
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Facebook Could Face FTC Antitrust Suit By Year's End
PYMNTS
SEPTEMBER 16, 2020
The Federal Trade Commission (FTC) is looking into potentially launching an antitrust lawsuit against Facebook over allegations that the social media giant has stifled competition, The Wall Street Journal (WSJ) reported. The FTC can't make that decision unilaterally, though. That said, a lawsuit might not happen at all, WSJ reported.
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Allied Wallet Settles With FTC Over Fraudulent Payment Allegations
PYMNTS
MAY 21, 2019
Payment company Allied Wallet and its owner, Ahmad Khawaja, as well as two officers, Mohammad Diab and Amy Rountree, have settled with the Federal Trade Commission (FTC) over allegations of knowingly processing fraudulent transactions related to scams, the FTC reported on Tuesday (May 21). Rountree’s $320,429.82
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FTC Provides Testimony On Anti-Fraud Efforts Amid Pandemic
PYMNTS
JULY 21, 2020
The Federal Trade Commission (FTC) testified before the Senate Commerce Subcommittee on Manufacturing, Trade and Consumer Protection on Tuesday (July 21), detailing its efforts to combat coronavirus-related fraud, including sending warning letters and trying to educate customers on how to spot a scam, according to a press release.
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FTC Fines Office Depot; Refunds Consumers For Virus Scam
PYMNTS
FEBRUARY 20, 2020
The Federal Trade Commission (FTC) has sent $34 million to victims of a scheme by Office Depot and a separate software provider that encouraged them to buy unnecessary computer repair products, according to a report. The FTC is distributing 541,247 checks at $63.35
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FTC Warns Of COVID Scams, Cracks Down On Fake Job Schemes
PYMNTS
DECEMBER 14, 2020
The Federal Trade Commission (FTC) has announced a new operation, Operation Income Illusion, to crack down on fraudsters targeting victims with fake promises of jobs or income, according to a press release. The FTC is working with 19 other federal, state and local law enforcement partners in the effort.
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Google’s Waze Acquisition Likely Target Of FTC Scrutiny
PYMNTS
FEBRUARY 16, 2020
Federal Trade Commission (FTC) is investigating acquisitions made by big tech firms in the past 10 years and has a special focus on Google ’s $1.1 In June 2013, the FTC approved Google’s acquisition of the Israeli company behind the crowdsourced navigation app Waze. Further, by purchasing Waze, Google got rid of its main competitor. .
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FTC Officials Look Into Amazon’s Use Of Market Power
PYMNTS
SEPTEMBER 11, 2019
To find out if Amazon is utilizing its market power to hurt competition, a Federal Trade Commission (FTC) team of investigators has started to interview small businesses that sell items on Amazon. 11), citing unnamed merchants.
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FTC Big Tech Probe Expands With New Inquiries
PYMNTS
FEBRUARY 11, 2020
A Federal Trade Commission (FTC) investigation into the biggest five tech companies in the U.S. The FTC is investigating Apple, Amazon, Facebook, Alphabet and Microsoft over antitrust implications, and it recently asked the companies to turn over information regarding takeovers of smaller companies between the years of 2010 and 2019.
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FTC Releases State Data Of COVID-19 Related Consumer Complaints
PYMNTS
JUNE 12, 2020
Fraud was the top complaint related to coronavirus logged by the Federal Trade Commission (FTC), according to new reports released on the organization’s website. There were 47,881 fraud complaints to the FTC across the country , the majority in every state. There were 14,079 complaints about identity theft, and 3,738
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Zuckerberg ‘Cooperating’ With FTC In Facebook Antitrust Hearing
PYMNTS
AUGUST 20, 2020
Facebook CEO Mark Zuckerberg testified before the Federal Trade Commission (FTC) as part of the agency’s antitrust investigation into the popular social media giant, CNBC reported.
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FTC Lawsuit Prompts RentPath To End Acquisition By CoStar
PYMNTS
DECEMBER 29, 2020
RentPath won't be acquired by CoStar Group , choosing to terminate the agreement, a press release stated, after the Federal Trade Commission (FTC) decided to sue to block the deal. FTC Chair Joe Simons warned earlier this year that antitrust enforcers should watch out for larger companies buying competitive startups, PYMNTS reported.
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FTC Could Hear Testimony From Facebook’s Zuckerberg, Sandberg
PYMNTS
JULY 17, 2020
Facebook Inc’s top executives could be required to testify before the Federal Trade Commission (FTC) as the regulator investigates whether the California-based social media conglomerate has violated U.S. An FTC spokeswoman declined to comment. antitrust laws, sources told The Wall Street Journal. billion global users.
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FTC Issues Opinion On Cambridge Analytica Scandal
PYMNTS
DECEMBER 6, 2019
The Federal Trade Commission (FTC) found on Friday (Dec. The FTC also found that the firm lied about how it was participating in the Privacy Shield framework between the EU and the U.S., The FTC also found that the firm lied about how it was participating in the Privacy Shield framework between the EU and the U.S.,
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FTC Probes Intuit Over Alleged Deceptive TurboTax Marketing
PYMNTS
SEPTEMBER 8, 2020
The Federal Trade Commission (FTC) is looking into Intuit over its TurboTax product, as the company allegedly was tricking customers into paying for what they could've gotten for free, according to a ProPublica report. In May, FTC investigators passed down another civil demand.
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FTC: Active Duty Troops 76 Pct More Likely To Report Identity Theft
PYMNTS
MAY 21, 2020
Active-duty service members are 76 percent more likely to report identity theft than most people, according to data from the Federal Trade Commission (FTC). The FTC reported in its newest Consumer Protection Data Spotlight that service members typically report misuse of their credit and debit card data. percent of the 3.2
MAS, National Bank of Cambodia Launch Financial Transparency Corridor for SMEs
Fintech News
JUNE 18, 2024
The Monetary Authority of Singapore (MAS) and the National Bank of Cambodia (NBC) have inaugurated the Financial Transparency Corridor (FTC) initiative to enhance financial cooperation between the two countries, particularly for small and medium-sized enterprises (SMEs).
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MoneyGram To Settle With FTC For $125M
PYMNTS
NOVEMBER 8, 2018
The Federal Trade Commission (FTC) said on Thursday (Nov. According to the FTC , the company violated the settlement struck in 2012 that stemmed from charges that the company had aided and abetted wire fraud. Court documents stated that the revised fraud prevention system that was put in place after the settlement was ineffective.
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FTC Chair: Breaking Up Big Tech Is An Option
PYMNTS
AUGUST 13, 2019
Federal Trade Commission (FTC) said he’d he’d be willing to break up tech companies if necessary, according to a report by Bloomberg. The FTC is currently investigating whether Facebook and other large tech companies are harming competition by buying smaller tech companies and merging with them. The chief of the U.S.
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Rent-To-Own Companies Settle Antitrust Case With FTC
PYMNTS
FEBRUARY 21, 2020
Rent-to-own (RTO) companies Rent-A-Center , Buddy’s and Aaron’s have all settled a case with the Federal Trade Commission (FTC) alleging they made reciprocal non-competition deals with each other that violated federal antitrust law and created an environment that limited choices for consumers, according to an FTC press release.
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FTC warns of cash losses to government impostors
Payments Dive
JUNE 20, 2024
The median loss paid in cash to government impersonation scammers in the first quarter was $14,740, far above the $1,000 median for all payment types.
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First Data And Exec To Pay $40M To Settle FTC Fraud Case
PYMNTS
MAY 19, 2020
million to settle allegations that they laundered credit card transactions for scams targeting hundreds of thousands of consumers, the Federal Trade Commission (FTC) said on Tuesday (May 19). The FTC said that Ko operated First Pay Solutions LLC, an independent sales organization (ISO) affiliated with First Data, from 2012 to 2014.
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Consumers Duped By ‘Risk-Free Trials’ To Get $8.7M In Refunds From FTC
PYMNTS
JUNE 22, 2020
The Federal Trade Commission ( FTC ) is sending out over $8.7 Triangle, along with other defendants in the FTC’s case, was marketing items online, such as skin creams, electronic cigarettes, and dietary supplements, according to the release. for the full product and then signed up for a costly continuing negative option plan.
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Today In Payments: Uber, Lyft Lose AB5 Appeal; FTC Commissioners Weigh Facebook Antitrust Suit
PYMNTS
OCTOBER 23, 2020
In today’s top news, Uber and Lyft must reclassify their drivers as employees, and FTC commissioners are in favor of pursuing an antitrust suit against Facebook. FTC Commissioners Weigh Facebook Antitrust Suit. Plus, PayPal eyes buying a cryptocurrency firm. Uber, Lyft Lose AB5 Appeal In California.
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FTC Calls For Tighter Small Biz Lending Scrutiny
PYMNTS
MAY 8, 2019
Federal Trade Commission (FTC) is eyeing tighter scrutiny of small business lending practices as Commissioner Rohit Chopra calls on the regulator to combat predatory SMB loan contracts, reports in Bloomberg said on Wednesday (May 8). Chopra spoke at an agency forum in Washington, D.C., Chopra spoke at an agency forum in Washington, D.C.,
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