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Home»Fintech»Walmart asks court to dismiss FTC money transfer lawsuit
Fintech

Walmart asks court to dismiss FTC money transfer lawsuit

August 31, 2022No Comments2 Mins Read
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FTC sues Walmart for facilitating money transfer fraud
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Walmart has requested a federal court docket to dismiss a Federal Commerce Fee lawsuit towards the retail big, calling it an “egregious occasion of company overreach”.

In June, the FTC sued Walmart, alleging that the agency “turned a blind eye” whereas fraudsters used its cash switch service to fleece customers of a whole lot of tens of millions of {dollars}.

In its swimsuit, the FTC says that for years Walmart’s acknowledged coverage was for its staff to problem payouts even within the case of a suspicious cash switch.

In a press release, Walmart responds: “The FTC is attempting to carry Walmart answerable for the prison actions of fully unrelated third-party fraudsters, despite Walmart’s in depth efforts to forestall these very fraudsters from defrauding our clients, and regardless of the FTC’s lack of constitutional or statutory authority to convey the lawsuit.”

Citing trade databases, the FTC swimsuit says that from 2013 to 2018 greater than $197 million in funds that have been the topic of fraud complaints have been despatched or acquired at Walmart. One other $1.3 billion in associated funds have been additionally presumably related to the fraud.

Scammers relied on Walmart cash transfers as a main strategy to obtain funds for scams like telemarketing schemes, relative-in-need “grandparent” scams, and sweepstakes scams, says the swimsuit.

The FTC is asking the court docket to order Walmart to return cash to customers and to impose civil penalties.

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See also  This Copyright Lawsuit Could Shape the Future of Generative AI
asks court dismiss FTC Lawsuit Money transfer Walmart
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