Consumers are expected to send more than $615 billion in money transfers this year. To enhance security measures and help make sure the money makes it into the right hands, MoneyGram, the world's second-largest money transfer agency, is the first company in the industry to require consumers to present identification for all transactions.
In addition to a valid photo ID, consumers will also need to provide their name, address, phone number and date of birth for every transaction, with additional data collection requirements for higher transaction amounts. The new requirements offer consumers the highest standards of protection - above and beyond what is currently required by law and without comparison in the money transfer industry.
Consumer identification at $1 is another example of MoneyGram's commitment to protecting its consumers from fraud.