Latest news with #moneyTransfer
Reuters
8 hours ago
- Business
- Reuters
Walmart to pay $10 million to settle US FTC lawsuit over money transfer fraud
June 20 (Reuters) - Walmart (WMT.N), opens new tab 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 (EEFT.O), opens new tab and Western Union (WU.N), opens new tab. 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.
Yahoo
8 hours ago
- Business
- Yahoo
Walmart to pay $10 million to settle US FTC lawsuit over money transfer fraud
By Jonathan Stempel (Reuters) -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 Federal Trade Commission v Walmart Inc, U.S. District Court, Northern District of Illinois, No. 22-03372. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Finextra
3 days ago
- Business
- Finextra
Zūm Rails and Western Union Canada team on real-time cross-border payments
Zūm Rails today announced an agreement with Western Union to support fast and efficient money movement between Canada and 200 countries and territories worldwide. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. Integrating Zūm Rails APIs into Western Union's network enables the company to drive real-time movement of funds for Western Union customers using Interac eTransfer. With Interac eTransfer, customers can instantly fund their money transfers in Canada, then send the money to anywhere in the world. With the rise of real-time payments and other digital experiences, consumers have become accustomed to sending and receiving money in seconds. However, speed is dictated by the payments rails technology integrated into a financial institution's network. While new options have emerged to facilitate transactions in real-time, building the technology to integrate these rails and supporting compliance protocols into their existing infrastructures requires significant time and resources. 'Our work with Western Union reflects a larger trend across the payments industry, defined by real-time money movement as a non-negotiable service for consumers and enterprises alike,' said Miles Schwartz, CEO at Zūm Rails. 'Partnerships between traditional financial institutions and fintechs are proving to be a catalyst in accelerating this trend. Western Union is in a unique position to lead the industry forward, leveraging its technological innovation and its deep history in the cross-border remittance industry. We look forward to working with them to support their efforts in delivering an exceptional customer experience.' A recent survey conducted by Interac found that nearly nine in 10 Canadians (88 per cent) have used Interac e-Transfer. Canadians continue to rely on this product to move $338 billion over the past 12 months, and over $625 billion since the pandemic began, with 49 per cent indicating that they have increased their use in this period. 'Consumers should be able to send payments anywhere in the world at the same speed as they can with native peer-to-peer applications. Our work with Zūm Rails makes this a reality,' said Ranjit Sarai, Vice President of Digital and Ecosystem at Western Union in Canada. 'That is only part of what we have in store for Western Union customers as we work to bring a number of entirely new digital financial experiences to market, to complement the reliable service they've come to expect.'
Android Authority
16-05-2025
- Business
- Android Authority
How to find your Cash App routing and account number
You might know that Cash App is not a bank, but it does come with a bank account, thanks to its banking partners. As such, you will have access to a Cash App routing and account number. If you're trying to find yours to make payments, transfer money, or set up direct deposit, we'll show you where to find them. QUICK ANSWER To find your Cash App routing and account number, launch Cash App. Go to Money > Account & Routing. Both numbers will show up in the next page. JUMP TO KEY SECTIONS How to find your Cash App routing and account number How to get a direct deposit form from Cash App Editor's note: We used a Google Pixel 7 running Android 14 and an Apple iPhone 12 Mini running iOS 17.2 to develop these steps. That said, we had to get screenshots using the iPhone, as the Android Cash App application doesn't allow us to take screenshots of some important pages. The steps are identical on both platforms, though. How to find your Cash App routing and account number Finding your Cash App routing and account number is pretty simple. You just have to know where to look. Launch Cash App. Tap on the Money tab, which looks like a bank building or your balance, if you have any. Next to your Cash Balance, you will see an Account & Routing option. Tap on it. The app will show your Routing Number and Account Number. There are also Copy shortcuts next to them, for easy copying and pasting. How to get a direct deposit form from Cash App You can use the same Cash App routing and account number to set up direct deposit with your employer, but you can also set it up automatically if your employer supports it, or get a direct deposit form from the app, if that is required by your employer. Let's walk you through the steps. Launch Cash App. Tap on the Money tab. Next to your Cash Balance, you will see an Account & Routing option. Tap on it. Select Direct deposit. If your employer supports setting up your direct deposit online, select Get Started in the Automatic Setup section and follow the instructions. If you want a direct deposit form, select Fill out form. Select Create New Form. Tap on Continue. Enter your employer's name and hit Continue. Select how much of the paycheck you want to deposit to Cash App. You can pick between Full Paycheck, Enter Percentage, or Enter Amount. Select Next. Draw your signature and select Next. You can now choose between Email Form or View Form. Deliver the form to your employer using your method of preference. Depending on your employer, this process may not be necessary, as some offer their own forms. In this case, all you will need are the routing and account numbers. FAQs Is Cash App a bank account? Cash App is not a bank, so it doesn't offer a bank account directly. You get a bank account thanks to its partners, which provide banking services. Essentially, you are getting a bank account, just not straight from Cash App. Cash App will work as an intermediary. Which banks work with Cash App? Cash App has two bank partners: Sutton Bank and Wells Fargo Bank. We have a full guide on finding your specific bank details within the app if you want to learn more. Is my Cash App balance FDIC-insured? Cash App offers FDIC insurance on your balance only if you have a Cash Card debit card. You are also covered if you are a sponsor of a sponsored account. If your account qualifies, you'll be covered in case of bank failure up to $250,000. Are there fees for using Cash App? When it comes to anything related to the Cash App routing and account number, there are no fees to worry about unless a third party charges them. This means you can deposit money using these numbers, make payments, or set up direct deposit, and Cash App will charge no fees for any of those actions. There are fees for other things, though. For example, you must pay $2.50 to withdraw money from a non-partner ATM. Instant Cash Out withdrawals cost 0.5% -1.75%, with a $0.25 minimum charge. There's also a 3% fee for sending money using a credit card. And if you invest in stocks or Bitcoin, those transactions also incur small fees.
