What to do if you wired money to a scammer
Wire fraud recovery depends on speed. The FBI's Financial Fraud Kill Chain works best when a complaint is filed within 72 hours, and your bank's recall request should go out the same day.
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A supplier calls to ask where their payment is, and you realise the bank details you used came from a fraudster. What you do in the next few hours decides whether any money comes back.
The first hour
- Call your bank or provider. Ask for a recall and for them to contact the receiving bank.
- Give them the amount, date, beneficiary account and reference.
- Ask what else they need in writing.
The same day
- File at ic3.gov with all details.
- Preserve every email, with full headers.
- Tell the real supplier, so they can watch for further attempts.
The Financial Fraud Kill Chain
The FBI works with banks to freeze fraudulent international wires, generally of $50,000 or more, when reported within 72 hours. Domestic wires can sometimes be frozen too if the money is still in the receiving account.
After
- Find how the fraud got in: a compromised mailbox, a lookalike domain, a fake invoice.
- Reset passwords and add multi-factor authentication.
- Add a callback rule for any change of payment details.
- Require a second approver for new payees.
Paying into the United States: the local rail
| What | Detail |
|---|---|
| Local rail | ACH for batch payments; RTP and FedNow for instant transfers |
| Run by | Nacha for ACH; The Clearing House for RTP; the Federal Reserve for FedNow |
| Settlement | Same-day ACH within the business day, standard ACH the next; RTP and FedNow in seconds, 24/7, where both banks take part |
Source: Nacha: Same Day ACH. Checked when this guide was last updated; the scheme's own page has the current figures.
Where Rivet fits
Rivet's approvals on Growth let a second person check every new payee and large payout before release. If you suspect fraud on a Rivet payout, contact support immediately so we can work with the partner institution. Rivet is not a bank; regulated partner institutions hold the funds. See can you cancel a wire transfer.
Questions people ask
Can a wire transfer be reversed?
Not automatically. Your bank can request a recall, and the receiving bank may freeze funds if they are still there. Speed is everything.
What is the Financial Fraud Kill Chain?
An FBI process that works with banks to freeze fraudulent international wires, generally $50,000 or more, reported within 72 hours.
Should I contact the police?
File with IC3 first, then a local police report if your bank or insurer asks for one.
Will insurance cover it?
Some crime or cyber policies cover social engineering fraud. Check your policy and notify the insurer quickly.
Sources
Alexia compares the accounts, cards and payment tools companies weigh before they switch, and writes Rivet's market guides for founders in a specific country. Prices in Alexia's comparisons come from each provider's own pricing page on the date given in the article, rules come from the regulator or tax authority that sets them, and every source is listed at the end.
More from Alexia M. →This article is general information, not legal, tax or financial advice. Rules and fees change; check the sources above and the provider’s current terms before you act on them.
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- wire fraud recovery
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