Newspaper article THE JOURNAL RECORD

Moneygram Agrees to Pay for Consumer Education

Newspaper article THE JOURNAL RECORD

Moneygram Agrees to Pay for Consumer Education

Article excerpt

Oklahoma and 43 other states have reached an agreement with Moneygram requiring the company to establish a $1.1 million consumer- education fund to be overseen by the AARP Foundation.

Oklahoma Attorney General Drew Edmondson said the program is aimed at protecting wire-transfer consumers from fraud and scams.

"Many scams have a wire-transfer component because it's fast, simple, and agents are easy to find," he said. "We see countless frauds, especially lottery scams, that require the 'winner' to pay a tax on the jackpot before receiving their winnings."

He said wire transfers are often suggested as an easy way to pay the bogus tax.

Moneygram is making the changes as part of an agreement of voluntary compliance with the 44 states and the District of Columbia.

Under the agreement, Moneygram will place prominent fraud warnings on its forms, enhance anti-fraud training programs for company agents and provide special training to agents that have experienced elevated fraud levels at their locations.

Moneygram agreed to suspend or terminate locations that are involved in fraud or do not take steps to reduce it.

Other elements of the program will allow consumers to cancel pending wire transfers from any Moneygram location or call 1-800- MONEYGRAM if they think they are a fraud victim. …

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