FTC settles with rewards company over security infractions
A company that helps students save for college may have made them richer, but also could have opened them up to fraud.
The company, Upromise, which is owned by Sallie Mae, failed to live up to its vow to keep customers secure, which violated federal law, the FTC said Thursday in a news release announcing a settlement.
Upromise, which adds small amounts of money to a savings account when users buy items from their partner merchants, asked users to download a "TurboSaver Toolbar" so they could locate merchants that provide rebates. The company encouraged customers to enable the "Personalized Offers" component of the toolbar because, Upromise said, it would allow them to get more customized deals.
