Walmart blasts FTC for government overreach in money transfer suit [FOX Business Network]
Moneygram International, Inc. (MGI)
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Source: FOX Business Network
Walmart allowed criminals use its money transfer services to scam consumers out of hundreds of millions of dollars while collecting fees on the transactions, the Federal Trade Commission (FTC) alleged Tuesday in filing a lawsuit against the nation's biggest retailer. The FTC said the company had done too little to prevent scam artists from using its money transfer services for fraud. In addition to its retail services, Walmart offers some financial services, and acts as an agent for money transfer services such as MoneyGram (MGI.O) and Western Union (WU.N) In its complaint, the FTC said that Walmart for years turned a blind eye while scammers exploited its failure to properly secure the money transfer services offered at the company's stores as well as not adequately training its employees. Vehicles in a parking lot at a Walmart store in Torrance, California, US, on Sunday, May 15, 2022. (Bing Guan/Bloomberg via Getty Images / Getty Images) Citing data from MoneyGram, Western
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