CONSUMER CATCH-UP: Consumer confidence up, claims open in DreamCloud settlement

BySimone Chavoor KGO logo

Thursday, July 27, 2023

CONSUMER CATCH-UP: Consumer confidence up, DreamCloud settlement

CONSUMER CATCH-UP: Consumer confidence is up, claims open in DreamCloud settlement, and a new scam detector app launches

SAN FRANCISCO (KGO) -- Consumer confidence at highest level in two years, says research group

Consumer confidence jumped to its highest level in two years in July, according to business research group the Conference Board.

The consumer confidence index measures Americans' assessment of current economic conditions as well as their outlook for the near future. The index was at 110.1 in June, and rose to 117 in July, outpacing the 110.5 that was predicted. It's the highest the index has been since July 2021.

Analysts say that the increase in consumer confidence comes from a combination of slowing inflation and a strong job market. The Federal Reserve is expected to raise its interest rates again on Wednesday in an effort to push inflation down even further.

FTC: Consumers can file reimbursement claims for DreamCloud mattresses

The Federal Trade Commission is sending claims notices to consumers who purchased a DreamCloud mattress, after the company falsely claimed the mattresses were "Made in the USA."

Consumers who purchased a DreamCloud mattress during the time of this false advertising will receive a claim notice by email or mail. The affected consumers can apply for a refund online with their given claim number.

DreamCloud mattresses were falsely advertised as "proudly made with 100% USA-made premium quality materials." The FTC says that all DreamCloud mattresses contain "significant imported materials, and many are wholly imported." The FTC sued the company in 2021; the company settled and agreed to provide refunds to affected customers.

Norton launches "Genie" app to analyze messages and flag scams

As scams become more sophisticated, it can be hard to tell if that text or email is legitimate. Now Norton, makers of popular anti-virus software, has released a new app that will analyze content and estimate if it's a scam.

Norton's "Genie" app was released Tuesday on Apple's app store and on the Norton website. According to a press release from Norton, the app uses AI to check the language of a text, email, website, or social media post and compares them to known scams. The app will also make recommendations on what to do next if the message is a scam.

"Every day, we're inundated with messages and scams that have become so believable that anyone, even the savviest of us, is just one wrong tap from becoming a scammer's next victim," said Ondrej Vlcek, President at Gen, Norton's parent company.

The app is in an "early access phase," and is available to download for free. Norton says it will be available for Android later this year.

Take a look at more stories and videos by Michael Finney and 7 On Your Side.

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