Velie Consulting Services, LLC

Velie Consulting Services, LLC
​

Tax Returns prepared and e-filed starting at $75 (depending on additional forms)
​

​

Button Text
  • Home
    • Services
  • Income Tax Info.
  • Coupon
  • About
  • Other Links
  • More Links
  • Contact Info
  • About
  • Contact Info

Western Union settlement: $586 million in refunds

1/20/2017

0 Comments

 
January 19, 2017
by
Bridget Small

Consumer Education Specialist, FTCYou probably know that Western Union runs money transfer services in the US and worldwide. What you might not know is that, according to the FTC, Western Union has known for years that scammers were using its system to commit significant fraud. Even when faced with clear evidence that many of its agents were committing fraud, Western Union kept taking people’s money. Probably billions in fraud-related transfers, sent since January 2004. But today, in a global settlement with the FTC and the US Department of Justice, Western Union agreed to return $586 million to people and create a real and strong anti-fraud program.
So, what kind of evidence was Western Union ignoring? Well, says the FTC, from January 2004 to August 2015, the company got more than 550,000 complaints about money transfers made for fraudulent lottery and prizes, family emergency calls, advance-fee loans, online dating and more. There were its own internal reports, which flagged fraud by some of its own agents, including many international agents that paid out fraud-induced transfers from US consumers. And there were warnings from US and international law enforcement about the fraud. And yet, the money kept rolling on through.
Under the settlement, Western Union will return $586 million through a process to be named later. (Watch this space for more information.) The company will have to train and monitor its agents so that people are protected. It won’t be allowed to transmit a money transfer that it knows – or should know – is a fraud. It has to block money transfers to anyone who has a fraud report, make it easier for people to report fraud, give clear warnings to people who are sending money, and refund a fraud-related money transfer if the company didn’t comply with its own anti-fraud procedures.
If you ever wire money, also keep in mind that it’s illegal for a telemarketer to ask you to pay with a money transfer. That’s right: Illegal. Scammers love using money transfer services because once you send the money, it’s gone forever. So, if a telemarketer asks you to wire money, already you know they’re a crook. Don’t wire the money, and then tell the FTC.
0 Comments



Leave a Reply.

    Author

    Helpful Information from a variety of Authors who are listed in their articles.

    Archives

    January 2021
    December 2020
    May 2020
    March 2020
    February 2020
    January 2020
    November 2019
    October 2019
    January 2019
    November 2018
    September 2018
    February 2018
    January 2018
    December 2017
    November 2017
    February 2017
    January 2017
    December 2016
    March 2016
    February 2016
    January 2016
    December 2015
    October 2015
    September 2015
    January 2015
    November 2014
    October 2014
    September 2014
    December 2013
    November 2013
    September 2013
    January 2013
    January 2012
    November 2011

    RSS Feed

Proudly powered by Weebly