MoneyGram to Pay $18 Million to Settle FTC Charges

Posted on by Chief Marketer Staff

MoneyGram International Inc., a large money transfer service, will pay $18 million in consumer redress to settle Federal Trade Commission charges that the company allowed its money transfer system to be used by fraudulent telemarketers to bilk U.S. consumers out of tens of millions of dollars, according to the FTC.

The company will also have to implement an anti-fraud and agent-monitoring program, the FTC noted.

The Commission charged that between 2004 and 2008, MoneyGram agents helped fraudulent telemarketers and other con artists who tricked U.S. consumers into wiring more than $84 million within the U.S. and to Canada

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