Getting Money Back From Western Union – Wire fraud is a growing epidemic here in the United States. Scammers love it because they can trick their victims and get their money right away.
And Western Union has always been the favorite choice of fraudsters who want to get paid instantly. Western Union always seemed like a sure thing. Fraudsters relied on Western Union because there seemed to be no fraud controls in place to prevent the bad guys from defrauding innocent people.
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Last year, a joint investigation by the FTC, the Department of Justice (DOJ), and the US Postal Inspection Service found that Western Union was not only negligent, but guilty of enabling money laundering.
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The Department of Justice, the Federal Trade Commission and the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) filed the charges.
They cover Western Union’s activities from 2004 to 2012 and have been held around the world in the United States, Mexico, Peru, Great Britain, China and other countries.
Authorities criticized Western Union for money laundering, failure to enforce due diligence on foreign agents, failure to stop high-risk sites and failure to implement appropriate fraud policies.
To give you an idea, Western Union filed 2,000 suspicious activity reports at one location in China without shutting down the location.
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As a result of this investigation, Western Union agreed to pay $586 million and admitted to aiding and abetting the fraud. The DOJ is now using this money to refund those who were tricked into using Western Union to pay the scammers.
To receive a refund from Western Union, you need to submit a claim by February 12, 2018. There are 2 ways to receive a refund – 1) submit a claim based on the pre-filled form you received in the mail. attorney, or 2) file a complaint at ftc.gov/vu. Submit your request here if you did not receive the form.
If you have been scammed and sent a Western Union telegram between January 1, 2004 and January 19, 2017, you are eligible. Even if you haven’t filed a fraud report with Western Union or lost your documents, you can still get your money back.
Many millions of people may file lawsuits, so it will take a long time for the FTC to investigate them and get people their money back. It’s unlikely that people will get all their money back, but they should get at least some. I hope for the sake of these poor victims they get most of their money back!to send money to unknown parties via Western Union? Well, you caught a lucky break if you didn’t hear this warning (or just didn’t find our blog in time). The Federal Trade Commission recently announced that consumers who lost money to fraudsters through the Western Union money transfer system can now file for a refund.
How Long Do International Money Transfers Take?
If you transferred money to a scammer through Western Union between January 1, 2004 and January 19, 2017, you can file a claim at FTC.gov/VU.
“American consumers lost money while Western Union looked the other way,” said FTC Acting Chair Maureen K. Ohlhausen. “We are pleased to begin the process that will return this money to legitimate consumers.”
“Knowing that its agents were involved in fraudulent schemes — and knowing that it had a legal obligation to discover and report this criminal behavior to the authorities — Western Union failed to act, resulting in enormous losses for victims,” Acting Assistant Attorney General Blanco said. “Returning lost money to these and other crime victims is one of the Department’s highest priorities.” I want to commend our prosecutors, the FTC and our partners in law enforcement agencies for their hard work that has led to the vindication of these victims’ rights.”
The refund program is thanks to a settlement with Western Union, which agreed to pay $586 million to settle charges brought by the FTC and the US Department of Justice. The FTC said Western Union is aware of the problem and has received hundreds of thousands of complaints about fraudulent money transfers, yet has taken no action. Money transfers were made for lottery and prize fraud, family emergencies, payday loans, online dating and other scams, but Western Union did not have an effective anti-fraud policy in place.
If You Got Scammed Through Western Union, You Can Get Money Back
If you have been affected by one of these scams, you should go to FTC.gov/VU to file a claim, learn more, and receive updates on the claim process. Consumers have until February 12, 2018 to submit complaints. The FTC has provided the infographic below to explain the filing process. Claiming is free, so don’t pay anyone to claim on your behalf. No one associated with the claims process will ask for a consumer’s bank account or credit card number – don’t get scammed by trying not to be scammed!
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Businesses have enough to worry about without brand spoofing throwing a wrench into their strategy. From the very beginning… Sending money abroad can bring many important questions and concerns. Whether you need to send money to family and friends or for business reasons, the last thing you want to spend your time doing is wondering how long it will take for the money to arrive. So how long does an international money transfer take? While there is no simple answer to this question, we can give you a good idea of what to expect. Find everything you need to know about international money transfer times here.
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International money transfers usually use the SWIFT network, which stands for Society for Worldwide Interbank Financial Telecommunication. This network allows banks and other financial institutions to securely communicate with each other in a fast and accurate manner. The SWIFT network is used to transfer bank transfer information between thousands of banks around the world.
Money transfer instructions are sent from the sender’s bank to the recipient’s bank and may be passed through intermediary banks before reaching the final bank. Depending on your bank or financial institution, you may be able to make an international money transfer online, over the phone, or through a money transfer app. Some banking institutions require you to make the transfer in person at one of their branches.
To make an international money transfer, you’ll need to provide information that may differ depending on the entity you use. You will usually need to know:
Depending on the bank, international bank transfers can take longer than you might expect. When you send a transfer request, the bank will follow its normal procedures. Each bank has its own deadline, which means that if the request is not submitted before the deadline, it will not be processed until the next working day. From there, most international bank transfers are quoted as 1-5 business days. However, some factors can affect this time frame.
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Understanding what can cause delays in international money transfers can help you get an idea of when your recipient can expect to receive the money.
One factor that can affect the time of an international bank transfer is incorrect payment information. If incorrect information is found, your payment may be refunded. To avoid this error, make sure that all recipient information is correct.
Although many international money transfers are paid for using the same bank account number as the money being transferred, banks and service providers offer other payment options such as a debit card. The payment method can affect how long an international money transfer takes.
The fact is that some banks process transfers faster than others. To make an informed choice, request an estimate so you know how long your transfer will take. If the time frame is not ideal, you can find another provider that is faster and possibly cheaper than your bank.
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How long it takes for your money to reach the recipient’s bank depends on how many intermediary banks it has to pass through to reach its final destination. Your bank may communicate directly with your customer’s bank or may require up to three intermediary banks to transfer the money together to the final bank. This less direct path takes time.
Depending on which country your money is directed to can affect the time it takes banks to communicate. The speed of banking processes varies from country to country, either due to slower infrastructure, stricter regulations or fraud prevention processes.
To maintain the security of international money transfers, banks use various procedures to prevent fraud. These processes can delay the transfer as it can go through up to three banks in the SWIFT network before reaching your recipient’s bank. Any other fraud prevention practices by the final bank may add more time to the transfer.
Another factor that can slow down international money transfer times is if it’s a weekend or holiday and if the bank is closed.
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