Paddle to pay $5m to settle FTC tech support scam claims
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The firm will also be permanently banned from processing payments for tech-support telemarketers, says the Federal Trade Commission.
The FTC complaint alleged that Paddle processed payments for deceptive tech-support schemes that targeted US consumers, including older adults.
The payments processor was accused of abusing the credit-card system and enabling deceptive foreign operators to access it, costing consumers millions of dollars.
Christopher Mufarrige, director, FTC Bureau of Consumer Protection, says: 'The FTC will hold accountable payment companies that knowingly facilitate payments for scammers or look the other way when faced with red flags about their clients' conduct.'
Separately, MoneyGram will pay a $250,000 fine to settle a New York state lawsuit over claims it violated a federal rule designed to make it easier to send remittances.
The settlement comes shortly after the Consumer Financial Protection Bureau withdrew from the civil case amid its ongoing pullback from enforcement activity.
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