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#611649 - 09/11/06 03:42 PM Fraud and recourse

A customer wires money to another institution. After wire has been complete, the customer informs us that the transaction was fraudulent. He contacts the other bank to see if his money is still there and they inform him it's been sent overseas. Is there any recourse provisions for wiretransfers when possible fraud is involved? What should we or can we do for our customer?

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#611650 - 09/12/06 02:04 AM Re: Fraud and recourse
rlcarey Offline
10K Club
Joined: Jul 2001
Posts: 78,643
Galveston, TX
Since wires are final basically at the time they are sent, there is really no recourse. Since it went overseas, your chances of assisting the customer is virtually nil. He needs to contact an attorney for advice, but even then there is little - or more likely - no hope. His claim is now against the receiver of the funds.
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#611651 - 09/13/06 08:48 PM Re: Fraud and recourse
CantBeShocked Offline
Gold Star
Joined: Apr 2006
Posts: 260
We have had this happen recently with customers involved in the new Ebay scams and there is no recourse other than notifying law enforcement.


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