Nearly 40,000 consumers will receive full compensation for their losses between 2013 and 2017.
When asked for comment, MoneyGram emphasized its record on consumer fraud complaints in recent years.
“After investing more than $800 million over the past decade to enhance our compliance program, MoneyGram is now an industry leader in fraud detection,” said Bahar Sahajwalla, its head of external relations and government affairs. The company said consumer fraud complaints, as a percentage of its total money transfer transactions, has consistently decreased in the last eight years. In 2022, it was 0.009% of MoneyGram’s over 100 million money transfers.
The government’s case against MoneyGram dates to 2009, when the FTC charged the money-transfer company with failing to crack down on the fraudulent use of its payment system. As part of a deferred prosecution agreement in 2012, the company agreed to issue refunds and reduce scammers’ ability to receive money from consumers.
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