MoneyGram Warns Consumers to Stay Alert for Three Common Scams on Cyber Monday

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Press Release

November 26, 2018 at 9:45 AM EST

MoneyGram Warns Consumers to Stay Alert for Three Common Scams on Cyber Monday

DALLAS, Nov. 26, 2018 /PRNewswire/ -- As shoppers gear up for the holidays, cybercriminals are making preparations to steal their money. Online fraud attempts are expected to increase 14%* during the peak of the 2018 holiday shopping season. MoneyGram (NASDAQ:MGI), a leading financial technology company, is warning consumers to stay alert for some of the most common online scams this season.

Online Shopping
Fraudsters create fake websites, ads, and social media posts offering hot ticket items at a huge discount. Shoppers who fall for the scam may send their money but never receive the item. Before buying, shoppers should check reviews and make sure the retailer is legitimate.  

Fake Charity 
Crooks take advantage of consumers' giving spirit during the holiday season by creating phony charities. They often contact their victims via email, text or social media. The fake charity's name and its website may sound or look similar to other well-known charitable organizations. Before donating, consumers should confirm that the charity is legitimate at Give.org

Unusual Forms of Payment
Criminals don't want to leave a paper trail so they'll often ask for money that cannot be traced. Consumers should walk away from a purchase or donation if they are asked to pay with a wire transfer, a prepaid debit card or through a third party. These forms of payment are like paying with cash and the money cannot be recovered once it is gone.

"Protecting our customers from fraud is MoneyGram's top priority. Raising awareness about the tricks that scam artists use to steal their hard-earned money is just one of many steps we take to help guard consumers from fraudsters. Our industry-leading compliance program and cutting-edge technology enables us to detect and prevent more than $25 million of suspected fraudulent activity every month. I am proud to say that today our consumer fraud reports are at a seven-year low," said Andy Villareal, MoneyGram's chief compliance officer.

MoneyGram is the founder of ScamAwareness.org, a non-profit organization dedicated to educating the public about common scams. Consumers can learn more by visiting  scamawareness.org.

*2018 ACI Worldwide Benchmark Data 

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About MoneyGram International, Inc.
MoneyGram is a global provider of innovative money transfer and payment services and is recognized worldwide as a financial connection to friends and family. Whether online, or through a mobile device, at a kiosk or in a local store, we connect consumers any way that is convenient for them. We also provide bill payment services, issue money orders and process official checks in select markets. More information about MoneyGram International, Inc. is available at moneygram.com.

Media Contact:
Michelle Buckalew
media@moneygram.com
214-979-1418

MoneyGram Logo (PRNewsfoto/MoneyGram)

 

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SOURCE MoneyGram International, Inc.