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Cancel bank transfer due to fraud

Cancel bank transfer due to fraudThere are stories of people who’ve been duped into sending money to a person or an organization, only to find out too late that they have been a victim of fraud. But is there a way to cancel bank transfer due to fraud when you already sent the money, and they have already processed it? Is there any way to make these culprits pay for their criminal activity?

There are proliferations of illegal activity by scammers, and there are different fraud that one should look out for, such as

  • Advance Fee for a service, or goods. The victim paid an upfront fee, only to find out that there are no goods to be delivered or no service provided.
  • Charity Scam, where a victim got a call from someone asking for help or donate to help supposed victims of recent current events and situations.
  • Tax Scam where the victim is contacted supposedly by a government agency asking them to pay for unpaid taxes.
  • Rental Property Scam. The victim pays for the rental property only to find out that there is no access to the property they are supposed to be renting out.

There are a lot of scams going around where you will send money via bank or money transfer, and these are samples of what you should watch out for.

How do I recognize a money transfer scam?

You will recognize it if it is too good to be true. Some samples include a person asking you to help him get his inheritance of a certain amount (exorbitant amount), and you will shoulder the inheritance fees and taxes. You will share the money with him. Sounds too good to be true right? It is.

When an unknown person suddenly contacts you out of the blue selling you something or telling you about some get-rich scheme, and you are being asked to send money via money transfer.

A company that suddenly contacts you, but when you checked, they don’t have any address, contact number, and they don’t seem to exist. They could offer you a share in an investment where you only need to invest a paltry amount of money by sending it via money transfer. It is purely fictitious.

To cancel a money transfer

If the money is not yet picked by the recipient, you can still cancel the transaction and withdraw the money provided that you have your transaction number with you. You should provide the required identification and show it to the remittance company contact person. You may also reach the company and make a complaint, but you must show proper identification.

Where to report a money scam?

Some money transfer companies have a fraud department where you can file a claim. You may also get a fraud claim form from their office so you can file the necessary complaint to the police.

Most of these money transfer companies work with the police around the world. You must take note that only the police can take care of these matters and not necessarily a job for the money transfer company.
They can only help you with following up on your complaint and what is happening with the investigation from the law enforcement end.

Your money will be refunded in full if it is not claimed yet, but once it has been withdrawn or picked up in another branch, all you can do is to file a fraud claim to the money transfer company and then report the same to the law enforcement.

Be mindful always about offers and note reports about new schemes being done by criminal perpetrators. This will help you be a victim of any fraud, and you will not be a scam victim. There are also fraud warnings and scam alert that you can listen to, so you will be more aware in the future.


There are many types of scams and fraud being perpetrated on unsuspecting victims every minute of the day. Victims who lost their whole savings and their lifetime investment just wiped out because they let themselves be a victim of these crooks.

Do not be impressed by a quick-rich scheme cause most of the time, it doesn’t work, and remember that honestly earning your money is still the fastest way to make you sleep peacefully at night.

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