Guest Post: Why You Should Attend Upcoming Webinar on the FTC – What Processors Need to Know
By David Khalaf, Communications and PR Manager, LegitScript
Gerard Olson, Associate General Counsel, LegitScript
On May 26, LegitScript will lead an ETA webinar on “The Long Arm of the FTC — What Payment Processors Need to Know.” ETA sat down with David and Gerard to briefly discuss why you should attend.
Why is it important for payments professionals and processors to be knowledgeable about the FTC and its approach to the payments industry?
While payment service providers are often concerned about implementing strong risk and compliance procedures to avoid fines from card brands, they can also face scrutiny and legal action from major regulatory bodies such as the FTC. Increasingly, the FTC appears to be focusing on payment processors as vital gatekeepers against fraudulent activity, and that enforcement action against complicit or negligent payment processors could address a broader range of violative behavior than action against individual merchants.
What is an important FTC regulation(s) for payments processionals to be aware of?
The FTC enforces several consumer protection laws, but payment professionals will want to be well versed in unfair, deceptive, or abusive acts or practices (UDAAP). UDAAP was designed to protect American consumers in the wake of the 2007-08 financial crisis. Although any company could engage in UDAAP, certain business areas receive more scrutiny from regulatory agencies for violations than others. In the webinar, we’ll review high-risk industries that tend to attract the most regulatory attention.
What can attendees expect to learn from this webinar?
In this webinar, we’ll answer common questions about the FTC’s approach to payment processors, review case studies of relevant FTC actions against payment processors, and provide resources to help you take steps to avoid FTC scrutiny. Attendees will also get access to a free FTC guide at the end of the webinar.
Interested in learning more? Join us on May 26 at 2:00pm ET. Register for the webinar here. This webinar is free for ETA members.