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Post by resistk on Jul 6, 2013 22:46:59 GMT 4
I have handled several cases of fraudulent out of jurisdiction cashier's checks that can time bomb weeks or months later but can the same thing happen with a wire transfer weeks after it is received from a well known bank?
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Post by ukipa on Jul 7, 2013 21:18:48 GMT 4
Most likely, the wire transfer came from a bank with someone in the inside being "on the take" (part of the fraud ring). Once the paying bank conduct an audit and find they are missing its client's money, they will demand the funds to be returned.
In other words: If the money received electronically is not part of a transaction involving two well known parties, chances are, fraud is involved and sooner or later, the fraud will bite someone in the butt.
Just because someone tells the receving party that the money belong to a dead customer, and they need to "steal" the money and the crooks need your help, it does not make the transaction legit (Legitimate).
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Post by Sapphire Capital on Jul 8, 2013 4:39:00 GMT 4
depends on the wire and the system used. A wire transfer can be called back, question is how long, most jurisdictions have different answrs. In regards of SWIFT first a wire transfer can be invalidated by an immediate message for cancelation. It can also be called back hen it has not been booked as available yet. The usual case is when there is a red flagged wire which needs to clear legal first. In the case of a draw down,meaning the recipient of the wire has a dirct charge ability, such can be reversed upon dmand of the owner of the account it was drawn upon. Within Europe that can be done between 10 days and 30 days. There is also a recall from a Central Bank possible.
I advise to look at the matter and find out if the recall was reasonable. If the law does not allow they could have an injunction against the bank. Its a lot of trouble but depending on the amount the work needs to be done and frankly the recipient has to look at the legal matters from his side. Depending of why he probably has to alert the authorities from his side just to be free of the suspicion of being a part of this
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