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MoneySend

Product
Developers: MasterCard WorldWide
Last Release Date: 2021/11/17
Branches: Financial services, investments and auditing

Content

2021: Western Union Global Network Integration Plan

On November 17, 2021, Western Union and MasterCard announced the strengthening of their strategic partnership. The deepening of cooperation includes the integration of Mastercard MoneySend into the Western Union global network, as well as the provision of Mastercard's Cross-Border Services through Western Union Business Solutions. The expansion of cooperation is taking place as part of Western Union's digital partnership strategy, aimed at becoming the world's leading financial network.

The development of the partnership will help to expand the choice for both Western Union users and Mastercard business customers.

Firstly, with the integration of Mastercard MoneySend Western Union service, it will increase the ability to pay transfers for customers in the United States. The partnership allows recipients of Western Union remittances in the United States to transfer any transaction within the country to a selected credit card. With the help of the service, you can deposit funds on any Mastercard debit card in the United States. The funds are credited in minutes to the recipient's debit card account.

Secondly, Western Union customers in 16 European markets now have the opportunity to use the Mastercard Send service to send a money transfer to the recipient directly to the Mastercard debit card in almost real time. The service increases the speed of money transfer and simplifies the process of receiving. Transfers to Mastercard cards are already available to recipients in the following territories: Russia, Turkey, Romania, Hungary, Serbia, Slovakia, Croatia and Kosovo. In the coming months, the service will be available for sending and receiving money transfers also in other countries.

In addition, Mastercard will join forces with the global network Western Union Business Solutions to make payments inside the Mastercard cross-border transfer service, expanding the offer for its partners bank trade in the field and sector.

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We are very proud of the relationship we continue to build with Mastercard and the role we play as a reliable partner and provider of cross-border payment solutions, "said Gabriella Fitzgerald, president of Western Union in America. - This is another example of how global financial services companies turn to Western Union for the technology, expertise and capabilities of our multi-channel global financial network to meet the needs of cross-border remittances and payments.
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Partnering with Western Union is very important for Mastercard, and together we are focused on digitalizing and modernizing the movement of funds - both for cardholders and for business, "added Lee Amaro, senior vice president of corporate partnership at Mastercard. - By bringing together our networks, we provide global coverage for efficient and secure transactions.
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2019: Fraudsters stole 9 million rubles through MoneySend

On May 13, 2019, it became known about the theft of 9 million rubles through a translation service from MasterCard - MoneySend. The withdrawal of funds was carried out from May 15 to 19, 2018 through ATMs of Moscow City Bank at the Kiev, Yaroslavl, Kazan, Leningrad and Paveletsky stations.

Fraudsters transferred money from Sberbank cards to Tinkoff Bank cards through MoneySend and canceled the operation at the last moment. As a result, the funds remained in the accounts of Sberbank, but also went to the accounts at Tinkoff Bank.

Attackers stole 9 million rubles through Mastercard translation service

According to "Statements" the expert on, information security banksNikolai Pyatizbyantsev fraudsters did not even need malicious code for theft. He points out that the error in the settings was that the bank, the owner of the ATM, believed that the operation could still be canceled, and the recipient's bank - that the transfer could no longer be withdrawn. After the fraudsters canceled the operation, but the money was already credited to the recipient's card and remained on the sender's card.

A representative of Tinkoff Bank in a conversation with the newspaper said that the credit institution acted in accordance with Mastercard rules. The MoneySend service does not allow you to cancel the transaction without coordination with the recipient's bank, since he immediately increases the balance in the account of his client to whom the transfer was addressed, he said.

Moscow City demanded to recover the damage incurred from the United Credit Card Company (UCS brand), which processes operations at Moscow City ATMs, as well as from Rosbank, which, according to Vedomosti, "provides the plaintiff with sponsorship services in payment systems." The court rejected the lawsuit, finding no confirmation in the lawsuit of the defendants' guilt in the loss suffered by the bank.

According to the sources of the publication, not only Moscow City, but also other banks suffered from this fraudulent scheme. Which credit organizations suffered losses, the interlocutors do not say.[1]

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