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Seeking Refunds From Banks



Call the bank as soon as possible after you found out you were scammed:

  • I would like to speak to the fraud department because I just got scammed by a fake investment platform.

  • Tell the bank which dates/transactions/amounts were related to the scam.

  • Tell the bank you have reported the scam to your local law enforcement and provide your case number.

  • If you have not reported to local law enforcement yet, tell your bank you are in progress of doing so.

If your funds passed through a cryptocurrency exchange (such as Binance, Coinbase, Crypto.com, Gemini, Kraken, Huobi, etc.), tell the bank that the cryptocurrency platform is responsible for your loss. Use any or all of the dispute points below (Binance as an example):

  • My funds sent to Binance were part of a cryptocurrency scam.

  • Describe your scam experience, include the name of the scam platform/url.

  • I found out I was scammed [##] days ago when I was unable to withdraw my funds.

  • After several days of investigation, I found evidence indicating the platform is a scam, along with other victims who had similar experiences.

  • I tracked the downstream wallet, which was reported [##] times for fraud. Binance ignored the fraud reports and did not do anything to investigate and/or freeze the fraud wallet. Instead, Binance locked my account.

  • I have reached out to Binance for assistance but they did not claim any responsibility.

  • I did not receive the service or protection that was promised or described by Binance.

  • Binance has a big loophole that enables scam platforms to launder money and steal funds from customers.

  • Binance is complicit in fraudulent practices and did not have any safety precautions in place to protect myself and others from similar scams.

  • My funds sent to Binance and the third party platform should be investigated and refunded from Binance.

If you deposited funds via ACH or wire transfer directly to a scammer’s bank account (meaning you did not use a cryptocurrency exchange), and the bank argues that the transactions were authorized and they are not responsible for your losses, use any or all of the dispute points below. This will be tricky, you must research your bank's fraud policies:

  • These were unauthorized transactions due to the fraudulent services endured.

  • I was not aware the recipient bank account is fraudulent.

  • I was manipulated/misled by scammers while transferring funds.

  • There was no warning from the bank that the recipient bank account is fraudulent.

  • There was no warning from the bank when huge transfers were made from my account to a fraudulent recipient account.

  • Please start a fraud investigation as soon as possible.

  • Please freeze the recipient bank account and reverse my transfers.

 

If your bank denies your disputes once or twice, dispute again.

This time — Write, sign, and mail your bank a physical letter. Find out the mailing address of your bank from your bank's official website. You may repeat all the points you used during your initial dispute over the phone, with supporting evidence to prove your case. Below are some templates you can use (provided by GASO victims who have had successful refunds):

letter to bank - refund request
.doc
Download DOC • 22KB

The above template focuses on transfers to a cryptocurrency exchange.


letter to bank - fraud
.doc
Download DOC • 29KB

The above template focuses on transfers to bank accounts and references bank policies.


Several US/UK victims of GASO have received small bank refunds after sending physical letters to their banks.

Bank investigations can take months. Please be patient, continue disputing and fighting.

 

Refund Success Rates

  • ACH (Automated Clearing House) transactions have the best success rates for refunds.

  • Wire transfers have little to zero success for refunds.

  • So far, only victims in the US/UK have had successful refunds from their banks.

  • For banks in other countries, please research your bank's fraud policies.

 

Disclaimers

  • The above information is for your reference only.

  • Global Anti-Scam Org does not hold any responsibility for which type of claim (authorized or unauthorized) you ultimately decide to use during your dispute.

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