- The Federal Trade Commission has sued Walmart Inc WMT, alleging that the retail giant allowed its money-transfer services to facilitate fraud.
- According to the complaint, the company did not properly train its employees, failed to warn customers, and used procedures that allowed fraudsters to cash out at its stores.
- The financial services offered by Walmart include money transfers, credit cards, reloadable debit cards, check cashing, and bill payments.
- "Consumers have lost hundreds of millions, and the Commission is holding Walmart accountable for letting fraudsters fleece its customers," said FTC.
- In response to the lawsuit, Walmart called the suit "factually misguided and legally flawed."
- Money transfers are used by fraudsters as they are nearly impossible to retrieve after the money has been picked up.
- Price Action: WMT shares are trading higher by 0.26% at $122.69 in premarket on the last check Wednesday.
- Photo Via Company
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.