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ARTICLE · 26 JANUARY 2022

Payment Processor Banned From Industry For Allegedly Helping Telemarketers Defraud Consumers

The CFPB reached a settlement with payment processor BrightSpeed Solutions Inc. and its founder (collectively, "BrightSpeed") to resolve allegations that it knowingly assisted companies...

United StatesConsumer Protection
  • The CFPB reached a settlement with payment processor BrightSpeed Solutions Inc. and its founder (collectively, "BrightSpeed") to resolve allegations that it knowingly assisted companies in defrauding consumers by knowingly processing customer payments obtained through fraud.

  • The complaint alleged that BrightSpeed processed payments for companies that used illegal telemarketing schemes to offer and sell technical support services and antivirus software for up to $2,000, even though the software and services were available for free. The complaint further alleges that BrightSpeed continued to process the companies' payments despite hundreds of consumer complaints, several police inquiries, and banks raising concerns, among other things.

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