how come credit card bills can be refunded, i.e if you get scammed the credit card company can reverse the transaction but a bank transaction cannot be reversed?
In: 154
OP’s question is not quite correct. You can get a chargeback from a bank (debit) card.
I am European and use Wise (formerly TransferWise), and I recently fell for a phishing attack (rookie error I know) and the perpetrator tried to make a bank transfer. When that failed twice, because the 2FA on my phone asked me to confirm the transfer, which I did not do, the hacker was able to create a virtual bank card (debit card) and use that to spend my money.
This was fortunate for me, because by making a fraudulent payment (i.e. not authorized by the account holder – me) with a virtual card, I was able to initiate a chargeback because the payment was made through the MasterCard network.
Usually these chargebacks can take up to 90 days to be resolved – in my case it took 2 weeks, and I received all my money back.
As long as you can clearly show that you did not authorize the payment, you should be OK. In my case, the hacker changed some of my details, so they left a crumb trail.
The flip side is that Wise closed my account and I had to open another one with them, which was a pain, but the correct thing to do IMHO.
(I should also say that I did work at Wise for almost a year, so I know a little more about how the whole system works a little better than the average Joe, so while it was a total shock to see my money gone, I knew exactly what I had to do)
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