Recovering Funds After an Account Takeover

Why this is usually not a transfer you made

An account takeover happens when a scammer gains control of your bank or e-wallet account. This often happens through a stolen password, a malicious app, or a hijacked phone number, and the scammer moves money out without your knowledge.

Because you did not initiate the transfer yourself, it is generally treated as an unauthorised transaction rather than a transfer you approved. This distinction matters a great deal for how your bank investigates the dispute.

Even if the transfer shows in your account history exactly like any other payment, how it happened is what determines your options now.

Secure every account immediately

Change your banking password from a different, trusted device, and do the same for your email, since email access can be used to reset other passwords. Check for e-wallets, cards, or linked apps that share the same login and secure those too.

Review the account for unfamiliar devices, new payees, or forwarding rules on your email, and remove anything you did not set up. If a SIM swap or malicious app was involved, deal with that separately, since the account itself may still be exposed until it is resolved.

Do this before contacting anyone else, since a scammer with continued access can undo your efforts.

Dispute the transaction with your bank

Contact your bank as soon as possible and explain exactly how the account was taken over. Ask them to treat the transfer as a potential unauthorised transaction and to open a formal dispute, not just a general enquiry.

Keep a written record of who you spoke to, what they said, and any reference number given. File a police report as well, either at a station or with the Commercial Crime Investigation Department (CCID). Call the National Scam Response Centre (NSRC) on 997 if the transfer was recent.

If the bank disputes liability

Banks do not always agree that a transfer was unauthorised, and disagreements over liability are common in these cases. If your bank rejects the dispute, you can escalate it through the bank’s formal complaints process.

Eligible cases can also be brought to the Ombudsman for Financial Services (OFS) for an independent review. Separately, if the receiving account is identified, a civil claim against the scammer may be worth considering. Legal help after a scam can explain what that would involve. A separate look at whether legal action is worth pursuing helps set expectations before you commit any cost.

What to do next

Secure every account first, then raise a formal dispute with your bank and file a police report. Keep records of everything, since they support each step that follows.

For a broader look at recovery routes, see the recovery options overview. You do not have to manage every step alone.