Latest news with #ChristopherMufarrige
CNBC
21-06-2025
- Business
- CNBC
Walmart to pay $10 million to settle lawsuit over money transfer fraud
Walmart has agreed to pay $10 million to settle a U.S. Federal Trade Commission civil lawsuit accusing the world's largest retailer of ignoring warning signs that fraudsters used its money transfer services to fleece consumers out of hundreds of millions of dollars. The settlement was filed on Friday in Chicago federal court, and requires approval by U.S. District Judge Manish Shah. Walmart also agreed not to process money transfers it suspects are fraudulent, or help sellers and telemarketers it believes are using its services to commit fraud. "Electronic money transfers are one of the most common ways that scammers tell consumers to send them money, because once it's sent, it's gone for good," said Christopher Mufarrige, director of the FTC consumer protection bureau. "Companies that provide these services must train their employees to comply with the law and work to protect consumers." The Bentonville, Arkansas-based retailer did not admit or deny wrongdoing in agreeing to settle. Walmart did not immediately respond to requests for comment. In its June 2022 complaint, the FTC accused Walmart of turning a blind eye to fraudsters who used its money transfer services to cash out at its stores. Walmart acts as an agent for money transfers by companies such as MoneyGram, Ria and Western Union. Money can be hard to trace once delivered. The FTC said fraudsters used many schemes that included impersonating Internal Revenue Service agents, impersonating family members who needed money from grandparents to avoid jail, and telling victims they won lotteries or sweepstakes but owed fees to collect their winnings. Shah dismissed part of the FTC case last July but let the regulator pursue the remainder. Walmart appealed from that decision. Friday's settlement would end the appeal. The case is .
Business Insider
21-06-2025
- Business
- Business Insider
Walmart (WMT) Pays $10 Million Fine to Settle Lawsuit over Money Transfer Fraud
Walmart (WMT) has agreed to pay a $10 million fine to settle a U.S. Federal Trade Commission civil lawsuit accusing the world's largest retailer of ignoring warning signs that scam artists leveraged its money transfer service to bilk consumers out of hundreds of millions of dollars. Confident Investing Starts Here: Walmart has also agreed not to process money transfers it suspects are fraudulent, or help sellers and telemarketers it believes are using its services to commit fraud. 'Electronic money transfers are one of the most common ways that scammers tell consumers to send them money, because once it's sent, it's gone for good,' said Christopher Mufarrige, director of the FTC Consumer Protection Bureau. Bentonville, Arkansas-based Walmart did not admit or deny wrongdoing in settling the case. In its complaint, the FTC accused Walmart of turning a blind eye to fraudsters who used its money transfer service to target consumers. Walmart acts as an agent for money transfers by companies such as MoneyGram and Western Union (WU). Tricksters The FTC said fraudsters used many schemes via Walmart, including impersonating Internal Revenue Service (IRS) agents, impersonating family members, and telling victims they won lotteries or sweepstakes but owed fees to collect their winnings. The judge dismissed part of the FTC's legal claim last year but let the regulator pursue most of its case. Walmart appealed that decision. The $10 million settlement effectively ends Walmart's appeal. WMT stock is up 6% this year. Is WMT Stock a Buy? average WMT price target of $109.71 implies 14.14% upside from current levels.
Business Times
21-06-2025
- Business
- Business Times
Walmart to pay US$10 million to settle US FTC lawsuit over money transfer fraud
[NEW YORK] Walmart has agreed to pay US$10 million to settle a US Federal Trade Commission (FTC) civil lawsuit accusing the world's largest retailer of ignoring warning signs that fraudsters used its money transfer services to fleece consumers out of hundreds of millions of US dollars. The settlement was filed on Friday (Jun 20) in Chicago federal court, and requires approval by US District judge Manish Shah. Walmart also agreed not to process money transfers it suspects are fraudulent, or help sellers and telemarketers it believes are using its services to commit fraud. 'Electronic money transfers are one of the most common ways that scammers tell consumers to send them money, because once it's sent, it's gone for good,' said Christopher Mufarrige, director of the FTC's consumer protection bureau. 'Companies that provide these services must train their employees to comply with the law and work to protect consumers.' The Bentonville, Arkansas-based retailer did not admit or deny wrongdoing in agreeing to settle. Walmart said that it was pleased to settle and shared the FTC's goal of protecting consumers from fraudsters, including from fraud-induced money transfers. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up In its June 2022 complaint, the FTC accused Walmart of turning a blind eye to fraudsters who used its money transfer services to cash out at its stores. Walmart acts as an agent for money transfers by companies such as MoneyGram, Ria and Western Union. Money can be hard to trace once delivered. The FTC said fraudsters used many schemes that included impersonating Internal Revenue Service agents, impersonating family members who needed money from grandparents to avoid jail, and telling victims they won lotteries or sweepstakes but owed fees to collect their winnings. Shah dismissed part of the FTC case last July but let the regulator pursue the remainder. Walmart appealed from that decision. Friday's settlement would end the appeal. REUTERS
NBC News
20-06-2025
- Business
- NBC News
Walmart to pay $10 million to settle lawsuit over money transfer fraud
Walmart has agreed to pay $10 million to settle a U.S. Federal Trade Commission civil lawsuit accusing the world's largest retailer of ignoring warning signs that fraudsters used its money transfer services to fleece consumers out of hundreds of millions of dollars. The settlement was filed on Friday in Chicago federal court, and requires approval by U.S. District Judge Manish Shah. Walmart also agreed not to process money transfers it suspects are fraudulent, or help sellers and telemarketers it believes are using its services to commit fraud. 'Electronic money transfers are one of the most common ways that scammers tell consumers to send them money, because once it's sent, it's gone for good,' said Christopher Mufarrige, director of the FTC consumer protection bureau. 'Companies that provide these services must train their employees to comply with the law and work to protect consumers.' The Arkansas-based retailer did not admit or deny wrongdoing in agreeing to settle. Walmart did not immediately respond to requests for comment. In its June 2022 complaint, the FTC accused Walmart of turning a blind eye to fraudsters who used its money transfer services to cash out at its stores. Walmart acts as an agent for money transfers by companies such as MoneyGram and Western Union. Money can be hard to trace once delivered. The FTC said fraudsters used many schemes that included impersonating Internal Revenue Service agents, impersonating family members who needed money from grandparents to avoid jail, and telling victims they won lotteries or sweepstakes but owed fees to collect their winnings. Shah dismissed part of the FTC case last July but let the regulator pursue the remainder. Walmart appealed from that decision. Friday's settlement would end the appeal.
USA Today
20-06-2025
- Business
- USA Today
Walmart to pay $10 million to settle FTC fraud lawsuit over money transfers
Walmart WMT.N has agreed to pay $10 million to settle a U.S. Federal Trade Commission civil lawsuit accusing the world's largest retailer of ignoring warning signs that fraudsters used its money transfer services to fleece consumers out of hundreds of millions of dollars. The settlement was filed on Friday in Chicago federal court, and requires approval by U.S. District Judge Manish Shah. Walmart also agreed not to process money transfers it suspects are fraudulent, or help sellers and telemarketers it believes are using its services to commit fraud. "Electronic money transfers are one of the most common ways that scammers tell consumers to send them money, because once it's sent, it's gone for good," said Christopher Mufarrige, director of the FTC consumer protection bureau. "Companies that provide these services must train their employees to comply with the law and work to protect consumers." Average worker pay: Walmart reveals its highest paying job, excluding managers The Bentonville, Arkansas-based retailer did not admit or deny wrongdoing in agreeing to settle. Walmart did not immediately respond to requests for comment. In its June 2022 complaint, the FTC accused Walmart of turning a blind eye to fraudsters who used its money transfer services to cash out at its stores. Walmart acts as an agent for money transfers by companies such as MoneyGram, Ria EEFT.O and Western Union WU.N. Money can be hard to trace once delivered. The FTC said fraudsters used many schemes that included impersonating Internal Revenue Service agents, impersonating family members who needed money from grandparents to avoid jail, and telling victims they won lotteries or sweepstakes but owed fees to collect their winnings. Shah dismissed part of the FTC case last July but let the regulator pursue the remainder. Walmart appealed from that decision. Friday's settlement would end the appeal. The case is Federal Trade Commission v Walmart Inc, U.S. District Court, Northern District of Illinois, No. 22-03372. Reporting by Jonathan Stempel in New York; Editing by Marguerita Choy
