Cyber fraud has become a common phenomenon in our world, with many people using mobile apps for money transactions, card tracking, and investments. As a result, financial problems in apps are becoming more frequent. Scammers often attack mobile apps and try to steal funds.
Getting Money Back from Scammers
If funds have been withdrawn by scammers, there is an option in the electronic account to submit a request to block the card, thereby preserving the remaining funds on the card. If the fact of theft is confirmed, bank representatives must return the money.
This is done in the following way:
- contact the bank where an application for unauthorized withdrawal of funds is filed;
- bank representatives initiate a transaction with a request for a money return;
- file a report with law enforcement agencies;
- take the case to court.
How to Return Stolen Funds
If a case of fraud with a bank card is recorded, banks can return the money stolen by fraudsters due to existing legislation, provided the client meets certain requirements:
- Maximally quick response to the fraudulent transaction;
- Prompt notification of bank representatives about the committed illegal action;
- Blocking the bank card;
- Filing an application with the banking structure for the return of money stolen by the scammer and cancellation of the transaction conducted.
Such actions are called chargeback - this is a procedure that involves disputing a completed transaction. After performing these actions, the bank returns the funds within 60 working days.
Money Return Mechanisms
There are two main types of money return: claim or judicial order.
- Claim-based return - this is when a service is provided poorly, and a claim should be sent to the company that provided the service or deceived. It should report the circumstances of the committed fraud, as well as provide the time and place of service provision. You need to describe the claim in detail, outlining the process of deception, indicating the data of the executor and your own. When documenting the claim, you should add payment receipts, if any, contract copies, while keeping the originals.
- For judicial return of money, you need to prepare a package of documents, which includes all the information about the fraud, bank statements, security service reports, the application filed with the police, the amount withdrawn, banking screenshots, the time and place of the fraud.
To return money, you need to hire a lawyer who will represent your interests in court and can achieve maximum compensation for damages.
Protection of Fraud Victims' Rights
Fraud, by law, is considered an action that facilitates the possession of movable or immovable property or funds obtained by deception or abuse of trust.
The protection of fraud victims' rights is usually carried out in courts. If banks refuse to compensate for damages, you should definitely consult a lawyer on such matters. With their help, you can succeed in getting your money back or compensation.
The most effective way to recover lost assets is through court. If the fact of fraud is proven, a court order permits the recovery of the required compensation amount from the defendant by imposing fines, freezing accounts, blocking cards, and even arrest.
Money Return Procedures
If money was transferred to the wrong account, several steps need to be taken to help return the funds:
- contact the recipient directly if the phone number is known, explain the situation, ask to return the money or cancel the transaction;
- if the recipient is unknown, you need to contact the bank, which will initiate actions to return the money;
- leave a statement, this can be done in your personal account or directly at the bank.
The bank processes the appeal and sends a request to another bank, if necessary, to return the money from the erroneous transaction. This procedure takes only a few minutes, but the return can take up to one month. If the procedure is delayed and large sums are involved, additional financial reports should be provided.
Financial Compensation from Scammers
Now fraudsters are inventing new fraud schemes, offering financial aid from global organizations or governments, local budgets, payments, compensations, loans. Scammers operate using the internet, social networks, and can send messages about payments that require clicking a link and entering personal information, which contains card information or even a PIN code.
To get help and protect yourself from these scams, you should not open links in social networks, SMS messages, or messengers. You should study the information, visit official websites, and react with utmost caution to messages requesting the entry of your card details, especially from unknown sources.