FTC Settles With Payment Processing Co. Over $16M Scam

Law360, New York (November 18, 2013, 6:09 PM EST) -- The Federal Trade Commission has settled with a bankrupt online payment processing outfit accused of helping work-at-home scammers evade detection by Visa Inc. and Mastercard Inc. anti-fraud controls and swindle $16 million from consumers, it said Monday.

As part of a continuing crackdown on processors that aid in fraudulent schemes, the FTC said it had banned Process America Inc.’s three principals from the credit card payment business and secured a promise from the restructuring company not to serve clients engaged in certain deceptive billing practices. The...
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