Not an article about Bitcoin: "I accidentally sent £1,000 to the wrong account"

Gozie51

hero member

Activity: 2660

Merit: 630

Vave.com - Crypto Casino

Quote from: pixie85 on March 08, 2020, 01:35:38 PM

I had that once and the bank cancelled the payment. I made a mistake in the IBAN but put the right name and address, which did not match the credentials on the IBAN.

It's unfortunate that the bank cannot sent the money back and charge the account that spent it. Many banks do it because just 1 wrong number makes the money go to a completely different person. Banks were supposed to be better than crypto due to reversability of transactions.

This is certainly the advantage of transaction with fiat. Because it has contact with third party, there is possibility of going over details before allowing transaction to be delivered. Sometimes, it is automatically set so that if details don't match, it shows error but cryptocurrency isn't like that. This is the more reason we have to be careful.

bitbunnny

legendary

Activity: 2912

Merit: 1068

WOLF.BET - Provably Fair Crypto Casino

That is very tricky situation. Once you send your coins to some wallet address there is no way back.
If that happens with fiat money and bank account you have the chance to trace the owner of account and depending on his good will maybe get opportunity to refund.
But in crypto world that is not possible so be very careful and double check address even if you are not entering it manualy.

iamaruf

sr. member

Activity: 1064

Merit: 265

Vave.com - Crypto Casino

I faced this Problem also.In 2017 sent my money to wrong address by using mobile Banking,amount was 130$ approximately.Tried to contact bank and they told It's not their fault and they can't do anything.They gave me the user mobile number to contact with him.But that person reject me to refund and after that he switched of his phone.So It's happen to bank users also.

KrisAlex18

full member

Activity: 742

Merit: 160

If you send your money in a wrong account, it cannot be undone, that is really true because the transactions of money online is very systematic. So if you accidentally send your money in the wrong account, then that is really sad for you, you cannot get it anymore, but at least try your best to recover it, you may contact the admin or the moderator, they may give you some advice on what to do.

Lesson learned to you my friend, always double check your wallet address if you are going to transfer any currency. there is no hard about double checking, in fact it will assure yourself that you may send the money to the right account. I always do that thing whenever I send money to other accounts because I am afraid to send it to the wrong account especially if it is a big amount of money. Even those intelligent one, or in unexpected moment there is always something happen wrong and to prevent that thing we should double check everything.

Stedsm

legendary

Activity: 3052

Merit: 1273

How exactly is it possible in today's world to have our ^fiat^ accidentally sent to someone's account? Didn't their bank ask for the name of the beneficiary before letting them send the money to that person? Chasing down someone just on the basis of account number? Is that possible? Reversal of funds wasn't possible in his case?

bithisach

jr. member

Activity: 52

Merit: 3

Quote from: pixie85 on March 08, 2020, 01:35:38 PM

I had that once and the bank cancelled the payment. I made a mistake in the IBAN but put the right name and address, which did not match the credentials on the IBAN.

It's unfortunate that the bank cannot sent the money back and charge the account that spent it. Many banks do it because just 1 wrong number makes the money go to a completely different person. Banks were supposed to be better than crypto due to reversability of transactions.

While I disagree that banks are supposed to be better, it's the other way around actually. However, putting 1 digit wrong on bitcoin addresses don't necessarily mean you'll send them to someone else, unlike in banks, copy pasting the wrong address definitely will though. Both cases are easy to avoid imo.

LTU_btc

legendary

Activity: 3262

Merit: 1376

Slava Ukraini!

Quote from: Yogee on March 08, 2020, 10:52:51 PM

Aren't banks suppose to match the recipients name and account number first before approving the transfer? That is one advantage of a centralized payment system over decentralized cryptocurrencies.

Yes, they are supposed to to do it and they are doing it. Otherwise, we would hear stories like in OP daily, much more often than we face these things in crypto field.
I can speak about these things from my own experience. Once I tried to send money to someone, but he gave me not correct surname, there was spelling mistake. And guess what, money wasn't sent

bearexin

full member

Activity: 1162

Merit: 168

I don’t think that’s true. When you send money to the wrong account number, banks knows where the money was sent to but due to some kind of privacy concern they don’t reveal it to you and you will have to take some legal actions before the money will be reversed I guess. But, I don’t think rich people or big companies has full access to this.

I can remember that when I stopped working at my former company they mistakenly sent money to my bank account and then they contacted me to send it back, as I was about to do that, somehow they were able to reverse the money by themselves without me doing so yet. So that’s not true, banks can reverse money, but they just don’t want to do it unless you take legal action.

FanatMonet

hero member

Activity: 742

Merit: 507

Here the situation differs from bank to bank, for example, I know a bank where, in order to return such an incorrect transfer, you need the consent of the person with whom they were credited.
But in general, it is better not to allow such situations, and check the data 2-3 times.

hugeblack

legendary

Activity: 2702

Merit: 4002

There are similarities and differences, the similarity is that when you send the wrong address to a platform or another person, that person or that platform can get the money back, but you need to give them logical reasons or file a legal case.
The difference: When you send it to an anonymous address, no one will be able to help you and your money will be lost 100%.

figmentofmyass

legendary

Activity: 1652

Merit: 1483

Quote from: jseverson on March 09, 2020, 01:48:13 AM

Quote from: Yogee on March 08, 2020, 10:52:51 PM

Aren't banks suppose to match the recipients name and account number first before approving the transfer? That is one advantage of a centralized payment system over decentralized cryptocurrencies.

They should, but I'm not sure if this is possible with interbank transfers. Can't really keep it instant if real people have to monitor it.

it can easily be done with intrabank transfers. my bank looks up your transfer request against a last name and account number and if there is no match, you can't make the transfer. that's nearly impossible to screw up.

interbank transfers like bank wires are indeed a whole different ball game. the sending bank has no way to verify the ultimate recipient. they just send a payment request to their correspondent bank and poof, the money is gone.

Thekool1s

legendary

Activity: 1512

Merit: 1218

Change is in your hands

Hmm, this is interesting... I always thought the chargeback was a simple process and the recipient had no control over it whatsoever... I went on a bit of statistic hunt after reading this, I did find some interesting numbers. A quarter of Vibepay's userbase had accidentally sent money to a wrong account and around 1 out of 10 people had done it last year. The number which surprised me is that 28% of these people never were able to recover their money... Given what @avikz has mentioned that there are certain legal routes which can be taken, I don't know why this figure is that high or can be justified altogether... Do people really don't care about their money? Or was it negligible amounts that weren't worth pursuing... Unfortunately, the stats weren't clear on that... But it still sends a wrong kind of image for the banks if they pride themselves of being safer than bitcoin...

_{Source:
[1] https://www.lovemoney.com/news/91297/sent-money-to-the-wrong-account-get-money-back-after-misdirected-payment}

jseverson

hero member

Activity: 1834

Merit: 759

This sucks, but you at least have access to the identity of the person, and can take them to a small claims court or something. That tells you that this isn't really a problem inherent with Bitcoin, but rather with its pseudonymity. If you sent some coins to someone you actually know by mistake, you might also be able to take them to court provided you can prove that they own the address.

Quote from: Yogee on March 08, 2020, 10:52:51 PM

Aren't banks suppose to match the recipients name and account number first before approving the transfer? That is one advantage of a centralized payment system over decentralized cryptocurrencies.

They should, but I'm not sure if this is possible with interbank transfers. Can't really keep it instant if real people have to monitor it.

davis196

hero member

Activity: 3164

Merit: 937

In my country sending money from one bank account to another isn't that easy.You will have to phone verify the transaction by submitting a 6-digit code that you receive via SMS and you are required to double check the bank details(IBAN and BIC/swift code) of the receiving account.I don't know about the bank transaction process in England,but sending money to the wrong bank account in my country isn't a common thing at all.
Anyway,if this is NOT an article about Bitcoin,then why it's in the Bitcoin Discussion forum?You should move it to "Economy" or "Press" sub-forums.

xvids

sr. member

Activity: 1176

Merit: 301

The difference between crypto and Fiat when it comes to this kind of wrong sent money is we know who received it and we could ask for assistance to get our money back,
Unlike in crypto the receiver is anonymous so there is no chance to retrieve it.

avikz

legendary

Activity: 3080

Merit: 1500

In banking system, you still have something called "banking ombudsman" where you can complain about it. There are legal ways that can be undertaken in order to receive the money back. You can also visit the consumer court to correct this mistake! So in banking system, you still have certain hope that this money can be recovered.

In bitcoin, you can't go to anyone if you make such mistake. Once it is gone, it's gone permanently. You can check in blockchain if this money is being spent or not, but you can't do anything!

cryptoaddictchie

legendary

Activity: 2268

Merit: 1379

Fully Regulated Crypto Casino

Quote from: odolvlobo on March 08, 2020, 12:29:22 PM

People complain that if bitcoins are mistakenly sent to the wrong address, the transaction can't be undone. It turns out that fiat has the same problem.

Not true in our country. But a vivid investigation is a must in order to claim mistakes have been really by accident. For example, the mistake was due to one or two incorrect account number of banks, like the last two or last letter is wrong but the account number is almost same, I think that's a valid claim to be mistake and banks should refund it. But not all the cases like that. Unlike blockchain its totally cant do this refund thing so your mistake your fault. Decentralized has advantage of being transparency but we cant deny that it has disadvantage like this issue.

Yogee

sr. member

Activity: 1554

Merit: 413

Aren't banks suppose to match the recipients name and account number first before approving the transfer? That is one advantage of a centralized payment system over decentralized cryptocurrencies.

yazher

hero member

Activity: 2268

Merit: 588

You own the pen

I had the same experience when I sent some money to a different user of Gcash, thankfully, the system refunds it back because the number I sent my money with, does not exist. maybe it's the bank or their system has different rules when it comes to wrong transaction details. as for me, I got it back with no problems but it took 2-3 days for the money to come back.

joniboini

legendary

Activity: 2170

Merit: 1789

The difference between fiat and bitcoin is that fiat as an ecosystem has a lot of different players with a different set of rules on how they handle reverse/mistake in payment. I think it's quite unfair to say that 'fiat is like this everywhere', but at the same time this could happen.

Crypto or a decentralized system like bitcoin is more 'punishing' because they give you so much freedom, which is why people should learn on how to deal with that responsibility before doing new stuff without understanding.

Topic: Not an article about Bitcoin: "I accidentally sent £1,000 to the wrong account" (Read 318 times)