By the time consumers realize they have been the victims of wire fraud, the money may have been moved to a number of bank accounts, making it challenging to identify the original source of the funds.

This is why many scams are perpetrated on days when there are bank holidays. They might move the money from one nation to another. Consumers’ banks might be closed by the time they want to start a wire recall while their money is being laundered abroad where banks are open.

False messages may also be delivered by fraudulent parties posing as the bank. They might advise the consumer to be patient and wait a few days because there has been a delay in the transfer of funds. They will have enough time to hide their tracks by laundering the money multiple times.

A credit card chargeback is simpler than the wire recall procedure. One explanation is that customers who pay with bank transfers have fewer rights and safeguards than those who use credit cards. Another issue is that those who request bank transfers are frequently dishonest individuals who promptly transfer their stolen funds to other banks or convert them to cryptocurrencies.

How Cipher Asset Recovery Helps with Wire Recalls

Can you cancel a wire transfer? Yes, if you have the proper tactics, resources, and a top fund recovery organization on your side. Do not forget that wire recalls are more complex than debit or credit card chargebacks.
Banking and consumer protection regulations that vary from country to country apply to wire recalls. For someone who is unfamiliar with the wire recall procedure, it can be challenging to comb through all of the information and put out a case that will be persuasive and convince banks to reverse transactions. Doing it alone would not be a smart idea because this is a difficult task.

You only have one opportunity to submit a wire recall claim. Do it with the most powerful supporters by your side. Remember that the merchant and the client both have rights and that banks are hesitant to reverse transactions. They will only consent to a wire recall if there is enough evidence provided by advocates who make a strong case since they want to keep the merchant as a client.

More than 800 banks from all across the world have worked with Cipher Asset Recovery. We present the cases of our clients in a language that banks can understand because we are aware of their worries. Even in the most complicated chargeback cases, we have a proven track record of success and represent our customers’ interests. Speak with Cipher Asset Recovery experts right away to begin the process of a successful chargeback.