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Commerce Commissioner Urges Seniors to Protect Their Money and Prevent Wire Transfer Fraud


Fri, Jan 3rd, 2014
Posted in All State of Minnesota

SAINT PAUL, MN – Older Americans are scammed out of an estimated $2.5 billion dollars a year and an increasingly prevalent tool used by fraudsters is wire transfer fraud. Seniors are frequently tricked into wiring money, believing they are paying for the release of a grandchild from jail or to secure the payment of jackpot winnings in foreign countries. The Commerce Department reminds Minnesotans to take advantage of the strengthened consumer protections intended to fight this type that were passed by the legislature and signed into law by the Governor in 2013.



“The new money transfer consumer protections will stop fraudsters who have too long targeted seniors through wire transfer fraud. Being defrauded out of tens of thousands of dollars late in life can be devastating – and it happens to thousands of seniors every year,” said Commerce Commissioner Mike Rothman. “Seniors and their loved ones need to protect themselves from fraud and spot the signs of elder financial abuse through wire transfer fraud.”



Under the new law, when consumers send money transfers, they may request the money transmitter to notify them if a person attempts to collect their money transfer at a location other than the one they have designated. Consumers may also request that the money transmitter provide them with verification that their money transfer was collected at the location they designated and the name of the person collecting their money transfer. The new law prohibits money transmitters from allowing a person to collect a money transfer at a location other than the location a consumer has designated unless the money transmitter has obtained consumer’s authorization to do so. Also included in the new law are expanded tools for the Commerce Department to regulate the industry and increased penalties for bad actors.



If seniors choose to use a money transmitter to send money, they are reminded to utilize the destination provision to ensure their money is going to the right place. With this new law, the money transmitter must promptly notify the sender if a person has attempted to receive the transfer in a different location than specified by the sender.



Signs of elder financial abuse and exploitation

If you are concerned that a senior might be a victim of fraud and financial abuse, be on the lookout for unusual behaving including:

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MINNESOTA MAY LOSE $610 MILLION IN 2014 DUE TO PROPOSED RFS ROLLBACK

Mon, Dec 30th, 2013
Posted in All State of Minnesota

MINNEAPOLIS, Dec 30 – The Environmental Protection Agency’s (EPA) proposed rollback of the Renewable Fuel Standard’s (RFS) biofuel requirements for 2014 may lead to a $610 million shortfall to Minnesota’s economy and a loss of 1,532 jobs next ..... 
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Dresbach Bridge named one of the top ten bridges of 2013

Tue, Dec 24th, 2013
Posted in All State of Minnesota

ROCHESTER, Minn. – The Dresbach Bridge was named as one of the top 10 bridges of 2013 by Roads and Bridges magazine. Each year the magazine’s editorial staff recognizes the top projects in North America based on project challenges, impact to ..... 
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MnDOT releases final Minnesota 20-year State Highway Investment Plan

Tue, Dec 24th, 2013
Posted in All State of Minnesota

Details planned projects for next seven years, broad investment priorities through 2033 ST. PAUL, Minn. – The Minnesota 20-year State Highway Investment Plan has been finalized and is available online, according to the Minnesota Department of T ..... 
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MnDOT identifies Ames Construction as Winona Bridge project contracting team

Tue, Dec 24th, 2013
Posted in All State of Minnesota

ROCHESTER, Minn. — The Minnesota Department of Transportation has announced the selection of Ames Construction, Inc. of Burnsville Minn., as the Winona Bridge Construction Manager General Contractor contracting team. The Winona Bridge project i ..... 
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MnDOT seeks applicants for $4.7 million in Safe Routes to School grants

Wed, Dec 18th, 2013
Posted in All State of Minnesota

Webinar will help applicants complete applications ST. PAUL, Minn. — Minnesota schools and their partners are invited to apply for Safe Routes to School grant funds for projects that will help more children safely walk and bicycle to school. App ..... 
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US Fish and Wildlife boat launch at Dresbach Bridge open

Wed, Dec 18th, 2013
Posted in All State of Minnesota

ROCHESTER, Minn. – Access to the US Fish and Wildlife boat launch from the Dresbach Travel Information Center is now open to the public, according to the Minnesota Department of Transportation. To access the USFWS boat launch, anglers should fol ..... 
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State employers add 1,200 jobs

Fri, Nov 29th, 2013
Posted in All State of Minnesota

ST. PAUL – The Minnesota unemployment rate fell to a seasonally adjusted 4.8 percent in October, the same rate as when the recession started in December 2007, according to figures released today by the Minnesota Department of Employment and Econom ..... 
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MnDOT urges motorists to drive carefully this Thanksgiving holiday

Tue, Nov 26th, 2013
Posted in All State of Minnesota

Use 511 for trip planning, road information ST. PAUL, Minn. — As holiday travel season approaches, the Minnesota Department of Transportation reminds motorists to use caution while driving across the state and to take advantage of the tools MnDO ..... 
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