Wire Recall
Given the popularity of online payment platforms and cryptocurrency, bank accounts may seem a bit old-fashioned. However, most of us still have bank accounts and may prefer to make bank transfers because they seem more secure. Unlike crypto transactions, banks require that recipients and account holders identify themselves. If you have been affected by a merchant or broker scam, ideally, you can file a complaint and get a wire recall.
However, the wire recall process isn’t always easy. It may take a few days before a wire transfer is completed, but it can still be complicated to stop and reverse a transaction if it’s already been set in motion. Banks may not be quick to recall a bank transfer, because it’s important to remember that the recipient is also a client.
Even if senders feel the recipients are fraudulent, they have to back this claim up with evidence to convince banks to take action. It’s rare that a customer can gather this kind of evidence before the transfer is completed. However, that’s not a reason to give up hope — far from it. Once the transfer has been made to a suspected scam broker, there are additional steps that can be taken to get a wire recall.
File a Complaint . . . Then What?
The first thing you should do if you feel you’ve sent money to a recipient that may be fraudulent is to make a SWIFT transfer request on the transaction. However, that’s only the first step. You also have to contact the bank’s fraud department and the recipient’s bank.
However, the banks might ask you to justify your suspicion that the recipient is a fraud. Before they cancel transactions or ask the other bank to freeze or reverse transactions in their own clients’ accounts, they need to understand why the person making the complaint is so convinced they are dealing with a merchant or broker scam.
One way all types of frauds get away with bank wire fraud is through money mules. While banks are busy asking claimants questions, the broker scam is at work laundering the money by transfering it over and over again. Their money mules send the money from one account to the next until tracking down the scam becomes too complicated for individuals. That’s where fund recovery services come into play.
The ‘mules’ in this case may be other victims of the scam. They may be told to transfer the money but aren’t informed of why. In fact, they might get into legal trouble and may end up as suspects for their role in the fraud when they had no idea why they were told to transfer money in the first place.
The initial transaction might not have gone to the broker scam mastermind at all, but instead to a mule’s account, so the actual criminal’s name may not be connected to the scam, at least in the first few transactions in the money laundering process.
Why You Need to Act Quickly Yet Carefully with a Wire Recall
When you are trying to get a wire recall, remember that time is on the fraudster’s side. While you are scrambling to make a complaint to your bank, the recipient’s bank and contact the authorities, the fraudster may be laundering the funds and may even give you false reassurances.
How can a fraudster give us false reassurance? One additional weapon used by fraudsters is impersonating the bank and telling the scam victim that the complaint is being dealt with and that it will take several weeks to a month. The scam victim will then relax and assume it is being dealt with while the fraudster continues to launder money and make off with the funds.
Enlist the Aid of Fund Recovery Experts
Of course, you need to be prompt and thorough when filing a claim for the bank wire transfer. However, there is so much to do, from contacting banks, providing documentation and evidence, following up, and approaching authorities. Most of us have jobs, and lives and may not have time or experience to deal with fund recovery on our own.
Fundrecovery Australia will consult with you and give you advice on how to bolster your fund recovery claim. We understand how to approach banks and authorities in wire recall cases. Although the process is complex and requires patience, we have a proven track record of success in assisting clients with the fund recovery process.
Need a Wire Recall? Fundrecovery Australia Will Help!
Fundrecovery Australia is staffed by experts who use specialised technology and methods that are designed to uncover vital evidence that assists consumers who lost money by paying scammers by bank wire. We consult with clients, launch an investigation and create reports that can help you succeed in your bank wire recall.
