How I Recovered R106,000 from a Scammer, and How You Can Too!
How I Recovered R106,000 from a Scammer—and How You Can Too!
Have you ever fallen victim to a scam? If so, you’re not alone. Fraudsters are becoming increasingly sophisticated, and unfortunately, many of us have experienced the gut-wrenching feeling of realising we’ve been defrauded. Recently, I lost R106,000 to a scammer—but here’s the good news: I got my money back! And in this blog post, I’m going to share exactly how I did it, step by step.
This guide will walk you through everything you need to know about tracking fraudulent transactions on your credit or debit card (Visa, Mastercard, etc.), using tools like the Money Trace Code , and holding banks accountable—even when they seem unwilling to help. Let’s dive in!
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What Happened to Me
It all started with a “security phone call” that seemed legitimate at first glance. The scammer assumed the identity of a reliable service provider and alerted me about fraudulent transactions that were being deducted from my account. In summary, I stayed on the call for way too long, only to discover later that I had been duped. The bank fraud department “blocked” my card when I contacted them, but their assistance was less than satisfactory. In fact, they blocked me from making further queries after my initial complaint.
But instead of giving up, I took matters into my own hands. Here’s what I learnt along the way—and how you can do the same if you find yourself in a similar situation.
Step 1: Act Fast – Time is Critical
The most important thing you can do after discovering a fraudulent transaction is act immediately. Banks and financial institutions typically require reports of fraud within specific timeframes:
- Credit Cards: Most issuers give you 60 days from the date of the statement containing the unauthorised charge to dispute it.
- Debit Cards: The timeframe is much shorter—usually 2 business days to report the fraud and avoid liability for any losses.
If you wait too long, recovering your funds becomes exponentially harder. So, don’t delay! As soon as you notice something suspicious, take action.
Step 2: Gather Evidence
Before contacting your bank, gather as much information as possible about the fraudulent transaction. This includes:
- The exact amount debited
- The date and time of the transaction
- The name of the recipient (if visible)
- Any communication with the scammer (emails, texts, screenshots)
This evidence will strengthen your case when disputing the transaction.
Step 3: Request the Money Trace Code
One of the key tools in my recovery journey was the MoneyTrace Code, which Visa, MasterCard, and other major payment networks use to trace the movement of funds.
Here’s how it works:
When you make a payment via your credit or debit card, the transaction generates a unique identifier called the MoneyTraceCode. This code allows banks to track where the money went, including intermediary accounts and final destinations.
To obtain the MoneyTraceCode:
- Contact your bank’s fraud department and request it specifically. Be persistent if they hesitate to provide it.
- Use the code to follow up on the status of your claim regularly.
Having this code made a significant difference in my situation. It forced the bank to escalate my case and investigate further, to the point of finding “missing funds.” The “closed” credit card received the reverse deposit instead of the new one.
Step 4: Identify the Recipient
Another crucial step is identifying who received your money. While banks often resist sharing recipient details due to privacy concerns, there are ways to uncover this information indirectly:
- Check your transaction history for clues (e.g., merchant names, account numbers).
- Work with your bank to confirm whether the recipient has been flagged for previous scams.
- Report the incident to local law enforcement or cybercrime units, as they may have access to additional resources.
Once you identify the recipient, you can build a stronger case against them and increase your chances of recovering your funds.
Step 5: Escalate Your Case
If your bank refuses to cooperate—or worse, blocks you from pursuing further action—don’t give up. Here’s what you can do:
- File a formal complaint with the bank ombudsman or regulatory authority overseeing your bank.
- Reach out to media outlets or consumer protection organisations to shed light on your experiences.
- Leverage social media platforms to raise awareness and put pressure on the bank.
Remember, persistence pays off. In my case, escalating the issue publicly prompted the bank to reopen my case and eventually return my money.
Tips for Preventing Future Scams
While recovering stolen funds is possible, prevention is always better than cure. Here are some tips to protect yourself from scammers:
- Verify Requests: Always double-check emails, messages, or calls claiming to be from companies or individuals asking for payments. Do not verify or share any personal details over the phone.
- Use Secure Payment Methods: Opt for secure payment gateways and avoid sending money directly to unknown accounts.
- Monitor Your Accounts Regularly: Keep an eye on your bank statements and set up alerts for unusual activity. Download the bank app and set transaction limits to zero until needed.
- Educate Yourself: Stay informed about common scams and red flags to watch out for.
Final Thoughts
Recovering R106,000 wasn’t easy; it took me just over 3 months of daily persistence, but it taught me valuable lessons about perseverance, patience, and the importance of knowing your rights as a consumer. By understanding how tools like the MoneyTraceCode work and staying proactive, you too can fight back against fraudsters and reclaim what’s rightfully yours.
If you found this guide helpful, please share it with others who might benefit from it. Together, we can empower more people to stand up against scams and hold financial institutions accountable.
Got questions? Want to share your own story? Leave a comment below—I’d love to hear from you!
South African Major Banks:
Absa:
Phone: 0860 88 2222 (Business Banking), 086 188 2222 (Personal Banking)
Website: absa.co.za
Capitec:
Phone: 0860 32 32 32
Website: capitec.co.za
Discovery Bank:
Phone: 0860 38 27 38
Website: discovery.co.za
First National Bank (FNB):
Phone: 0860 800 800
Website: fnb.co.za
Investec Bank:
Phone: 0860 020 020
Website: investec.com
Nedbank:
Phone: 0860 555 888
Website: nedbank.co.za
Sasfin Bank:
Phone: 0860 111 800
Website: sasfinbank.co.za
Standard Bank:
Phone: 0860 721 721
Website: standardbank.co.za
African Bank:
Phone: 0860 500 500
Website: africanbank.co.za
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