Sometimes a payment needs to be stopped. For example, when a duplicate payment has been sent by mistake, the sender needs a way to halt payment.
There’s also the case of fraud. Criminals launder billions of dollars overseas through financial fraud schemes like wire transfer fraud, corporate account takeovers, business e-mail compromise scams, and other financially motivated crimes. Detecting that you sent money to the wrong account within 24 hours is the best chance of recovering your money.
What to do immediately: Call your financial institution and ask to issue a recall notice for your wire.
Western Union: Call the Customer Service number at 1-800-448-1492 (select option 5 to speak to a representative) or its Consumer Fraud number at 1-800-325-6000 (say “no,” say “consumer Fraud,” select 1 “protect me”). Western Union will need the individual’s name and phone number(s), including any variations in the spelling of the name (such as nicknames, abbreviations or misspellings). Western Union will ask for the tracking number (MTCN), the name of the at-risk individual and the telephone number on the transaction.
MoneyGram: Call the Customer Service number at 1-800-666-3947 (select 5 “more options,” then select 5 “fraud”). Non-family members should call MoneyGram’s general Customer Care Center at 1-800-926-9400 (select 5 “more options,” then select 5 “fraud”). MoneyGram will need the individual’s name and phone number(s), including any variations in the spelling of the name (nicknames, abbreviations, or misspellings).
Large International Wire Transfers
For international wire transfers over $50,000, call your regional FBI office (https://www.fbi.gov/contact-us/field-offices) and local police. The FBI offers a Financial Fraud Kill Chain (FFKC) process to help recover large international wire transfers stolen from the United States. The FFKC is intended to be used as another potential avenue for U.S. financial institutions to get victim funds returned.
The FFKC can only be implemented if the fraudulent wire transfer meets the following criteria:
- The wire transfer is $50,000 or above
- The wire transfer is international
- A SWIFT recall notice has been initiated by your financial institution
- The wire transfer has occurred within the last 72 hours
If this criteria is met, the following information will be needed:
- Summary of the incident
- Name of victim
- Location of victim (city and state)
- Originating bank name
- Originating bank account number
- Beneficiary name
- Beneficiary bank
- Beneficiary account number
- Beneficiary bank location (if known)
- Intermediary bank name (if known)
- SWIFT number
- Amount of transaction
- Any additional information that may be available, such as “for further credit,” or “in favor of.”