Case Studies

A Police Report Leads to a Bank Wire Recall

Case Study: A Police Report Leads to a Bank Wire Recall

This case involved the following MyChargeBack services: bank wire recall, guidance filing a police report, a legal demand letter, and follow-through with the bank. 

The Basis for the Dispute

This case involves the loss of a large sum of money and a complex recovery scenario, but ultimate success through experience, expertise and tenacity.

S.N. is a woman nearing retirement age, residing in her native Italy and looking to improve her retirement portfolio. Her descent into the world of unregulated online investments was as tragic as it was predictable. After talking her into a modest initial deposit, her “broker” made sure her “investments” paid off handsomely, setting the stage for a €60,000 deposit, ostensibly to “secure her future.”

Tragically and typically with unregulated investment schemes, this was the point at which S.N. began to lose money faster than she could monitor. When she could no longer even log into her online account or access the broker’s website, she understood what had happened to her, and reached out to MyChargeBack for help.

Upon investigating her case, we determined that we could indeed make a good case to her bank, despite its complexity and challenges. Foremost among these was the fact that she had made her large deposit by bank wire transfer, which, in contrast to credit or debit card payments, offers no chargeback protection. In addition, a bank wire may not leave an easily traceable money trail.

It is commonly believed and repeated that wire transfers are never reversible, and that they have no more protection against fraud than there are with paying cash. That, however, is not entirely true. But the process of tracing and recovering the funds is not easy, fast or straightforward.

We got to work by providing S.N. with the initial batch of paperwork to submit to her bank and to file a police complaint. Our documentation, in addition to the police report, was enough to convince her bank to send a recall request to the merchant’s beneficiary bank in Lithuania.

The MyChargeBack Difference

A month of waiting with no clear answers from the bank led to some frayed nerves on S.N.’s part and plenty of behind-the-scenes preparations on ours. Just as we were readying a legal demand letter to send to the bank in Lithuania, our client received the wonderful news from her bank that €50,000 of her money had been retrieved and deposited in her account. While it represented slightly less than 100% of her deposits, it was close, and was both a tremendous victory and a return to financial stability and security for her.

S.N.’s Impressions

Regarding the need for help:

“After a month of high profit the consultant convinced me to put €60,000 in the account. I did the worst thing of my life . . . When I try to log in the web, it says the page was not reachable. I think I will die! . . . In Google the web page it is not available but I am desperate. Thank you for your advice.”

Regarding the outcome:

“It is wonderful. I received this transaction back from the bank €50,000. No words to say how much I am happy.”

Regarding MyChargeBack’s assistance:

Thank you, my life is changed. It was a really surprise for me . . . unbelievable. Thank you so much. Cheers.

At a Glance: MyChargeBack in Italy

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  • The case involved the loss of over €60,000 sent by bank wire to an unregulated online investment scheme
  • MyChargeBack created the required paperwork and advised our client in communicating with her bank, the merchant’s bank, and the police
  • MyChargeBack also contracted a law firm to send legal demand letters
  • Our efforts resulted in the recovery of over €50,000 for our client

Payment made by the bank

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