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News
MoneyGram
to Help Thwart “Wire-Transfer Scams”
Posted 3 July 2008
MoneyGram has agreed to take steps aimed at reducing the growing number
of consumer fraud schemes that rely on wire transfers to fleece U.S.
consumers.
“All kinds of scams ask consumers to wire money,” said Iowa Attorney
General Tom Miller. “The money usually goes abroad, it can’t be traced,
and it’s gone in a flash. Consumers often lose several thousand
dollars, there’s no way to get the money back, and there’s no way to
catch the crooks. We have to prevent wire-transfer scams before the
money is sent,” he said.
MoneyGram Payment Systems, Inc., based in Minneapolis, has agreed with
Miller and other state attorneys general to a battery of measures to
help thwart “fraud-induced transfers.” Go
to MoneyGram agreement with states.
Moneygram will set out very prominent consumer warnings on forms used
by consumers to wire money, fund a $1.1 million national consumer
awareness program, train its agents to identify and help block
scam-induced transfers, and refund consumer’s fees and the money sent
if a consumer suspects a fraud before the transfer is picked up.
MoneyGram has over 25,000 U.S. locations that offer money transfer
services, including at grocery stores, gas stations and other
businesses, and over 100,000 locations around the world.
“These steps by MoneyGram will help stop many fraud-induced wire
transfers at the crucial moment when consumers are set to lose their
money,” Miller said. MoneyGram entered into an Assurance of Voluntary
Compliance or AVC with the attorneys general of 44 states and the
District of Columbia. Western Union entered a similar agreement in
November 2005.
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