Unfortunately,
it’s not always possible to get your money back after you’ve been scammed, but
you can try.
Credit/Debit cover.
If you
paid for goods and/or services via credit or debit card, you are better protected
should things go wrong according to the Consumer Credit Act.
But
whether you can make a claim or not depends on the type of scam you have fallen
for.
An
example of a scam where you could use the Consumer Credit Act or chargeback,
would be a scam where you paid for goods or services and it turns out these
were either never available or the 'seller' has disappeared.
Creditcards have the greatest protection, as you can make a claim against your card
provider when this happens.
The
credit card company is jointly and severally liable for any breach of contract
or misrepresentation by the company.
For this
to apply, the item you bought must be more than R1000 and less than R30000.
Use Chargeback
If you
used a debit card, you may be able to ask your bank to get your money back
through the chargeback
scheme.
Chargeback
is not enshrined in law but is part of Scheme Rules, which participating banks
subscribe to.
It
applies to all debit card transactions including goods costing less that R1000,
although exact rules may vary between the Visa, Mastercard, Maestro and
American Express networks.
But,
there are no guarantees your bank will be able to recover the money through
chargeback.
Chargeback
also applies to credit card transactions but will be particularly useful where
goods cost less than R1000.
Unauthorized transactions
If there
is a transaction on your card you know nothing about, then you can make a claim
from your bank as an unauthorized transaction.
If you
hand over your card to have a particular amount debited from it, and then you
find more money has been taken without your permission, or a sum has been taken
by someone else, you can make a claim for this extra amount.
Fortunately
for you, in cases like this, your bank will refund you the money and start
their own investigation to find where the mistake had taken place. This way
they can prevent it in the future.
Make sure
you report the unauthorized transaction as soon as you become aware of
it.
Bank transfers
If you've
been caught out by a complex and convincing scam which has resulted in you
transferring your money into another bank account, then you should contact your
bank immediately.
The bank
can try and recover the funds once they are notified.
You could
also have grounds to complain if somehow the bank has contributed to the fraud
or if they've failed to try and recover the funds properly.
If your
bank refuse to offer you a refund, or only offers a partial refund, you have a
couple of options:
- Make an official complaint with the bank - but be aware that banks have up to 8 weeks to deal with an official complaint.
- Inform the bank that you will escalate your complaint.
You
should also contact the police; a crime number will usually help your claim.
Money transfer scams
Unfortunately,
you can't always get your money back if you've been scammed, especially if
you've handed over cash or you’ve paid via a wire service like Western Union,
MoneyGram or PayPoint.
One of
these services provide advice on how to avoid fraud and scams, so it’s a good
idea to read their advice. That means, before using any form of money transfer,
make sure you read through their T&C’s first, that also helps.
Beware of replying to emails
If you
respond to an email from fraudsters and send money, there is no mechanism to
get the money back if it's a transaction you authorized.
You
should be particularly careful of responding to emails that state you stand to
gain a large sum of money but need to send money to release the funds, like
with most Loan Scams in the country.
If you
choose to do so, there is nothing you can do to get the money back through your
bank as this will be viewed as money you have willingly paid out.
Should
you have any other questions or know of ways to get your money back after a scam
and would like us to add it, please share your comment below, we look forward
to hearing from you.
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