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The Federal Trade Commission filed a complaint with the popular money transfer company Western Union on the 19th of this month. The FTC and DoJ accused Western Union of not protecting its services from use by cyber criminals.

Besides Bitcoin, wiring money is said to be the fastest way of send money directly into the pockets of criminals. The Acting Assistant Attorney General David Bitkower stated: “Western Union is now paying the price for placing profits ahead of its own customers..”

West Union was charged with violating laws such as the Bank Secrecy Act and the FTC Act. The settlement also states, “Western Union admits to criminal violations including willfully failing to maintain an effective anti-money laundering program and aiding and abetting wire fraud.” There have been 550,928 reports of fraudulent transfer complaints between 2004 and 2015 per the FTC, resulting in the investigation. The Colorado-headquartered Western Union has agreed to forfeit $586 million dollars.

The settlement money will go towards compensating the victims of the frauds. The company has also agreed to create an anti-fraud program to be in full compliance with federal law in the future.