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FTC Sues Walmart for Facilitating Money Transfer Fraud Resulting in Loss of Hundreds of Millions

Stock Markets Jun 29, 2022 07:44
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© Reuters.

By Davit Kirakosyan

The Federal Trade Commission today sued Walmart Inc. (NYSE:WMT) for allowing its money transfer services to be used by fraudsters, which resulted in consumers losing hundreds of millions.

According to the complaint, the company turned a blind eye to fraud for years, failing to properly secure the money transfer services offered at its stores.

The FTC is asking the court to order the company to return money to consumers and to impose civil penalties for its violations.

FTC Sues Walmart for Facilitating Money Transfer Fraud Resulting in Loss of Hundreds of Millions
 

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