5 things to do if you accidentally send money to wrong person

Sending money to the wrong person can happen within seconds. A single mistake while entering an account number, selecting a saved beneficiary or confirming a transfer can send money to someone else.

The situation can become stressful, especially when the amount involved is significant. However, panicking or repeatedly contacting the recipient without taking the right steps can make the situation more difficult.

The first thing to understand is that a successful transfer does not automatically mean the money cannot be recovered. Your next actions matter.

In this article, Tribune Online highlights five things to do if you accidentally send money to the wrong person in Nigeria.

Before taking any further action, check the transaction details. Open your banking app or payment platform and confirm the amount transferred, the recipient’s account number, the recipient’s name, the transaction reference and the time of the transfer.This helps you establish exactly what happened.

Sometimes, a transfer appears unsuccessful or pending even though the recipient has not received the money. In other cases, the money goes to the wrong account because one digit was entered incorrectly.

 Do not make another transfer simply because you are unsure whether the first one went through. Take a screenshot of the transaction details or save the receipt. You will need the information if you contact your bank or payment provider.

Once you confirm that the money went to the wrong account, contact the bank or payment service you used as soon as possible. Use the official customer service channel provided by the bank, such as its mobile app, official phone number, branch or other verified support channel.

Tell them clearly that you made an erroneous transfer and provide the relevant transaction details. You will usually need information such as the amount, transaction date, recipient account details and transaction reference.

The bank can advise you on the recovery process and contact the receiving institution where necessary. Speed matters because the recipient could withdraw or transfer the money after receiving it. Do not wait several days before reporting the error simply because you hope the recipient will notice and return the money.

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If you know the person who received the money, contact  them politely and explain what happened. For example, if you accidentally transferred money to a friend, colleague or family member, a direct conversation can resolve the matter quickly.

Also, if you transfer money to any fintech company like Opay or Moniepoint, it’s easier to reach out to the recipient by adding zero (0) initials to the 10 digit number.  If you do not know the recipient but have their contact details through a legitimate source, you can also inform them about the mistaken transfer.

However, be careful about sharing sensitive information. Do not send your PIN, password, card details, OTP or other banking credentials to anyone who claims they want to help reverse the transaction.

 You also do not need to provide unnecessary personal information to the recipient.If the recipient agrees to return the money, keep evidence of the communication and confirm that the correct amount has been received before considering the matter resolved.

Keep all evidence and follow bank’s recovery process

Keep the transfer receipt, transaction reference, screenshots, messages and any communication relating to the incident.

Your bank or payment provider can request these details while investigating the transaction.

If the bank asks you to complete a form, provide an affidavit or submit any other documentation required under its recovery procedure, follow the instructions carefully.

Avoid deleting messages or transaction records while the matter is being handled.

Also, understand that a bank cannot simply take money from another customer’s account whenever someone reports a mistaken transfer. The recovery process involves the relevant financial institutions and applicable procedures.

If the recipient refuses to return the money, continue following the formal complaint process provided by your bank. Where necessary, ask the bank what further steps are available to you.

Take steps to prevent same mistake

Once the issue has been reported, look at what caused the mistake. If you typed the account number manually, consider confirming the recipient’s name before completing future transfers.If you frequently send money to the same people, save their details correctly and still check the displayed name before confirming each transaction.

For large payments, take an extra moment to verify the account number, bank name, recipient’s name and amount before pressing the final confirmation button. Do not allow urgency to make you skip these checks.A transfer can take only a few seconds to complete, but recovering money sent to the wrong account can take considerably longer.