Western Union may be able to accomplish more to foil Nigerian scams and other frauds than any legislation Congress can concoct. In an agreement with 47 states, Western Union will spend $8.1 million to educate and warn consumers about fraudulent wire transfers.
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A recent survey conducted by seven states found that 29 percent of Western Union transfers of more than $300 from the U.S. to Canada were connected to fraudulent operations. In 2002 alone, American consumer losses to Canada-based scams totaled an estimated $113 million.