Scammers often tell their victims to wire the money that they lure their victims to part with because unlike a check, where payment can be stopped, once funds have been sent electronically by wire, there is little chance of recovering the money when the scam is discovered.  MoneyGram is one of the world’s electronic leading money services.  Some corrupt MoneyGram employees used MoneyGram to steal money from victims using phishing scams and other fraudulent schemes.  MoneyGram International, Inc.  settled charges of criminally aiding and abetting wire fraud and failing to maintain an effective anti-money laundering program within the company by paying 100 million dollars to be distributed to victims of the scams perpetrated by the MoneyGram employees.


If you were a victim of a scam through which you wired money using MoneyGram between January 1, 2004 and August 31, 2009, you may be eligible for a payment from the settlement funds.  Here is a link to the website of the manager of the settlement program that you can go to if you believe you may be eligible for some of these funds.

Meanwhile, even if you have not been a victim of a scam involving wiring of funds, you should always be alert to the fact that wired funds are a scammers favorite form of payment so whenever anyone asks you, as a part of any transaction, to transfer funds electronically, you should be extra careful to make sure that it is not a scam.