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?
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Two different systems.
A bank transaction, I e a bank transfer is usually done through a system called SWIFT. Per SWIFTs protocols you aren’t actually reversing the transaction, rather you are recalling the transfer which was made. Bank transfers are usually initiated by the customer through their own bank, so the risk and onus is on the customer to be vigilant.
A card transaction is processed through a network like Mastercard, Visa, AMEX. Transactions here are executed through a Point of Sales machine which is operated by a merchant who has access to these networks When you are “disputing” a transaction which you claim is fraudulent, your bank will request the network to investigate as to how the merchant was able to submit the transaction. If the investigation finds that the transaction was initiated without the customers consent, the charge back is successful. Some banks/networks even take it a step further and offer payment protection.
The only exemptions to these rules are transactions made with card PINs or 3Daecure passwords.
A debit card has the same protections too.
Hope that helps
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