Law firm for bank transfer fraud

Wire transfer fraud: legal classification and options for action

Banks, card companies and consumers are constantly faced with the challenge of effectively preventing bank transfer fraud. CDR Legal offers competent legal support right from the start so that you can protect yourself effectively against potential damage. In a free initial consultation, you can describe your case and plan the next steps together.

Wire transfer fraud is any unlawful act in which criminals attempt to transfer funds from a consumer’s account to an account of the perpetrators via a manipulated or forged transfer. Fraudsters often use phishing, Trojans, fake emails or social engineering attacks. A classic example is a fake message in the name of your bank asking you to enter your access data or TANs “for security reasons”. As soon as this information falls into the wrong hands, unauthorized transactions can be initiated.

Characteristics and methods of wire transfer fraud

The success of bank transfer fraud is often based on the insecurity of many bank customers when dealing with digital communication. Numerous scams rely on time pressure or the establishment of an apparent relationship of trust. The perpetrators often disguise themselves as bank employees and use deceptively genuine websites that look very similar to the online banking portal of the bank in question. Calls in which fraudsters imitate an official hotline are also frequently used.

You can find detailed information on common methods and preventive measures in our guide to bank transfer fraud. There you will find out how to prepare a criminal complaint and in which situations it makes sense to block an account immediately.

Focus on liability issues and duties of care

In the case of bank transfer fraud, the question of liability for damages is central. Banking law contains clear regulations on liability and duties of care that affect both the customer and the banking institution. If the bank can prove that the customer acted with gross negligence – for example, by carelessly passing on the PIN and TAN – liability may be transferred to the customer. We speak of gross negligence if elementary precautions have been disregarded, for example by entering sensitive data on an obviously fake site.

However, the bank is also subject to a comprehensive monitoring and due diligence obligation. It must recognize unusual or suspicious transactions and, if necessary, stop them. If the bank fails to take appropriate security measures or does not check suspicious debits properly, it may be obliged to pay compensation. CDR Legal will support you with questions about liability: we will examine the specific facts of the case, clarify any breaches of duty by the bank and take the necessary steps.

Practical recommendations for those affected

If a bank transfer fraud has taken place, it is essential to act quickly. Only if certain measures are taken promptly is there a better chance of limiting the damage or initiating the recovery of the money. The following steps are particularly important:

• Notify your bank immediately as soon as you notice a suspicious transfer.
• Block your online banking access if you suspect that third parties have access to your data.
• File a criminal complaint with the police in order to initiate the investigation at an early stage.
• Collect all relevant documents, e-mails or other evidence that prove the fraud.

You can find helpful information on phishing, account opening fraud and other scams on our page on online banking fraud, where we explain who pays for the damage and how you can protect yourself.

If action is taken promptly after a fraud, the chances of recovering some or all of the lost money increase. Nevertheless, every case is different and requires individual examination. A legal dispute with the bank is often inevitable, as the bank does not necessarily recognize liability. In order to successfully enforce your claims, early legal advice can be crucial. Our lawyers at CDR Legal have many years of experience with claims against banks and credit institutions.

It is also important to check possible options for reclaiming payment: If the booking has not yet been fully processed, a chargeback can be initiated under certain conditions. Here we work closely with the bank, as speed is of the essence in these cases. You should also keep a close eye on other accounts and credit cards, as wire fraud often goes hand in hand with other forms of identity theft, such as unauthorized account openings. Careful monitoring of your financial transactions can prevent new losses from occurring unnoticed.

How CDR Legal can help you

In a free initial consultation within two working days, we will analyze your situation, explain the chances of success and provide you with transparent information about possible costs. We then submit a request for cover to your legal expenses insurance company before you make an informed decision. We only take on cases with realistic prospects of success, offer you empathy, competence and transparency, have many years of experience and legal precision and always ensure full cost transparency.