MoneyGram announces first-to-market consumer protection standards

| |

Leading international money transfers service provider MoneyGram has announced new data verification standards for all transactions. Customers will now be required to show proper identification before sending or receiving MoneyGram funds in any amount at all MoneyGram outlets worldwide.

The initiative aims to provide industry-leading consumer data protection that goes above and beyond current money transfer laws and legislation.
According to MoneyGram officials, the new standards will offer better protection for the platform's global users by creating a uniform set of policies that will govern every transaction.

"The simple fact is that global risk is on the rise and over the past several years we have invested hundreds of millions of dollars into enhancing our compliance programs," said Alex Holmes, MoneyGram CEO.

Holmes went on to explain that in an effort to improve the speed and convenience of money transfer transactions, many platforms now require more customer information than current global regulations protect — this leaves users increasingly vulnerable to cyber attacks, identity theft and data breaches.

“MoneyGram has chosen to be a leader in consumer protection by being the first-to-market with customer identification required at $1,” said Holmes.

As part of the enhanced security standards, MoneyGram users will now be required to present appropriate identification, as well as provide their name, date of birth, address and phone number for every transaction starting at $1. Higher payment amounts and international money transfers will be subject to greater security and verification measures.

MoneyGram promises this new initiative, launched in the US earlier this month, will allow the company to offer customers stronger data security and better protection against money laundering and fraud by going further than current laws governing how consumer data is handled in global payments transactions.

The global rollout is expected to be completed by early 2018.

Nigel Frith
Nigel Frith
Former Global General Manager
Nigel was the Global General Manager at FXcompared. Nigel has a background in marketing for businesses and consumers as well working in a variety of online financial services roles. Read more

Most Read

Use Our Currency Comparison Tool

Select country...

Select country...


Editor's Choice is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.