Have you ever helped a friend or relative by wiring money? The next time you’re asked to wire money, be very careful and make sure the request is legitimate.
Last month, the U.S. Department of Justice announced that Western Union had agreed to pay $586 million after numerous customers were deceived into sending money to a third party that was defrauding them. Around 39,000 Texans will receive restitution.
In addition, Western Union has agreed to implement an anti-fraud program to train employees, heighten anti-fraud procedures, and add other measures aimed at reducing and preventing scams via their wire service.
According to the 2016 Top Ten Scam Report, wire transfers remain the most common form of money transfer involving scams.
