Western Union Scam Compensation Fund
Finally something is being done to allow victims of scams undertaken via this service to seek compensation. If you have customers, or know of any licensees who were caught up in the scam that targeted LPOs, now is the time to take some affirmative actions to try to recover lost funds. We will probably have to convince people that they do not need to send money to WU to lodge these claims also. Won't take the vultures long to think that one up!
Australian fraud victims who have unwittingly lost money to scam artists, through Western Union money transfers, have only three weeks to lodge their compensation claims.
The US-based money transfer business has agreed to pay a penalty of US$586 million ($731.5 million) to victims worldwide.
This was after the company admitted it had failed to maintain an effective anti-money-laundering program, and aiding and abetting wire fraud.
The compensation scheme is open to people who wired money to scammers via Western Union between January 1, 2004 to January 19, 2017.
The deadline for lodging these claims is February 12.