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The Wire Transfer Recall Process
A wire recall or a recall wire transfer, like a credit card chargeback, is a reversal of charges, but for a bank account rather than a credit card. A wire recall is more challenging to obtain than a credit card chargeback. This is one reason customers usually prefer to pay by credit cards. They feel it is easier to reverse charges than to get a bank recall wire transfer if something goes wrong with the transaction.
For this reason, before you end up in a situation where you need a wire recall, it is important to take precautions. Avoid using merchants or brokers that require a bank transfer and who refuse to take credit cards or debit cards. This is usually a red flag that they are avoiding chargebacks and know that a wire recall is more difficult. It is common for fraudulent merchants or scam brokers to demand payment only through cryptocurrency or bank transfers rather than credit cards or debit cards.
A wire recall is complicated, but can you recall a wire transfer? The answer is “yes,” but you need a seasoned fund recovery agency to make it work out favorably for you. REFUNDNOVA experts guide consumers who are dealing wire recall transfers. We consult with clients, research brokers, and merchants, and create intelligence reports that will assist in fund recovery.
The wire recall process is more complex than a credit card chargeback. One reason is that there are fewer rights and protections provided to customers who pay by bank transfer than for credit cards. Another reason is that those who demand bank transfers are often fraudulent parties who immediately launder money to other banks or convert it to cryptocurrency.
By the time consumers discover that they have been dealing with wire fraud, the funds may have been transferred to several bank accounts, and it can be hard to trace the path of the original funds.
This is why many scams are perpetrated on days where there are intervening bank holidays. They may transfer the funds from one country to another. By the time consumers may want to initiate a wire recall, their banks may be closed, while their funds are being laundered abroad where banks are open.
Fraudulent parties may also send a false message and pretend to represent the bank. They may say that there has been a delay in the transfer of funds and that the customer should be patient and wait a few days. This will give them time to launder the money several times over to cover their tracks.
Time is of the essence for a successful wire recall. Ideally, the customer will realize that the recipient is fraudulent before the transfer has been completed, and the wire recall can occur immediately. Given the lightning pace with which funds are transferred through online banking and the rarity that customers will discover they have been cheated so soon after paying, this type of preemptive wire recall is not common.
Usually, customers have to employ detailed wire recall strategies after the transfer has already been made. The first step is to request a SWIFT recall at the bank (SWIFT, the Society for Worldwide Interbank Financial Telecommunication, can send a request for the wired funds that have been transferred to be returned.) The consumer can initiate a SWIFT recall by contacting the fraud department of the receiving bank and request that the recipient’s account be frozen for suspected fraud activity.
In addition, the consumer can ask the receiving bank for information on the additional transfer of funds so money laundering can be traced. If this sounds like a tall order, it is. Banks will not do this for just anyone who requests a wire recall and information. They will ask for evidence that the recipient is a fraud.
Most consumers who make a wire recall request do not have this information handy. That is where REFUNDNOVA will help. We have performed extensive research on suspected frauds and will negotiate with your bank and provide evidence that you are a victim of wire fraud. Banks are more likely to respond to an experienced third party with a track record of wire recall success and a connection with other financial institutions. That is why you need experts on your side.
Wire recall is not a simple or brief process and requires reporting the fraud to authorities, getting information of where the money was transferred, working with those banks to trace and stop the further transfer of funds, and handling communication with law enforcement and government agencies.
That is why REFUNDNOVA will increase the chances of wire recall success. We have expertise in all of these areas as well as a strong working relationship with banks and government agencies.
