How Walmart’s Financial Services Became a Fraud Magnet
How Walmart’s Financial Services Became a Fraud Magnet
Scammers have duped consumers out of more than $1 billion by exploiting Walmart’s lax security. The company has resisted taking responsibility while breaking promises to regulators and skimping on training.
America’s largest retailer has long been a facilitator of fraud on a mass scale, a ProPublica investigation has found. For roughly a decade, Walmart has resisted tougher enforcement while breaking promises to regulators and skimping on employee training, according to more than 50 interviews, internal documents supplied by former industry executives, court filings and other public records.
Scammers dupe a victim, as they did with Browne, and then they exploit Walmart’s lax systems to get paid quickly and easily. That’s been true whether the fraudsters use Walmart gift cards or instruct customers to send funds by electronic money transfer. The company, in the latter instance, is supposed to be on the lookout for fraud and asking questions: Do you know the person you’re sending money to? Is the money transfer related to a telemarketing offer?
Walmart has a financial incentive to avoid cracking down. It makes money each time a Walmart gift card is used and earns a fee when another brand of card is bought.
— and Walmart never will… unless a court holds them to account with some earthshaking fine. Like in the billions. And that will never happen
Wal mart employee tried to ask me if I was being scammed one time. I'm like ma'am I'm receiving money...if they're a scammer they're a pretty dumb one.
Scams exist like cashing a check sent from a compromised/fraudulent account, and when the bank corrects it the money gets pulled back and you have no recourse. There's a couple related tactics, but just because you're on the receiving end, doesn't shield you at all.
Dude if Walmart is giving me cash sent via wire wtf are u even talking about?