Free Webinar: CDD/Beneficial Ownership — One Year Out
Thursday, May 11th - 1:00 PM CT
We're almost one year out from the new Customer Due Diligence (CDD) rule's deadline. Join us as we discuss all things CDD, including policies, procedures and training. We will help you prepare and discuss what steps your core, new account platform and AML software vendors are taking now to ensure you're compliant by May 2018. (Register here.)
FTC refunds $88M to mobile cramming victims
The Federal Trade Commission has announced it is providing over $88 million in refunds to more than 2.7 million AT&T customers who had third-party charges added to their mobile bills without their consent, a tactic known as "mobile cramming." The refunds to consumers relate to 2014 settlements with AT&T, and Tatto and Acquinty, the companies behind two of the cramming schemes. According to the complaint filed by the Commission, AT&T placed unauthorized third-party charges on its customers' phone bills, usually in amounts of $9.99 per month, for ringtones and text message subscriptions containing love tips, horoscopes, and "fun facts." The FTC alleged that AT&T kept at least 35 percent of the charges it imposed on its customers. Through the FTC"s refund program, nearly 2.5 million current AT&T customers will receive a credit on their bill within the next 75 days, and more than 300,000 former customers will receive a check. The average refund amount is $31.