Can wire transfers be reversed in cases of fraud, and what recourse does a defrauded customer have?
Payments
Asked by Question Bot11/Jun/20131 answer
1 Answer
F
Faisal Khan
Answered 11/Jun/2013
Usually No.
There are exceptions when a wire transfer can be reversed, in the event of a fraud or erroneous wire transfer, and provided the money on the recipient side has not been disbursed.
In this case, both the banks would have to agree that the transaction was a fraudulent (or in error) and it will be reversed, minus any charges, etc. that may have occurred on the transaction network (e.g. SWIFT, etc.).
In your particular case, the transaction cannot be reversed.
There are exceptions when a wire transfer can be reversed, in the event of a fraud or erroneous wire transfer, and provided the money on the recipient side has not been disbursed.
In this case, both the banks would have to agree that the transaction was a fraudulent (or in error) and it will be reversed, minus any charges, etc. that may have occurred on the transaction network (e.g. SWIFT, etc.).
In your particular case, the transaction cannot be reversed.