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Wire transfers are not reversible after about an hour - as I mentioned the other day a good friend lost a house down payment due to fraud.

But I generally agree with the advice that the service banks and fiat currency provide is probably worth the cost for almost everyone.

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Could you share some general details about the friend that lost their down payment?

I’ve heard of this happening to others and have argued that the money is lost and cannot be recovered. People think it’s crazy the money is lost and cannot be recovered. From what I’ve heard it cannot be recovered.

Is your friend able to recover the funds?

How did it happen? Did the instructions for transfer get altered by someone?

Thanks.

Typical scam is: hack into a real state agency, observe all emails with customers, send email to customer to deposit some funds on some account on the day of the downpayment, 4-5 hours before the real state agency worker would have done the same. Collect 1 day worth of downpayments, and run.

The well publiced Pexa fraud is an example. The money was wired off-shore and lost. https://www.propertyobserver.com.au/forward-planning/advice-...

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