All articles tagged with #customer protection
Amazon agreed to pay $2.5 billion in a settlement with the FTC over allegations of enrolling users in Prime without consent and making cancellations difficult, including refunds of up to $51 for eligible members, while denying wrongdoing.
AT&T has agreed to pay $177 million to customers affected by two data breaches in 2019 and 2024, with higher payouts for those who can prove damages. The settlement, approved by a Texas judge, will distribute funds starting early next year, with claims opening on August 4. Customers impacted may receive up to $5,000 for the 2019 breach and $2,500 for the 2024 breach, depending on proof of damages.
The Monetary Authority of Singapore (MAS) has announced that crypto service providers in Singapore must deposit customer assets in a statutory trust by the end of the year to enhance customer protection and mitigate the risk of loss or misuse of assets. The MAS has also restricted lending and staking of tokens to retail customers, while institutional and accredited investors can still access these services. The MAS is seeking public feedback on legislative amendments related to these requirements and may reconsider its position on banning certain activities in the future. Singapore aims to support technological advancements in the crypto industry while cracking down on bad behavior.
Customers of SVB Financial Group who lost their deposits due to the bank's failure to properly verify their identities are still responsible for repaying loans they took out with the bank. The bank has faced criticism for failing to adequately protect its customers and has been fined by regulators.