Western Union facilitates money transfers worldwide, and has been doing so for years. We have been in business since 1851, started offering money transfer services in 1871 and issued the first credit card for consumers in 1914. International money transfers have been part of our business repertoire since the early 1980s. It is therefore quite possible that we have been handling transfers for longer than your current or last bank. If you want to know “is Western Union safe?” then read on to learn why the answer is “yes” thanks to our safety measures, and what you can do yourself to help make money transfers safe.
Is Western Union Safe?
The security of your money transfer is important to us. That’s why we combine identity verification with encrypted data and the fight against illegal activities. There are numerous factors that set us apart from modern fintech companies. One of these factors is some 150 years of experience in the financial sector.
This is why we are learning from fintech companies that have revolutionized the traditional banking sector with innovative technology and brought about rapid change while at the same time building on the stability and experience that have characterized Western Union for so long.
The fintech landscape is defined by constant innovation, transformation and collaboration, but these same factors can also mean higher risk. Fintech startups can often have a limited operating history and track record, and lack financial or industry certainty and creditworthiness.
Western Union, on the other hand, has already successfully mastered the transition from the telegraph to the telephone and from the telephone to the Internet. Any potential risk factors are offset by a product in constant demand in a mature industry with a sound financial position.
How Is Western Union Regulated?
Western Union Bank has been operating internationally for decades and has reliable, established standards to ensure compliance with legal guidelines and frameworks:
- Careful checks: We use robust due diligence processes similar to correspondent banks, i.e. partner banks with headquarters abroad.
- Real-time monitoring: For optimal risk assessment, we monitor transfers in real time and then review them.
- Multilingual support: Western Union employs qualified multilingual compliance and support staff around the world.
- Regulatory authorities and law enforcement: Long-standing relationships with regulatory authorities and law enforcement agencies ensure that we are always up to date on regulatory changes.
- Analytics and intelligence: Data analysis, geopolitical trends and risk models help us identify risky areas.
- Independent audits: Ongoing, independent, internal and external audits by regulatory authorities and third parties ensure we are constantly improving our processes.
Safety Measures at Western Union
Alongside measures to ensure compliance with legal guidelines and compliance standards, safety at Western Union is based on three pillars: customer identity verification, data encryption and the combating of illegal activities. With our wealth of experience, established protocols and contacts, we can offer a level of security that a fintech startup, for example, would have to build from scratch.
Identity Verification (Know Your Customer)
We require you to verify your identity for any transfers of EUR 1000 and above. Once your identity has been confirmed during an online transfer or via video chat, you can make transfers up to EUR 50,000.
The identity verification is done via video chat, which means you can do it comfortably at home. You will need an official photo ID for this.
You can find more information about identity verification and how long it takes in our FAQs under payment authentication.
Encryption
We encrypt personal and transfer data to enhance the safety of the Western Union app. This is an important element of Western Union’s online safety measures.
Your personal information is protected by TLS (Transport Layer Security), in addition to other measures, and we encrypt user IDs, passwords and credit card numbers when you send them to us via the Internet.
Combating Illegal Activities
Western Union wants you to be able to send money and feel safe doing so. At Western Union, the day-to-day business of international finance also means a daily fight against corruption and illegal activities:
1. Terrorist financing:
- We check our transfers against government lists of terrorists and terrorist organizations.
- We monitor and investigate suspicious transfers.
- We work with law enforcement agencies.
- We train our employees and business partners to identify behaviors that may indicate terrorist financing.
2. Drug trafficking:
- We cooperate with law enforcement agencies to combat drug trafficking and narco-terrorist organizations.
- We use tactical and strategic methods to identify, report and prevent drug trafficking.
3. Counterfeit goods:
- Here, too, we work closely with partners from the private sector and law enforcement agencies.
- We identify financial flows related to counterfeit goods.
- We implement measures to identify and prevent transfers involving counterfeit medicines and other goods.
4. Modern slavery and human trafficking:
- We take a multi-faceted approach to ensure that our services do not support illegal money movements in connection with modern slavery and human trafficking.
- We raise awareness of human trafficking among our agents, employees and industry partners.
5. Human smuggling:
- We have strict controls in place to prevent, identify and mitigate human smuggling threats.
- We routinely work with global law enforcement agencies.
- We monitor publicly available sources of information on geopolitical issues that could affect human smuggling.
6. Illegal wildlife trade:
- We are committed to the fight against the illegal wildlife trade (IWT).
- We are a founding member of the United for Wildlife Financial Taskforce.
What Can You Do?
So how safe is Western Union? The more careful and thorough you are when making your transfers, the safer it will be. That’s why it is so important that you are able to identify fraud before making a transfer through Western Union. The list of potential scams is long, but car sale scams and rental scams are particularly common.
How to protect yourself from fraud:
- Don’t send money for customs or shipping fees.
- Don’t send money to someone you haven’t met in person.
- Be suspicious of companies without a verified address.
- Don’t pay for an item or service with a money transfer to an individual.
To keep your personal data as safe as possible, we use multi-factor authentication. It provides an additional layer of security for digital payments and reduces fraud. You will be prompted to authenticate your payment with a PIN, password or biometric data.
Conclusion
Security is very important to us. Our more than 100 years of experience with transfers and our current security measures, especially for online transactions, help us to achieve this.
We combine established compliance standards with security measures such as identity verification and encryption to protect our customers. We also combat corruption and various illegal activities through close cooperation with the relevant authorities and targeted training for our employees and cooperation partners.
You can do your bit by using our multi-factor authentication and make sure you are extra protected by watching out for fraud attempts.
FAQs
- How long does a transfer with Western Union take?
The time taken for money to reach the recipient after a transfer depends on when, where and how you make the transfer. For example, for cash pickup transfers, Western Union will credit the money within minutes. When transferring money to an account, the money usually arrives within three working days.
