“Payment processing” used to involve standing in the checkout line and handing the cashier your pennies. (Remember checkout lines? Remember cashiers? Remember pennies?) In a lawsuit filed in federal court, the FTC alleges that Ideal Financial Solutions and more than a dozen individual and corporate defendants used an “intricate web of concealment” to game the payment processing system in a way that resulted in more than $25 million in unauthorized credit card charges and bank account
When even the #1 movie at the box office is called “Identity Thief,” it’s a topic at the top of everyone’s list. If you’re in the financial or healthcare sector — or just want to stay up on an emerging issue — find out more about an FTC initiative focused on how identity theft affects a particular segment of your community.
A final FTC order will lead to big changes in the marketing of the Four Loko malt beverage and offers insights into the notice-and-comment process for all proposed administrative settlements.
If you’re in the financial field, chances are you’re familiar with the FACT Act (sometimes called FACTA by friends and family). It’s the Fair and Accurate Credit Transactions Act, which amended portions of the Fair Credit Reporting Act. Research just released by the FTC puts the word “accurate” under the microscope.
Some factoids of interest from the Report to Congress.
No, not the cherubic child star on reality TV. We’re talking about the serious repercussions of American Tax Relief's misleading claims about substantially reducing what consumers owed in taxes — and major mistakes some businesses make when it comes to the financial consequences of deception. A look at the settlement offers insights into the breadth of remedies available for violations of the FTC Act and related rules.