Who bears the loss depends on how it happened
For consumer accounts, federal rules on electronic transfers generally protect against transfers you did not authorize, and a fraudster who used credentials stolen through phishing to move money is usually treated as making an unauthorized transfer. If instead you were persuaded to send the money yourself, the transfer is generally considered authorized, and recovery often depends on bank policy and the payment network. How quickly you report affects how much protection applies, so delay can be costly. Business accounts are different: those consumer rules usually do not apply, and commercial wire transfers are governed largely by the agreement with the bank and its security procedures. Those distinctions often decide who absorbs the loss.
Immediate steps
Call your bank or payment provider as soon as you notice, ask them to stop or recall any pending transfers, and follow up in writing. Change passwords from a device you know is clean and turn on multi-factor authentication, but keep the phishing messages rather than deleting them. A complaint to the FBI's Internet Crime Complaint Center is worth filing as well, and a business should alert any vendor whose identity was used. If the attack reached a company network, disconnect affected systems from the network and get advice before wiping or rebuilding anything. A business may also have notification duties if customer or employee data was exposed.
What a first review covers
We look at how the funds left, the timeline of your reports, and what the bank or provider has said in response. For consumers, we assess whether a denied claim was handled consistently with federal rules. For businesses, we review the deposit and treasury agreements, the security procedures in place, and any insurance that might cover cyber losses or social engineering fraud. If a vendor or partner's compromised email was the source, we consider whether responsibility can shift. The goal is to identify a realistic path to recovery and to address any reporting obligations along the way.
