“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 ReportFraud.ftc.gov.
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.
- We won’t post threats, defamatory statements, or suggestions or encouragement of illegal activity.
- We won’t post comments that include personal information, like Social Security numbers, account numbers, home addresses, and email addresses. To file a detailed report about a scam, go to ReportFraud.ftc.gov.
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.
In reply to Do research WHERE? Using 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.
In reply to Do research WHERE? Using by azure5
In reply to How does the FTC use the by Rshine2020
Read the Frequently Asked Questions (FAQ) at ReportFraud.ftc.gov 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 FTC.gov 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.
In reply to Read the Frequently Asked by FTC Staff