FTC Updates (February 12-16, 2024)

• Published date: 05 April 2024
• Subject Matter: Corporate/Commercial Law, Privacy, Technology, Corporate and Company Law, Privacy Protection, New Technology, Fin Tech
• Law Firm: Crowell & Moring LLP
• Author: Ms Holly Melton and Nicole Powell

The FTC celebrates the Valentine's Day holiday this week by providing warnings to consumers about online romance scams. Additionally, this week's updates include the FTC's warnings to artificial intelligence companies regarding clauses in terms of services, a new tool to combat impersonation scams, and a judgment providing monetary relief for small businesses harmed by cash advance companies. All this, and more, after the jump.

Tuesday, February 13, 2024

Data Security; Consumer Privacy

• The FTC reports that it received 64,003 reports of romance scams in 2023. The reported losses stemming from the scams totals around $1.14 billion, with median losses per person of $2,000. In order to mitigate potential injuries inflicted by romance scammers, the...