If you’re interested in technological, financial or social innovation, you’ve probably heard of Bitcoin. It’s a virtual currency used by people around the world to make purchases online, or in person using a mobile app. As more merchants accept the currency — and more companies pitch Bitcoin investments — more people are curious about how it works.
Unlike dollars, pesos or yen, bitcoins are not backed by a government or distributed by a central bank. Instead, bitcoins are created on the peer-to-peer bitcoin network through a process called “mining.”
You may have heard about them in the news, through one of your favorite online shopping sites, or from a friend who always has the latest scoop on technology trends: cryptocurrencies, like Bitcoin, are a way to buy things online — or in person, using a mobile app — with sellers who agree to accept them.
The Federal Trade Commission works closely with legal services providers and consumer advocates to root out frauds affecting communities across the nation. Several of our partners have told us about an income scam that’s targeting Latino organizations -- even churches. Here’s how it works:
At the Federal Trade Commission, when we say we protect the nation’s consumers, we mean that the agency protects every community in the nation from fraud and scams. This includes African Americans, Asian Americans, Latinos, Native Americans, immigrants, older consumers, lower-income communities, and veterans and service members.
As we celebrate Hispanic Heritage Month, it’s a good time to look back on how the FTC has worked to protect the Latino community, in particular, in the past year. Here are some highlights:
Would you be willing to exercise 3 minutes a day to get fit? It’s a compelling proposition. Unfortunately, in the case of the ab GLIDER, lost pounds, body inches, or clothing sizes weren’t just an easy glide away.
Counsel, Division of Consumer & Business Education
Have you ever snagged a great deal right from your tablet? Or maybe you’ve donated to a charity from your phone? Then you know first-hand that mobile technologies give us unprecedented efficiency and convenience. The FTC is addressing the issues that affect consumers as new mobile technologies come on the scene. The Commission has sued companies that have broken the law, held workshops about mobile commerce, and issued several reports documenting the state of mobile privacy, security, and consumer protection.
So when our sister agency, the Consumer Financial Protection Bureau, put out a call to learn more about financial services and mobile technology, especially as used by underserved consumers, the FTC lent its support and sent comments. Here are some of the points we highlighted about the challenges consumers face when using mobile financial services.
Seems like just about every time you visit the app store on your mobile phone, there are cool images grabbing your attention and luring you to places where companies and others want you to be. But when apps specifically target children and gather personal information from them, parents have the right to know about — and stop it.
If you have children under 13, do you know about COPPA — the Children’s Online Privacy Protection Act? Websites and services covered by COPPA must get your consent before they collect personal information from your child, and they must honor your choices about how that information is used.
That’s why Yelp — the online review service — is getting less than five stars from the FTC.