Walmart Publishes Fraud Strategies for Wire Transfers - What Can be Learned?

Fraudology is presented by Sardine.

In light of a controversial lawsuit filed by the US Federal Trade Commission (FTC) against Walmart, the large US retailer published a 9-page press release that included details about their efforts to prevent fraud targeting their wire transfer services.

It is rare for any company to publish their fraud prevention strategies & practices publicly, providing a blueprint for a multi-layered approach to protecting customers, and the bottom line of a company.

• Why was the lawsuit filed? What lessons can other companies learn from this to prevent it from happening to them?
• What lessons can be learned from the various fraud prevention methods published by Walmart? (Even for companies that don't provide wire transfers)
• How can merchants use this news to communicate the value of fraud prevention to their leadership & cross-functional departments (including communications & PR)?

Articles referenced/read from:

https://www.ftc.gov/news-events/news/press-releases/2022/06/ftc-sues-walmart-facilitating-money-transfer-fraud-fleeced-customers-out-hundreds-millions

https://corporate.walmart.com/newsroom/2022/06/28/ftc-lawsuit-against-walmart-is-unfounded-and-ignores-the-billions-walmart-has-saved-customers

Fraudology is hosted by Karisse Hendrick, a fraud fighter with decades of experience advising hundreds of the biggest ecommerce companies in the world on fraud, chargebacks, and other forms of abuse impacting a company's bottom line.

Connect with her on LinkedIn

She brings her experience, expertise, and extensive network of experts to this podcast semi weekly, on Tuesdays and Thursdays.

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