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Tuesday, December 22, 2015

CFPB Releases Monthly Complaint Snapshot on Money Transfers

This month’s CFPB complaint snapshot spotlighted money transfer complaints. Consumers’ most frequent money transfer complaints were about fraud or scams. One common scam is the “person-in-need” scam, in which fraudsters claim funds need to be transferred in order to help family members pay for bail or other emergency needs. Some consumers also complained about money transfer recipients not receiving the funds, recipients receiving less than expected and observing unexpected delays. Furthermore, customer service and access to information about money transfers is a source of frustration for some consumers who find the process confusing.

According to the report, people send tens of billions of dollars through money transfers services both abroad and domestically. The CFPB has handled approximately 5,100 money transfer complaints since April 4, 2013, representing about 1% of total complaints.

The report also took an in-depth look at Georgia and the Atlanta metro area.

Read more.

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