Return of Unauthorised or Mistaken Payments

Did you accidentally type in the wrong account or BSB number when doing an electronic bank transfer? Or maybe you were the victim of identity fraud or someone stealing your credit card. Most people will experience a problem relating to an unauthorised or mistaken transaction at some point. So, what can you do if you make a mistake when transferring money or someone makes an unauthorised transaction from your account?

If you make the mistake, here are some tips on how to avoid these problems and what you should do if you make a payment by mistake or someone makes an unauthorised transaction using your money:

  • Make sure no one knows your PIN or password
  • Print or save receipts every time you make a bank transfer and double check numbers as you enter them
  • Check your bank transaction history regularly so you can identify issues sooner
  • Inform the financial institution immediately if you think you have lost or stolen your card, or suspect someone knows your password
  • Contact the bank as soon as you are aware of an unauthorised transaction (normally, within 10 days of the transaction occurring)
  • Check ASIC’s website for more information on the circumstances where you might be able to have money returned

If you receive money made by mistake or without authority

  • Always act honestly
  • Contact the bank and notify them that you may have mistakenly received money
  • Make sure you know who has authority to make transactions for your own bank accounts (especially if you are a company)
  • Be alert if you suspect someone might not have authority to transfer money to you
  • If there is dishonesty on behalf of the person who transfers the money the transaction won’t be authorised.