Consumer Countdown: Music app TikTok ordered to pay record fine

Friday's "Consumer Countdown" features three interesting stories impacting consumers and money.

No. 3

The popular video sharing app Musically, now known at TikTok, has to pay a record fine, a $5.7 million settlement to the Federal Trade Commission.

It's accused of collecting and exposing personal information of children under 13 without parent's consent.

The app says it has corrected the problem and is now enforcing age verification.

No. 2

For the first time, the FTC settled with a company for fake reviews!

Makers of the weight-loss supplement Garcinia Cambogia Extract are accused of buying good reviews which were posted on Amazon.

The company says there have been no false reviews since 2015 and anything fake has been taken down.

No. 1

A warning for you, your parents or grandparents: Complaints of elderly financial crimes have quadrupled in a recent four-year period.

A recent study says the average loss was nearly $17,000 and one third of victims were 80 or older.
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