Latest news with #FTC
Yahoo
3 hours ago
- Business
- Yahoo
How Democrats can pull off a win under a GOP trifecta: Dismantle the "legal" drug cartel
Just before President Trump pushed her out at the behest of his corporate donors, former Federal Trade Commission chairwoman Lina Khan released a damning report about the most rapacious and anti-competitive actors in the entire healthcare system: pharmacy benefit managers. These middlemen in the drug supply chain don't discover new medicines. They don't manufacture them. They don't even physically dispense most prescriptions. Yet they rake in tens of billions of dollars each year by driving up costs for everyone else — especially patients battling cancer, HIV, heart disease, and autoimmune conditions. In their report, FTC investigators documented how the PBM industry — which is dominated by just three firms, CVS Caremark, Express Scripts, and OptumRx, that collectively oversee roughly 80% of all prescriptions dispensed nationwide — imposed eye-popping markups on generic drugs used to treat deadly diseases. The PBMs' affiliated pharmacies charged hundreds — even thousands — of percent more than they paid to acquire drugs like the cancer treatment Gleevec and multiple sclerosis medication Ampyra. This isn't just a case of corporations being greedy. It's the result of a rigged market structure. In theory, pharmacy benefit managers could play a valuable role by negotiating with drug manufacturers for lower prices. Since they haggle on behalf of health plans that collectively enroll hundreds of millions of Americans, these PBMs have considerable leverage, and should theoretically drive a hard bargain and win enormous discounts. And in fact, they do. The problem is that those savings rarely flow to patients at the pharmacy. Instead, PBMs have made the supply chain so convoluted that almost nobody on the outside — whether the patient filling the prescription, the pharmacist dispensing it, the doctor writing it, or even the employer sponsoring the health plan — can easily tell how much a drug will cost after discounts, rebates, and various fees and clawbacks are applied. This opacity isn't an accident. It's by design. The lack of transparency enables PBMs to overcharge patients and health plans. Congressional investigations have revealed numerous instances in which PBMs steered patients towards more expensive drugs — which come with bigger discounts and rebates for the PBM — "even when there are lower-cost and equally safe and effective competing options" available. Some of the largest PBMs have even created offshore shell corporations to help pocket negotiated rebates — instead of passing them off to patients. Patients don't even realize when they're being ripped off. PBMs almost never disclose the total discounts they negotiate on specific drugs. So patients' cost-sharing obligations are calculated based on a drug's unnegotiated, inflated "list price," rather than its true discounted price. As a result, patients spend billions more out-of-pocket than they otherwise would if the discounts were publicized. These inflated costs are a key reason that 21% of American adults have skipped filling a prescription in the past year due to affordability concerns, while 12% have skipped doses or cut pills in half. The FTC also found clear patterns of self-dealing, where PBMs steered the most profitable prescriptions to their own affiliated pharmacies while boxing out independent community pharmacies. Thousands of independent pharmacies have closed in recent years, leaving entire counties without a single brick-and-mortar store where patients can fill a prescription. Finally, PBMs use their consolidated power to keep drugs off of health plan formularies — unless manufacturers pay exorbitant fees. This is a policy failure. But it's also a political opportunity. Congress has previously considered two bipartisan bills that would rein in PBMs' worst abuses. If reintroduced and passed, one bill would eliminate the perverse incentive for PBMs to favor expensive drugs by delinking PBMs' compensation from list prices. Another would require that negotiated discounts be passed directly to patients at the pharmacy. And just last month, FTC Chair Andrew Ferguson reignited an FTC lawsuit against pharmacy benefit managers (PBMs) that accuses them of anticompetitive behavior. Democrats have a chance to lead — and win — on this issue. Taking on PBMs doesn't just lower drug costs. It shows voters that we're willing to fight the entrenched interests hurting their families and their finances. It shows that we're the party that puts patients ahead of profiteers. We don't need to wait for the next election. We just need the political will to act.
Yahoo
9 hours ago
- Business
- Yahoo
Synopsys (SNPS) Moves Ahead in Ansys Merger After FTC Divestiture Order
The Federal Trade Commission (FTC) issued a divestiture order on May 28, requiring Synopsys Inc. (NASDAQ:SNPS) and Ansys Inc. (NASDAQ:ANSS) to divest certain assets to resolve antitrust concerns surrounding their $35 billion merger. The FTC stated that the order is necessary to allow the deal to proceed while maintaining competition in software markets critical to the design of semiconductors and optical devices. bleakstar/ Announced in January 2024, Synopsys' acquisition of Ansys is part of its broader strategy to expand leadership in silicon-to-systems design. However, the FTC determined that the two companies compete directly in three key markets, and that the merger could lead to reduced innovation and higher prices for device manufacturers and consumers. After extensive negotiations, the FTC's proposed consent order allows the companies to move forward, provided they divest certain overlapping assets. Synopsys must sell its optical and photonic design software, which supports the simulation of components like LEDs, lenses, and fiber optics. Ansys is required to divest PowerArtist, a tool used for power optimization in chip design. These assets will be sold to Keysight Technologies (NYSE:KEYS). The companies must complete the divestitures within 10 days of Synopsys closing the acquisition. Both firms have already made progress in addressing regulatory concerns. On its quarterly earnings call on May 28, Synopsys reported receiving merger clearances in all jurisdictions except China. Synopsys provides end-to-end solutions for silicon-to-systems design, including EDA software, silicon IP, and system verification and validation. While we acknowledge the potential of SNPS as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than SNPS and that has 100x upside potential, check out our report about the cheapest AI stock. READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Unstoppable Stocks That Could Double Your Money. Disclosure: None.
Forbes
a day ago
- Business
- Forbes
Identity Theft Complaints Rose In Most States In 2024 With Florida At The Top Of The List
Credit card fraud topped the list of reported identity theft in 2024. getty Identity theft reports rose by 9% nationwide last year, representing the first year-over-year increase in identity theft reports since 2021. Reported incidents increased by nearly 100,000 between 2023 and 2024, suggesting that identity thieves have found new way to evade existing protections, such as using generative artificial intelligence (AI) to create more convincing scams. Florida residents reported the most issues of any state in 2024, with 528 identity theft reports for every 100,000 people living in the state, according to an analysis of Federal Trade Commission (FTC) data by All About Cookies, which focuses on online privacy and data security. The only other state with a rate in excess of 500 reports per capita was neighboring Georgia, at 517 reports per 100,000 people. For 2024, most identity theft reports were filed in southern states. Kelly Phillips Erb At the other end of the spectrum, South Dakota had just 94 per 100,000 people. No other state had fewer than 100 reports per capita, although Vermont was close, with 101 identity theft reports for every 100,000 residents. Identity theft reports rose by 26% in Louisiana, the most of any state. Five other southern states also landed in the top 10 when it came to the most increases in identity theft: Arkansas (2), Florida (4), Kentucky (5), Mississippi (6), and Missouri (8). Rhode Island (3), California (7), Nevada (9), and New York (10) rounded out the top 10. The data suggests that South is a 'genuine identity theft hotspot,' being home to nine of the top 10 cities with the highest number of reported identity thefts. Miami tops the list with 903 reported instances of identity theft for every 100,000 people, which is over 200 reports per capita higher than any other city. Atlanta ranks second at 690 reports per 100,000 people, while Houston holds third at 573 per 100,000. The only non-southern city in the top 10 is Los Angeles, with 550 reports for every 100,000 residents. Orlando (Florida), Baton Rouge (Louisiana), Killeen (Texas), Dallas (Texas), Lakeland (Florida) and Macon (Georgia) complete the list. The South also leads the way when it comes to increases in theft reports. Baton Rouge, Louisiana, recorded a 55% increase in identity theft reports, followed by New Orleans, which experienced a 35% increase. The rate of identity theft increased by at least 20% in six different Florida cities, each of which ranked among the top 10 cities with the largest such increases nationwide. Overall, identity theft reports rose in 37 states, decreased in 12 states, and remained consistent year over year in two states. Stolen credit card information is the most common form of identity theft, accounting for 40% of all identity theft reports in 2024. 'Other' forms of identity theft—those that do not fit into any other category—ranked second with 32% of identity theft reports. This includes reports of identity theft related to social media, insurance, medical services, and online shopping. Identity theft related to acquiring loans or leases, such as mortgages or rental agreements, ranked third, while bank account identity theft ranked fourth. Employment or tax-related theft (generally associated with Social Security numbers) ranked fifth. Identity theft happens when someone uses your personal or financial information without your permission. They may steal your name, address, credit card or bank account numbers, and Social Security number. Furthermore, they can use this information to obtain new credit cards in your name, open a phone or gas account under your name, or steal your tax refund. You may not even know that it has happened. The best way to protect yourself is to be vigilant. Check your bills and bank statements for unusual charges, and regularly review your credit reports for any suspicious activity. You can also take proactive steps, such as placing a credit freeze on your credit reports. While a freeze is in place, nobody can open a new credit account in your name. There's no cost to place or lift a freeze. Contact each of the three credit bureaus—Experian, TransUnion, and Equifax—for details. Take steps to keep your financial records and personally identifying information secure. Keep them in a safe place and securely dispose of any papers with the information (your best bet is the shred them). And look out for scammers. The IRS, Social Security Administration, and other federal agencies won't call, email, or text you to ask for your Social Security number, bank account information, or other personal details. (For more tips to protect yourself, check out this previous article.) Tax identity theft happens when someone uses your Social Security number and personal information to steal your tax refund or use your information to file a return to claim a bogus tax refund. You may not even know you're a victim until you file your tax return and it's either rejected online or you receive a letter from the IRS. If you file a paper tax return and your identity has been used to file a return, the IRS will mail you a letter explaining that it received more than one return in your name. Don't ignore the letter—read it carefully and follow the instructions. If you file your tax return online or through a tax preparer and it is rejected as a duplicate filing, click over to and make a report. When you submit a report at it will generate three things: (1) an FTC Identity Theft Report, (2) an IRS Identity Theft Affidavit, and (3) your personal recovery plan. Your IRS Identity Theft Affidavit will automatically be submitted to the IRS online so that the IRS can begin investigating your case. If you don't want to make a report at you can click over to Form 14039, Identity Theft Affidavit and submit it by mail. You can also submit it online. If you are the victim of identity theft, you should consider opting into the IRS Identity Protection PIN program. An IP PIN is a six-digit number that helps prevent thieves from filing federal tax returns in the names of identity theft victims. The IP PIN is a voluntary program open to any taxpayer who can verify their identity. The fastest way to receive an IP PIN is to request one through your online account. If you don't already have an account on you'll need to create one. The IP PIN is generally available in your online account from mid-January to mid-November. Once you have opted in and obtained an IP PIN online, you'll need to use it each year when filing any federal tax returns, including prior-year returns. You'll find it in your online account through the Profile Tab. An IP PIN is valid for one calendar year. A new IP PIN is generated each year for your account. If you want an IP PIN but can't create an online account, there are alternatives (they just take longer). For example, if your adjusted gross income on your last filed return is below $84,000 for individuals or $168,000 for married filing jointly, you have the option to use Form 15227, Application for an Identity Protection Personal Identification Number. You must have a valid Social Security number or individual taxpayer identification number (ITIN) and access to a telephone. The IRS will use the telephone number provided on Form 15227 to call you and validate your identity. Once the IRS verifies your identity, you will receive your IP PIN via U.S. mail, usually within four to six weeks. You will receive your IP PIN each year through the mail. You can also make an appointment for an in-person meeting at a local Taxpayer Assistance Center. You'll need to bring one current government-issued photo identification document and another identification document to prove your identity. Once the IRS verifies your identity, you will receive your IP PIN via mail, typically within three weeks. Again, you will receive your IP PIN annually through the mail. The IRS also has a hub—Identity Theft Central—that you can visit for more resources. When consumers file complaints with the Federal Trade Commission (FTC), those reports are stored in the Consumer Sentinel Network (Sentinel), an online database available only to law enforcement. Since 1997, Sentinel has collected tens of millions of consumer reports related to fraud, identity theft, and other consumer protection issues. That information is aggregated into an annual data book. The All About Cookies team analyzed the FTC data to identify where identity theft is most prevalent, where crime is on the rise, and the most common types of identity theft across the country. All About Cookies offers tips, advice, and recommendations to assist with online privacy, prevent identity theft, and enhance digital security.
Yahoo
a day ago
- Business
- Yahoo
Woman drained $20K from bank account and stopped answering family — all under a scammer's orders
After pulling $20,000 from her bank account, a 73-year-old Massachusetts woman stopped returning her family's calls. Police found her at a Bitcoin ATM — still on the phone with the scammer who sent her there. Around 2 p.m. on Thursday, family members went to the Lakeville Police Department, concerned that another family member was being scammed. The 73-year-old Lakeville woman had withdrawn $20,000 in cash from her bank account and was not answering phone calls. The scammer told the woman her computer was infected with a virus. The only way to protect her money, the scammer claimed, was to withdraw it and deposit it into a Bitcoin ATM. The scammer also told her not to answer any phone calls, including those from family members. She did as she was told. Police determined she was likely headed to Raynham and contacted the Raynham Police Department to be on the lookout. Raynham Police officers began checking local Bitcoin ATM locations. Soon they found the car at Coletti's Market on North Main Street. Police found the woman while she was still on the phone with the scammer. Luckily, police said, they were able to stop the woman in time. 'This case is a powerful reminder of how sophisticated and manipulative these scams have become,' said Lakeville Chief Matthew Perkins. 'Thanks to fast detective work, interagency cooperation — including the quick response from Raynham Police — and vigilant family, we were able to stop this in time. If not for those combined efforts, the victim could have lost a significant amount of money.' The Federal Trade Commission (FTC) warns people that 'no legitimate business is going to demand you send cryptocurrency in advance.' 'That's always a scam,' the FTC wrote. Scams can also include love interests, seemingly legitimate businesses or blackmail. 'Don't pay anyone who contacts you unexpectedly, demanding payment with cryptocurrency,' the FTC wrote. 'Such a great loss': Cult classic actor dies at 73 Man helped kill 11 people, mostly teens, in Brazil. Now, he's in US prison for perjury Here's how long you can get Dunkin's new Pink Spritz Refresher for just $3 'It's complete': Officials detail 'chilling sequence' prior to fatal shooting Mass. firefighter arrested at work in connection with child sex abuse materials Read the original article on MassLive.
Forbes
a day ago
- Business
- Forbes
Google Issues New $1 Trillion Threat Security Advisory
Google issues new scam threats advisory. dpa/picture alliance via Getty Images Whether it's the FBI warning about smartphone attacks leveraging fears of deportation in the U.S. foreign student population, recommendations to use a secret code as AI-powered phishing campaigns evolve, instant takeover attacks targeting Meta and PayPal users, or confirmed threats aimed at compromising your Gmail account, there is no escaping the cyber-scammers. Indeed, the Global Anti-Scam Alliance, whose advisory board includes the head of scam prevention at Amazon, Microsoft's director of fraud and abuse risk, and the vice president of security solutions with Mastercard, found that more than $1 trillion was lost globally to such fraud in 2024. But do not despair, despite the Federal Trade Commission warning of a 25% year-on-year increase in losses, Google is fighting back. Here's what you need to know. There can be no doubt that online scams, of all flavors, are not only increasing in volume, but they are also evolving. We've seen evidence of this in the increasing availability and cost-effectiveness of employing AI to empower such threat campaigns. No longer the sole stomping ground of solo actors and chancers looking to make a few bucks here and there, the scams threat landscape is now dominated by organized international groups operating at scale. The boundary between online and physical, offline fraud is blurring. Hybrid campaigns are a reality, combining phone calls with internet calls to action. The Global Anti-Scam Alliance State of Scams Report, published in November 2024, revealed the true cost of such crimes: $1.03 trillion globally in just 12 months. A March 2025 report from the Federal Trade Commission showed that U.S. consumers alone had lost $12.5 billion last year, up 25% from 2023. And that GASA report also found that only 4% of victims worldwide reported being able to recover their losses. Something has to be done, and Google's Trust and Safety teams, responsible for tracking and fighting scams of all kinds, are determined that they are the people to help do it. 'Scammers are more effective and act without fear of punishment when people are uninformed about fraud and scam tactics,' Karen Courington, Google's vice president of consumer trusted experiences, trust & safety, said. In addition to tracking and defending against scams, Google's dedicated teams also aim to inform consumers by analyzing threats and sharing their observations, along with mitigation advice. The May 27 Google fraud and scams advisory, does just that, describing the most pressing of recent attack trends that have been identified. These are broken down into five separate scams, each complete with mitigating best practice recommendations, as follows: Customer support scams, often displaying fake phone numbers while pretending to be legitimate help services, are evolving and exploiting victims through a combination of social engineering and web vulnerabilities, Google warned. Along with the protection offered by Gemini Nano on-device to identify dangerous sites and scams, Google advised users should 'seek out official support channels directly, avoid unsolicited contacts or pop-ups and always verify phone numbers for authenticity." Malicious advertising scams, often employing the use of lures including free or cracked productivity software and games, have also evolved. 'Scammers are setting their sights on more sophisticated users,' Courington said, 'those with valuable assets like crypto wallets or individuals with significant online influence.' Google uses AI and human reviews to combat the threat and block ad accounts involved in such activity. Only download software from official sources, beware of too good to be true offers, and pay particular attention browser warnings when they appear, Google said. Google's teams have seen an increase in fake travel websites as the summer vacations get closer, usually luring victims with cheap prices and unbelievable experiences. Again, these will likely impersonate well-known brands, hotels, and agencies. Google advised users to use its tools such as 'about this result' to verify website authenticity. 'Avoid payment methods such as wire transfers or direct bank deposits,' Courington said, 'especially if requested via email or phone.' The old chestnut of package tracking scams has not vanished, more's the pity. 'These scams often trick users into paying additional fees that real delivery services would never request,' Courington explained. Google has seen these scammers employing a tactic whereby the websites and messages used are changed dynamically, based on when the link is sent to the victim. Scam detection in Google Messages has been deployed as one level of protection by Google, but Courington also recommended users should verify the status of any expected package with the shipping company or seller rather than by a link from an unknown source. And finally, there's also no escaping the road toll scams that continue to appear. 'A toll road scam involves scammers sending fraudulent text messages claiming that you owe unpaid toll fees,' Courington warned. Thankfully, these are not always the most realistic of threats, with Google analysts seeing users spammed by toll road fee claims in states that don't even have any toll roads. The best mitigating advice remains stopping to pause, count to ten, and ask yourself if the claim is a plausible one. If it is, then confirm it directly with the toll operator rather than via a link in a message.
