Beam Financial Inc.
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.
Every year the FTC brings hundreds of cases against individuals and companies for violating consumer protection and competition laws that the agency enforces. These cases can involve fraud, scams, identity theft, false advertising, privacy violations, anti-competitive behavior and more. The Legal Library has detailed information about cases we have brought in federal court or through our internal administrative process, called an adjudicative proceeding.
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.
Approximately $147 million is being mailed to 33,000 consumers in the second distribution of refunds resulting from the law enforcement actions brought against Western Union by the Federal Trade Commission (FTC), the U.S. Department of Justice (DOJ), and the U.S. Postal Inspection Service. Affected consumers are receiving compensation for 100 percent of their verified losses. This is the second refund distribution resulting from the agencies’ actions against Western Union. DOJ is still reviewing petitions from consumers who were harmed by Western Union’s practices, and will be providing opportunities for consumers who have not yet applied for refunds to file claims.
The FTC entered into a settlement with the operators of LendEDU.com to resolve allegations that LendEDU falsely claimed that the website provided “objective,” “accurate,” and “unbiased” information about consumer financial products, such as student loans, personal loans, and credit cards, when in fact they offered higher rankings and ratings to companies that paid for placement.
One of the biggest payment processing companies and its former executive will pay more than $40.2 million to settle Federal Trade Commission charges they knowingly processed payments and laundered, or assisted laundering of, credit card transactions for scams that targeted hundreds of thousands of consumers.
The FTC alleged that First Data Merchant Services, LLC and its former vice president, Chi “Vincent” Ko, allegedly ignored repeated warnings from employees, banks, and others that they were laundering, or assisting laundering, and facilitating payments for companies that were breaking the law over a number of years.
The FTC is mailing 305 checks totaling $314,945 to consumers who paid up-front for worthless credit card interest rate reduction programs pitched by Payless Solutions using illegal robocalls.
Thomas Wells and his payment processing company, Priority Payout Corp. (formerly known as InterBill, Ltd), have agreed to settle FTC charges that they repeatedly violated a 2009 court order issued against them. The settlement permanently bans Wells and Priority Payout Corp, from engaging in, and assisting others with, payment processing, and includes a $1.8 million contempt judgment against them.