In recent years, cashless payment methods have gained widespread popularity, particularly instant bank transfers through mobile applications. However, when transferring money online, many users encounter issues where the system indicates a successful transaction, but the sender’s account is debited while the recipient’s account remains untouched. This can cause anxiety and impact the customer’s payment process.
One common reason for successful transfers not reflecting in the recipient’s account is incorrect beneficiary information. Even a single-digit error can result in the funds being transferred to the wrong account. Rectifying such mistakes can be complex and challenging, so customers should double-check the name and account number before confirming the transaction.
Customers may have entered the wrong account number.
Network errors are another common reason for temporary disruptions in transactions. Your money will be debited once the network stabilizes. Similarly, bank system errors can also cause delays in fund transfers. In such cases, banks usually notify customers of the error and request them to retry the transaction after a few minutes or use alternative transfer methods.
Network or system errors can cause transaction failures.
Additionally, if you opt for a regular transfer instead of an instant one, the funds will be credited within 24 working hours from the transaction confirmation. For interbank transactions made during weekends or holidays, the recipient may have to wait until the next working day to receive the money.
For international transactions, funds may pass through intermediary banks, and any issues at this stage can cause delays. Moreover, some transactions may be declined or delayed due to reasons such as exceeding transaction limits or account-related issues.
If the sender provides a transaction receipt as proof of payment, but the recipient still does not receive the funds (usually within 5-10 minutes for instant transfers or 24 hours for regular transfers), it is likely that they have fallen victim to fraud. Fake transaction receipts that look identical to the real ones, with identical interfaces, logos, transaction codes, dates, and other details, are becoming increasingly common.
Recently, the Criminal Investigation Agency of Tan An City Police decided to prosecute a case and the suspect, V.T.T (1992, Long An), for fraudulently obtaining an OPPO Reno T8 phone worth VND 4.2 million by using a fake money transfer app to deceive the phone store owner.
To minimize issues with failed transfers, customers should carefully review transaction information, keep transaction receipts, and immediately contact their bank if they encounter any problems. Recipients should also regularly check their account balance to avoid falling prey to sophisticated scams.
