August 21, 2024, Press Release from the Ohio Department of Commerce: COLUMBUS, Ohio – In 2023 alone, Ohioans sent more than $2 trillion through money transmitter services, which has more than doubled from 2018. While traditional services like Western Union and MoneyGram allow individuals to easily send money to family and friends, including overseas, newer online companies like Fintech Digital and crypto exchanges pose a higher risk of fraud. The Ohio Department of Commerce Division of Financial Institutions (DFI) is highlighting how Ohioans can protect themselves – and their money – from potential risks. With the proliferation of online money transmitters for holding and transmitting funds, consumers should be aware of potential scams, especially those involving crypto wallets or online purchases. Fraudsters may set up fake companies or pressure individuals into sending money under false pretenses, such as a family emergency. Unlike online digital payment networks such as Venmo or Zelle, which require extensive user verification, some of these money transmitter services are prime areas for scammers to exploit due to their less stringent account setup processes.