The world’s largest retailer is set to pay $10 million to settle a lawsuit filed by the Federal Trade Commission (FTC).
In June 2022, the FTC filed a complaint alleging that from 2013 to 2018, Walmart turned a blind eye to scammers who exploited its in-store money transfer services to defraud US consumers out of hundreds of millions of dollars.
The retailer serves as an agent of the money transfer service providers MoneyGram, Western Union and Ria.
The complaint says that Walmart failed to implement effective anti-fraud policies and procedures, was remiss in providing proper training to its employees and did not adequately warn its customers about potential fraud related to money transfers.
A year later, the regulator amended its complaint to add further details related to Walmart’s alleged telemarketing violations.
A stipulated order filed in the U.S. District Court for the Northern District of Illinois, Eastern Division on Friday, aims to resolve the FTC’s claims concerning Walmart’s money-transfer services
The settlement, which is still subject to the District Court judge’s approval, prohibits the retailer from providing “fraud-induced” money transfer services or assisting sellers or telemarketers who solicit goods, services or charitable contributions through telemarketing. The company is also barred from assisting those who ask consumers to pay for loans and credit extensions in advance.
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