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Western Union to pay $586 million in fraud settlement

Money transfer giant Western Union has agreed to pay over $580 million to settle a case with the authorities after admitting it aided and abetted wire fraud and broke anti-laundering rules.

Looking the other way and allowing fraud

The $586m forfeiture is the largest ever imposed on a “money services” business and will be made available to compensate the many victims of fraud that lost money as a result of Western Union scams, according to a lengthy FTC release. The firm was accused of effectively looking the other way and allowing fraud and money laundering to continue – in many cases facilitated by its own agents – in a quest for profits.

Read more at Info Security Magazine.

This article is summarized by Canadian Fraud News Inc.