FTC settles with Western Union for $586 million and an admission it knew of wire fraud

Source: ftclogo.pngFTC: Western Union admits it knew of wire fraud, to pay $586 million | Protecting Your Pocket

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, the Federal Trade Commission said Thursday.

But Thursday, 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.

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