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“It’s been almost a month and we still don’t have our money. We’re broke and putting groceries on credit cards . . . .” That’s just one of many customer reviews posted about the mobile banking app offered by Beam Financial Inc. and founder Yinan Du – the defendants in a lawsuit filed today by the Federal Trade Commission.

According to the complaint, the Beam Financial defendants advertise their Beam banking app as a high-interest bank account offering “24/7” access to your money with “NO LOCKUP.” Beam Financial also says people can easily make an unlimited number of free transfers into and out of their Beam accounts at any time – with funds arriving in 3–5 business days. That’s a lie, according to the FTC’s lawsuit, which cites numerous complaints posted by frustrated and desperate people who are worried that Beam Financial has simply stolen their deposits.

•  “Don’t put your money into beam because you won’t get it back. They will hold it to collect as much interest for themselves until I’m assuming someone shuts this company down for fraud.”

•  “I am still without my $2900 and Beam doesn’t answer the phone or email. They’ve stolen my money during a pandemic.”

The FTC also says that people didn’t get the high interest rates that Beam Financial promised.

When the FTC formally demanded information and answers from the Beam Financial defendants, they refused to respond.

Thinking about downloading a mobile banking app? Be sure you understand how it works first. Read the terms and do an online search to check out the company’s track record, all before you deposit your money. To report problems with a mobile banking app or other kind of bad business practice, go to

Search Terms

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The purpose of this blog and its comments section is to inform readers about Federal Trade Commission activity, and share information to help them avoid, report, and recover from fraud, scams, and bad business practices. Your thoughts, ideas, and concerns are welcome, and we encourage comments. But keep in mind, this is a moderated blog. We review all comments before they are posted, and we won’t post comments that don’t comply with our commenting policy. We expect commenters to treat each other and the blog writers with respect.

  • We won’t post off-topic comments, repeated identical comments, or comments that include sales pitches or promotions.
  • We won’t post comments that include vulgar messages, personal attacks by name, or offensive terms that target specific people or groups.
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We don't edit comments to remove objectionable content, so please ensure that your comment contains none of the above. The comments posted on this blog become part of the public domain. To protect your privacy and the privacy of other people, please do not include personal information. Opinions in comments that appear in this blog belong to the individuals who expressed them. They do not belong to or represent views of the Federal Trade Commission.

November 18, 2020
Do research WHERE? Using what sources? Thanks so much for providing "advice" that's so vague as to be useless.
FTC Staff
November 19, 2020

In reply to by azure5

The blog has tips to help you: If you're thinking about downloading a mobile banking app, be sure you understand how it works. Before you deposit your money, read the terms. Do an online search to see what other people say about the company. Do a search with the company name and the words "review" or "complaint."

And, you can also search this website to find articles, like this one about Mobile Apps. The article explains what you need to download and use an app, the data apps can access on your phone, and what information apps will access or share.

November 23, 2020

In reply to by azure5

I dont want to get rude, and just to let you know im from Canada and i would love that our government will do as the same as they are doing. And as a consultant in Cybersecurity, FTC just answered as the best as it could and it's a true answer. They need to stay "safe" & "short" on the answer. The reason is simple, too many factors may compromise a mobile app, like you can download and install one from a third party and be already infected. Some actors will prefer to target most used users mobile app already installed on the device..etc..etc.. FTC main objective here is to warn & protect users agaisnt actual threats targeting users money. They cant be aware about how users are really using their mobiles with secure practice
November 20, 2020
Thank you FTC for doing what government should be doing. A shining light in the midst of darkness.
November 20, 2020
How does the FTC use the reports from consumers. How many scam companies/businesses has the FTC foiled and prosecuted this year compared to previous years. Does the FTC share the amount of blocked numbers that phone companies provide and do targeted shutdowns/investigations of these scammers? We can keep reporting, but if there is no action on the FTC side, then what is the purpose of reporting?
FTC Staff
November 20, 2020

In reply to by Rshine2020

Read the Frequently Asked Questions (FAQ) at to learn what happens after you file a report with the FTC. We explain what you can report, how to get help filing, what happens to your report and much more.

Go to to learn about the FTC's enforcement activies. Read the Annual Highlights (starting with 2019's) to learn about enforcement actions, money refunded to consumers, court orders filed and more.

Read the annual report for the Do Not Call Registry to learn about do not call complaints filed with the FTC. The FTC and its law enforcement partners use Do Not Call complaints to spot trends and enforce the law. Companies that offer call-blocking solutions also use the data to help identify phone numbers to block.

The robocall phone numbers that consumers provide are released to telecommunications carriers and industry partners, and data is posted to the FTC website every weekday, with Monday postings including weekend data, and is available on the Do Not Call (DNC) Reported Calls Data webpage.

robocall phone…
October 22, 2021

In reply to by FTC Staff

"robocall phone numbers that consumers provide are released" these numbers are useless as scammers can put any number they want on it and that's what they do, its out of hand
De Grazziano
November 20, 2020
This is a great blog. That happened to a friend of mine once and the dude never got his money back. Think before you do something foolish. If it sounds too good to be true, it probably is.