APPLICATION LAYER
PEER TO PEER PARADIGM
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Contact a credit bureau
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Contact your P2P app or service and request to stop the payment
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Try to contact the person you sent the payment to
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Contact the police
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Detailed explanation-1: -Unlike credit cards, there are no chargeback rights on P2P payment services. This means if you send someone money, even to someone who has clearly scammed you, you can’t come back to your financial institution and have the charge reversed because you authorized the payment.
Detailed explanation-2: -Inform the bank about your mistake In this case, you can visit the bank branch in person and ask them for help. If the transfer has been made to another bank, you can ask your bank for the beneficiary’s name and bank branch. You can then get in touch with the concerned bank or beneficiary and ask for a refund.
Detailed explanation-3: -If it is an intra-bank transaction, the bank itself will reach out to the wrong recipient and request the reversal. If it is a transfer to another bank, your bank will act as a facilitator, providing you with the details of the wrong recipient’s bank and branch.