Unauthorised and mistaken transactions

If you find a transaction in your account that you don’t recognise, it could be unauthorised or mistaken.

If you think something is wrong, contact your bank as soon as possible.

Unauthorised and mistaken transactions

Signs of unauthorised and mistaken transactions

An unauthorised transaction is when someone transfers money from your account without your permission.

mistaken transaction is when when you pay the wrong person or company by using the wrong bank details.

When you check your accounts, look for payments or withdrawals you don’t recognise, such as:

  • a payment to a person or company you don’t know

  • a cash withdrawal from a place you’ve never been

  • a transaction on a date when you didn’t use your account

  • a payment made twice

When you check transactions, keep in mind:

  • Transactions can take days to show up in your account. If you buy something on a weekend, the transaction might appear the next week.

  • The name of the shop or restaurant might not match the name on your bank statement. Check the business and trading names online.

How to get your money back

If you find something wrong, contact your bank as soon as possible.

The sooner you contact your bank, the more likely you are to get your money back — and if the transaction is unauthorised, the sooner the bank can stop any further transactions.

When you report a mistaken or unauthorised transaction, make sure the bank gives you a reference number. This will help if you to need to contact them again.

If an unauthorised or mistaken transaction occurs on your personal account, and your bank has signed up  to ASIC’s ePayments code, they have to take steps to help you.

Mistaken transactions

You are likely to get your money back if it is still in the recipient’s account and if you report it to your bank:

  • within 10 business days

  • after 10 business days — but it will take longer to get your money back

  • after seven months — if the recipient agrees to the refund

Unauthorised transactions

You are more likely to get your money back if:

  • a forged, expired, blocked or cancelled card was used

  • a bank employee or a seller made the transaction fraudulently

  • the transaction took place before you received your card, PIN or password

  • a seller incorrectly debited your account more than once

  • the transaction took place after you told your bank that your card was lost or stolen

  • the transaction took place after you told your bank that someone else may know your PIN or password

  • it’s clear that you haven’t contributed to the loss

You are less likely to get your money back if you:

  • acted fraudulently

  • didn’t keep your PIN or password secret

  • unreasonably delayed telling your bank that your card was lost or stolen

  • unreasonably delayed telling your bank that someone else may know your PIN or password

  • accidentally left your card in an ATM

Protect yourself

Check your bank statements regularly, and get familiar with the different types of transactions in your account. This can make it easier to spot a mistake.

Source:
Reproduced with the permission of ASIC’s MoneySmart Team. This article was originally published at https://moneysmart.gov.au/banking/unauthorised-and-mistaken-transactions

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CFP® Dip FP
Authorised Representative 298494
Interprac Financial Planning Pty Ltd 

Darryl Jopling

Senior Adviser

I have worked in the financial services industry since 1982 and as a Financial Adviser since 1999.

I have worked for large Financial Planning businesses, Membership based organisations and looked after the financial planning needs of clients within an Accounting Practice before starting my own business.

I am married, have 4 older children and a grandson and I am keen golfer with mixed results like many .

I have been through many of the strategies I talk with clients about myself and with my family.

I have been through the journey of seeing my parents move into Aged care and negotiated the difficulties and pitfalls of understanding the system for them and this gives me an excellent insight into what is required to assist families at this difficult time.

In a previous roll I used to run retirement seminars looking at Centrelink and Retirement Incomes and how to make these work for you. I have helped many of my clients with Aged Care advice when their parents needed to move into Nursing Homes. For many clients I assist them with superannuation, building wealth and protecting their loved ones with insurance.

I am supported by his, Licensee, Interprac Financial Planning’s in-house resources and ongoing technical, systems and training.

I am committed to understanding your needs and identifying strategies and products to help you achieve your goals.

My guiding principle as an Adviser is to design plans which help to provide my clients with clarity of purpose and the opportunity to build a solid financial foundation.
I will take the time to listen, explain things clearly and keep you informed throughout the advice process.

My experience is complemented by professional qualifications including:

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Whether you are getting married, starting a family, embarking on the trip of a lifetime, planning to enjoy your years after work or assisting elderly parents with Aged Care and Nursing Home placements, we can help.