- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2024-08-19T19:24:00
A new rule by the Federal Trade Commission (FTC) will crack down on fake product reviews, whether written by humans or artificial intelligence (AI).
The rule, made final Wednesday in a 5-0 vote, will prohibit the buying and selling of product reviews or “testimonials” that pretend to be from a consumer or neutral party but were written by a person with a financial interest.
The rule, which also will ban fake reviews written by AI, takes effect in about two months.
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Vroom, the former online used car dealer, agreed to pay $1 million to settle allegations by the Federal Trade Commission that it didn’t abide by consumer protection laws, including providing prompt refunds.
Kitchen and home retail company Williams-Sonoma agreed to pay nearly $3.2 million for failing to comply with a 2020 administrative order by the Federal Trade Commission prohibiting its marketing of imported goods as made in the United States.
The Federal Trade Commission filed a complaint against e-commerce giant Amazon for allegedly enrolling consumers into Amazon Prime without their consent and making it difficult to cancel Prime subscriptions.
The U.K. government has signaled new rules for pension trustees and funds consolidation to boost investment, but questions remain on employee financial literacy.
A joint proposal from nine U.S. financial regulators on data standards aim to streamline submissions and ease data sharing among agencies, the Securities and Exchange Commission announced.
The European Union’s Digital Operational Resilience Act, which is set to take effect next year, will require financial services firms to implement stronger measures to protect not only themselves from disruption caused by cyberattacks but also the sector as a whole.
