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Western Union may owe you money from its $586 million settlement

Western Union may owe you money from its $586 million settlement
Tomnex | Dreamstime.com

Western Union is one of the most well-known financial services companies in the U.S. The organization has been around tracing all the way back to 1851 with its founding in Rochester, New York. The organization headquarters is now located in Colorado.

Because of their popular money transfer service the company is very commonly used as an outlet for money laundering and scammers. Western Union is now agreeing to settle a legal complaint by the FTC for allowing known fraudulent money transfers to take place.

Have you been the victim of an online scam recently? You may be eligible to receive a full refund as part of this $586 million dollar settlement.

Looking the other direction

Western Union is accused by the FTC for allowing upwards of a billion dollars in fraudulent money transfers. Usually, when a scam is popularly known by the public and financial institutions, companies like Western Union have a responsibility to prevent this type of fraudulent money transfer. It seems that they conveniently turned a blind eye to millions of these fraudulent transfers, all the while skimming their service fees off the top.

In addition to this shocking admission, it turns out that some Western Union employees were actually part of these fraudulent transfers. Even when faced with clear evidence of this fact, Western Union failed to take "adequate" disciplinary action and allowed the fraud scams to continue.

Get your money back

If you were the victim of a money transfer scam that went through Western Union during this time, you may be eligible for an entire refund. This is part of the $586 million payout that the organization is paying off to the victims of scams that happened under their watch.

The timeline for the fraudulent activity is between January 1, 2004, to January 19, 2017. If you used Western Union between these time periods you may be eligible for a claim.

The deadline to file a claim is February 12, 2018.

For details and forms regarding the filing of a claim, visit the FTC website here.

Eat at Burger King over last two years? They might owe you money

While we are on the subject of big lawsuits, you may want to check if Burger King owes you some money.

Learn if you were a victim of this Burger King scandal here.

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