FTC & 7 State Atty. Generals sue Your Money Access

FTC And Seven States Sue Payment Processor that Allegedly Took Millions from Consumers’ Bank Accounts on Behalf of Fraudulent Telemarketers and Internet-based Merchants

Between June 23, 2004 and March 31, 2006, the defendants processed more than $200 million in debits and attempted debits to consumers’ bank accounts, the complaint alleges, and more than $69 million of the attempted debits were returned or rejected by consumers or their banks for various reasons, indicating the lack of consumer authorization. In many instances, after the defendants debited accounts, the merchants failed to deliver the promised products or services, or sent consumers relatively worthless items. The complaint alleges that by providing access to the banking system and the means to extract money from consumers’ bank accounts, the defendants played a critical role in their clients’ fraudulent and deceptive schemes.


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