Latest news with #consumerProtection
Reuters
a day ago
- Business
- Reuters
Walmart to pay $10 million to settle US FTC lawsuit over money transfer fraud
June 20 (Reuters) - Walmart (WMT.N), opens new tab has agreed to pay $10 million to settle a U.S. Federal Trade Commission civil lawsuit accusing the world's largest retailer of ignoring warning signs that fraudsters used its money transfer services to fleece consumers out of hundreds of millions of dollars. The settlement was filed on Friday in Chicago federal court, and requires approval by U.S. District Judge Manish Shah. Walmart also agreed not to process money transfers it suspects are fraudulent, or help sellers and telemarketers it believes are using its services to commit fraud. "Electronic money transfers are one of the most common ways that scammers tell consumers to send them money, because once it's sent, it's gone for good," said Christopher Mufarrige, director of the FTC consumer protection bureau. "Companies that provide these services must train their employees to comply with the law and work to protect consumers." The Bentonville, Arkansas-based retailer did not admit or deny wrongdoing in agreeing to settle. Walmart did not immediately respond to requests for comment. In its June 2022 complaint, the FTC accused Walmart of turning a blind eye to fraudsters who used its money transfer services to cash out at its stores. Walmart acts as an agent for money transfers by companies such as MoneyGram, Ria (EEFT.O), opens new tab and Western Union (WU.N), opens new tab. Money can be hard to trace once delivered. The FTC said fraudsters used many schemes that included impersonating Internal Revenue Service agents, impersonating family members who needed money from grandparents to avoid jail, and telling victims they won lotteries or sweepstakes but owed fees to collect their winnings. Shah dismissed part of the FTC case last July but let the regulator pursue the remainder. Walmart appealed from that decision. Friday's settlement would end the appeal. The case is Federal Trade Commission v Walmart Inc, U.S. District Court, Northern District of Illinois, No. 22-03372.
Yahoo
2 days ago
- Business
- Yahoo
Walmart to pay $10 million to settle US FTC lawsuit over money transfer fraud
By Jonathan Stempel (Reuters) -Walmart has agreed to pay $10 million to settle a U.S. Federal Trade Commission civil lawsuit accusing the world's largest retailer of ignoring warning signs that fraudsters used its money transfer services to fleece consumers out of hundreds of millions of dollars. The settlement was filed on Friday in Chicago federal court, and requires approval by U.S. District Judge Manish Shah. Walmart also agreed not to process money transfers it suspects are fraudulent, or help sellers and telemarketers it believes are using its services to commit fraud. "Electronic money transfers are one of the most common ways that scammers tell consumers to send them money, because once it's sent, it's gone for good," said Christopher Mufarrige, director of the FTC consumer protection bureau. "Companies that provide these services must train their employees to comply with the law and work to protect consumers." The Bentonville, Arkansas-based retailer did not admit or deny wrongdoing in agreeing to settle. Walmart did not immediately respond to requests for comment. In its June 2022 complaint, the FTC accused Walmart of turning a blind eye to fraudsters who used its money transfer services to cash out at its stores. Walmart acts as an agent for money transfers by companies such as MoneyGram, Ria and Western Union. Money can be hard to trace once delivered. The FTC said fraudsters used many schemes that included impersonating Internal Revenue Service agents, impersonating family members who needed money from grandparents to avoid jail, and telling victims they won lotteries or sweepstakes but owed fees to collect their winnings. Shah dismissed part of the FTC case last July but let the regulator pursue the remainder. Walmart appealed from that decision. Friday's settlement would end the appeal. The case is Federal Trade Commission v Walmart Inc, U.S. District Court, Northern District of Illinois, No. 22-03372. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Zawya
6 days ago
- Business
- Zawya
Khareef season boosts Oman's business, draws new investments
Salalah- As Oman prepares for the annual khareef season in Dhofar, the Ministry of Commerce, Industry and Investment Promotion (MoCIIP) has confirmed full readiness for what is among the sultanate's most important economic and tourism periods. With large numbers of local and international visitors expected, the ministry has rolled out a detailed plan to strengthen commercial oversight, boost investor confidence and safeguard consumer interests. Mohammed bin Khalifa al Badrani, Director-General of the Directorate General of Commerce, Industry and Investment Promotion in Dhofar, told Muscat Daily that inspections have been stepped up across markets, hotels, restaurants and other service providers to ensure they meet legal and professional standards. Teams are monitoring operations to ensure compliance with consumer protection and health regulations. Checks were launched ahead of the season to verify that businesses are ready and meeting requirements. The ministry, working with sector partners, has also held awareness workshops for business owners to improve service quality and raise awareness about consumer rights. Badrani said Dhofar continues to see robust commercial growth. In the first quarter of 2025 alone, 1,217 new investors were recorded, with 88 commercial registrations issued. The construction sector led activity with 2,100 licences issued, compared to 1,274 during the same period in 2024. To ensure smooth operations, the ministry is coordinating with Dhofar Municipality, Royal Oman Police, the Oman Chamber of Commerce and Industry and the Consumer Protection Authority. Joint teams are monitoring fuel stations, verifying the supply and pricing of goods and ensuring businesses follow environmental and health rules. Public awareness campaigns have been launched to encourage responsible consumer behaviour and discourage bad practices. A 24-hour hotline is in place to handle consumer queries and complaints. Badrani stressed that the khareef plan supports wider economic goals for Dhofar. 'The khareef season is a strategic platform to showcase Dhofar's economic potential,' he said. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
CNA
6 days ago
- Business
- CNA
Agoda modifies 'problematic features' on website and app after competition watchdog raises concerns
SINGAPORE: Online travel agency Agoda has made changes to its Singapore website and mobile application due to concerns about its "problematic features" raised by the Competition and Consumer Commission of Singapore (CCCS). The features were related to Agoda's accommodation search and booking services that may have misled consumers. On Monday (Jun 16), the commission said: "Agoda has since voluntarily provided an undertaking and cooperated with CCCS to make changes to its website and mobile application to ensure that consumers get accurate and adequate information to consider before they make their purchases." THE PROBLEMATIC FEATURES CCCS said in its news release that some of the misleading features included the use of countdown timers and the presentation and ranking of search results. It listed five of them and what Agoda did to rectify them. 1. Agoda presented certain search results as 'Best Match', suggesting that such rankings were the most compatible results for its users based solely on their search criteria such as travel dates or the ratings of items listed. However, Agoda's search results from its algorithm also took into account its potential earnings when generating these results. The "best match" label has been replaced with "our picks", which highlights that these results are recommended by Agoda. 2. The "Agoda Preferred" badge appeared alongside certain properties listed, indicating that these listings have "a long-standing relationship with Agoda and meet specific criteria", making them "trusted and verified". However, Agoda did not provide enough information about the criteria and failed to mention that businesses pay Agoda extra for this badge. It has since updated its explanation to clarify that these properties do indeed pay more commission to get the badge. 3. The default ranking of search results could have led consumers to mistakenly believe that the listings were ordered solely based on their search criteria. However, as stated in Agoda's terms of use, accommodation providers can increase their visibility by paying Agoda through its 'Preferred Partner Program' or by sponsoring the listings. Agoda has modified its explainer statement to clarify that the specific placement of these accommodations is influenced by various factors, including payments made to Agoda. 4. Accommodations with the "cheapest x-star stay label" were not always the lowest-priced options when the search results are sorted by price for the same star-rating. Consumers may mistakenly believe that a labelled accommodation is the cheapest choice available when it may not be. \ The 'cheapest x-stay' label has been removed to avoid confusion. 5. Consumers using Agoda's website had a five-minute countdown timer while entering their details to finalise their accommodation booking. However, this could be extended to up to 20 minutes by clicking the 'I need more time' button. The original five-minute time limit could create a false sense of urgency, prompting consumers to rush to confirm their booking. The website's countdown timer has now been standardised to match the mobile app's time limit, increasing it from five to 20 minutes. In response to competition watchdog's' concerns, Agoda said: 'We appreciate the CCCS's guidance and have taken proactive steps to enhance transparency on our platforms. "We've already proactively implemented several improvements and we continue to enhance the user experience." CNA has asked if the changes applied were just for Singapore users or also included its users elsewhere. INFORMATION SHOULD BE "UPFRONT" In getting Agoda to take remedial action, CCCS said that user interface features rolled out by businesses may mislead or deceive consumers and these can be considered unfair trade practices under Singapore's fair trading laws. This means that these businesses may face enforcement action by the commission. Businesses should therefore design user interface to present options clearly and neutrally to consumers so that consumers may make well-informed choices. "Important and material information, particularly those relating to pricing, should be presented upfront and not be hidden in fine print," it added. "Statements regarding the practices and policies of a business should be clear and easily understood." CCCS' chief executive officer Alvin Koh said: "This is part of a series of actions we will take to improve the online commerce environment, where consumers may face undue pressure to complete their transactions, problematic website features or even 'dark patterns' such as misleading messages, and manipulative user interfaces. "In the coming months, CCCS will make it a point to educate consumers on identifying these misleading practices and how consumers can better protect themselves.'
Zawya
11-06-2025
- Business
- Zawya
Over 234mln commodities supplied to pilgrims during Haj: Saudi minister
RIYADH — The Saudi Ministry of Commerce announced that more than 234 million commodities and food products were supplied to pilgrims at the holy sites during this year's Hajj. Provision of these supplies was implemented in coordination with various government agencies and in partnership with the private sector. Among the most consumed items were juices and soft drinks, dairy products, bottled water, baked goods, canned foods, and a wide range of essential food and consumer products. The ministry's inspection teams initiated monitoring operations prior to the season by visiting sales outlets and ensuring the availability of goods to meet the needs of pilgrims. In addition to overseeing supply chains, the ministry conducted supervisory inspections of commercial establishments, retail points, and stalls to ensure compliance with consumer protection regulations. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
