Is it possible to cancel a bank transfer

[TFTC]

I just made a bank transfer to purchase something I bought online and when I tried to call so that I can get the tracking number the number is now off and alarm bells started sounding in my head. Called my bank Nedbank and they told me they cant stop the transfer and I am wondering if its worth it calling the recipient's bank (FNB) and alerting them I might be a victim of online fraud. Any assistance will be welcome.

 

[JIMMYtheSKULL]

Yeah just phone the bank in question get hold of the fraud dept. They will freeze the account, my fiance had a similar experience with one of these make money on the internet scams, they missed there bond payment and debit orders as a result.

 

[TFTC]

Yeah just phone the bank in question get hold of the fraud dept. They will freeze the account, my fiance had a similar experience with one of these make money on the internet scams, they missed there bond payment and debit orders as a result.

Thanks I will do that.

 

[Praemon]

Thanks I will do that.

Was there any other way to contact the seller, like email? Could just be a problem with their phone number. Then again, if it is a scammer, you don't want to wait too long before reporting it, I guess.

I believe it is possible to reverse an EFT, but it's quite a process and expensive (some banks do it, but perhaps not Nedbank?). There's also a time limit of something like 30 days to do it, and I think the recipient must have available funds and also authorize the refund.

 

[hellfire]

Banks don't have to reverse EFTs (it's not part of the clearing rules), so most likely they won't.
The fraud case is a good bet, but it won't necessarily get you your money back

 

[hellfire]

Banks don't have to reverse EFTs (it's not part of the clearing rules), so most likely they won't.
The fraud case is a good bet, but it won't necessarily get you your money back