When people get scammed and money is transferred out of their bank, why isn’t there a paper trail? If the money is transferred into some foreign country that won’t allow tracing, why not just exclude those countries from the banking system?

Question

When people get scammed and money is transferred out of their bank, why isn’t there a paper trail? If the money is transferred into some foreign country that won’t allow tracing, why not just exclude those countries from the banking system?

In: 7825

Answer 1

Not sure if this is correct but I want to link this issue to basically how the entire banking system works and how without this type of “one way guaranteed”transactions global trade may not work. The only issue to not get your money back should always be when the victim completes a wire transfer. The laws around wire transfers are different than most baking transactions when it comes to recalling or trying to get your money back. If you don’t get the account owners authorization the bank has no recourse. Haven’t seen a fraudster that has that type of heart yet!