FTC Takes Action Against Payment Processors for Non-Compliance with Orders
The Federal Trade Commission (FTC) has ramped up its enforcement actions against payment processors, filing contempt proceedings against several companies for systematically violating earlier agreements designed to prevent fraud. Notably, the FTC is seeking a $53 million penalty against a payments company for breaching its deal, as well as pressing charges against Cliq for ongoing compliance failures. Additionally, the agency is pursuing redress related to chargeback violations, emphasizing the long-lasting consequences of enabling deceptive practices in the payments industry.
Federal Trade Commission (.gov), Frankfurt Kurnit Klein & Selz, Law360, Compliance Week, Lexology, Crowdfund Insider