Items Tagged with 'FTC'

ARTICLES

  • FTC promises Equifax victims who want the $125 offer, "You will be disappointed"

    So many victims want the cash instead of credit monitoring, it’s blowing up the math
    Equifax allowed the private information of almost half the U.S. population to be stolen in a massive data breach in 2017 after failing to patch a security flaw, and now so many victims are choosing a $125 cash payment over credit monitoring, they’re blowing up the math. The FTC says the payment "will be a very small amount," not the $125 originally cited. That led one Twitter wit to say: “It's ironic because paying less than the full amount is exactly what Equifax tracks and punishes you for.”
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  • Facebook to pay massive fines in settlement with FTC, SEC

    Social media giant will cough up serious change for Cambridge Analytica debacle
    It’s been a rough year for Facebook as the world’s largest social media platform has been forced to answer for its beach of its users’ privacy by allowing Cambridge Analytica to access personal information without consent. On Wednesday, the company was slapped with two separate fines for the debacle, agreeing to massive payouts to the Federal Trade Commission and the Securities Exchange Commission to make amends.
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  • Equifax agrees to pay up to $700 million for data breach

    Credit reporting agency settles federal and state probes into 2017 mega-hack
    Equifax, one of the nation’s top three credit reporting agencies, agreed to pay up to $700 million to settle federal and state investigations into the 2017 hack that exposed Social Security numbers and other personal data of almost half the population of the U.S. "Equifax failed to take basic steps that may have prevented the breach," FTC Chairman Joe Simons said. Click the headline to read more.
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  • Equifax sets aside nearly $700 million for expected data breach payouts

    Books $690 million for settlements, fines
    It’s been nearly two years since Equifax first revealed that it had suffered a massive data breach that exposed the personal information of 148 million U.S. consumers to hackers, but the fallout from the breach is nowhere near over. In fact, Equifax just revealed how much it's expecting to pay out to deal with all of those issues – and it's a lot.
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  • Government watchdog calls for CFPB, FTC to have more authority over credit reporting agencies

    GAO wants regulators to have more power over Equifax, Experian, Transunion
    Equifax may be expecting sanctions from both the Consumer Financial Protection Bureau and the Federal Trade Commission over the credit reporting agency’s massive data breach that exposed the personal information of 148 million U.S. consumers to hackers, but one prominent government watchdog is calling for those agencies to have even more authority over Equifax and the like.
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  • SoFi ordered to stop lying about loan savings with misleading ads

    FTC prohibits SoFi from misrepresenting amount borrowers can save
    SoFi must stop misleading consumers about the amount of money they can save by refinancing their loan through SoFi, the Federal Trade Commission declared Monday. According to the FTC, since at least April 2016, SoFi “deceptively advertised inflated figures” about student loan refinances, basically claiming that it could save borrowers far more than is actually the case.
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  • Equifax expecting punishment from CFPB and FTC over massive data breach

    Reveals CFPB is planning to levy a fine
    Equifax is expecting various forms of punishment from the Consumer Financial Protection Bureau and the Federal Trade Commission over the credit reporting agency’s massive data breach that exposed the personal information of 148 million U.S. consumers to hackers, the company revealed recently.
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  • FTC warns lenders: Do not lie in loan refinancing ads

    SoFi might not be the only one
    In the wake of taking action against SoFi for allegedly lying in its ads about how much borrowers can save by refinancing their student loans with the online lender, the Federal Trade Commission is also warning other lenders to not engage in similar activity. To that end, the FTC is sending letters to an unknown number of lenders, warning them that they may be subject to a regulatory action should they be found to be engaging in false advertising.
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  • FTC accuses SoFi of lying about loan savings in misleading ads

    Online lender allegedly overinflated savings claims on student loan refinances
    For more than two years, SoFi has been making misleading claims in its television, print, and online advertisements and lying about the amount of savings its loan refinancing programs would bring to borrowers, the Federal Trade Commission said Monday. According to the FTC, SoFi “deceptively advertised inflated figures” about loan refinances, basically claiming that it could save borrowers far more than is actually the case.
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