Foreigners who send money after a fake bank, investment, police or financial adviser call in Turkey may have recovery options. Learn what to do immediately, when a bank may be liable and how fraudulent transfers can be traced.

Yes. A foreigner who transfers money after receiving a fake bank call, fraudulent investment offer, false security warning or impersonation call may be able to recover some or all of the money. However, recovery depends heavily on how quickly the fraud is reported, whether the transfer can still be stopped, where the money was sent, whether the customer personally authorized the transaction and whether the bank’s security systems should have detected suspicious activity.

These cases are particularly difficult because the victim may have technically approved the transfer while acting under deception.

A fraudster may claim to be a bank employee and tell the customer that money must be moved to a “safe account.” Another may claim to represent an investment company and promise exceptionally high returns. Others may impersonate regulators, public officials or financial institutions and persuade the victim to disclose credentials or install remote-access software.

Turkey’s banking regulator continues to issue fraud warnings. Its current guidance specifically warns customers against persons who impersonate regulatory personnel, request banking usernames or passwords or instruct customers to install applications on their phones.

The most important rule is therefore simple: the victim should act immediately rather than waiting to see whether the money is returned.

What Is Fake Bank Call Fraud?

Fake bank call fraud usually begins with a telephone call, message or online communication designed to appear legitimate.

The caller may know the victim’s name, bank, telephone number or recent transaction history.

The fraudster may say that the customer’s account has been compromised, that an unauthorized loan has been detected or that money must immediately be transferred to another account for security reasons.

The victim may then make the transfer personally.

This creates an important legal distinction from ordinary account hacking because the bank may argue that the payment was technically authorized by the customer.

However, technical authorization does not necessarily mean that recovery is impossible.

What Is Fake Investment Fraud?

Fake investment fraud generally involves criminals presenting themselves as investment advisers, brokers, financial institutions or representatives of supposedly profitable trading platforms.

The customer may be promised guaranteed returns, access to exclusive investments, cryptocurrency profits or unusually high interest.

The victim may initially transfer a relatively small amount.

The fraudulent platform may then display artificial profits and encourage increasingly large investments.

When the customer attempts to withdraw the funds, the fraudster may demand additional payments described as taxes, commissions, insurance premiums or account-release fees.

This pattern should be treated as a major warning sign.

Can Money Be Recovered If the Victim Personally Made the Transfer?

Potentially, yes, but these cases are more complicated than completely unauthorized transfers.

The bank may argue that the customer entered the payment details and approved the transaction.

The customer’s response may be that the payment was made only because criminals fraudulently impersonated trusted institutions and manipulated the customer.

The central legal question can become whether the bank merely executed a valid customer instruction or whether there were additional circumstances that should have triggered fraud controls.

For example, the disputed transfer may have been far larger than the customer’s ordinary transactions, sent to a newly added beneficiary and followed immediately by several other unusual payments.

Those circumstances may require closer examination.

Is the Bank Automatically Responsible?

No.

A bank is not automatically liable simply because one of its customers was deceived.

But the bank also does not automatically escape responsibility merely because the customer clicked “confirm.”

Each case should be examined according to its facts.

Relevant questions can include whether the transaction was consistent with the customer’s normal activity, whether a new beneficiary had just been created, whether multiple high-value transfers occurred rapidly, whether remote-access software was involved and whether the bank’s fraud controls generated any warning.

What Should the Victim Do Immediately?

The victim should contact the bank immediately and clearly state that the payment was induced by fraud.

The customer should request that any pending payment be stopped and that completed transfers be recalled where possible.

If additional banking credentials may have been compromised, online and mobile banking access should be secured immediately.

The victim should also preserve all evidence.

This includes telephone numbers, messages, screenshots, investment advertisements, emails, account statements, transfer confirmations, names used by the fraudsters and any applications the victim was instructed to install.

A criminal complaint should also be considered promptly so that banking and digital evidence can be preserved and recipient accounts investigated.

Can the Bank Recall the Transfer?

Potentially.

The chances of recovery are usually better when the fraud is discovered very quickly.

If the transfer has not yet been fully completed, the sending bank may be able to stop it.

If the money has already reached another account, the sending bank can still be asked to initiate a recall process and notify the receiving institution of the fraud allegation.

However, a recall request does not guarantee reimbursement.

Fraudsters often move money quickly through several accounts.

Can the Receiving Account Be Frozen?

Potentially, through the appropriate legal process.

If the money remains in the recipient account, rapid legal and criminal action may create an opportunity to preserve it before withdrawal or further transfer.

This is why victims should not wait several days before reporting the fraud.

The exact account number, transfer amount, transaction time and payment reference should be preserved.

What If the Fraudster Said the Money Was Being Sent to a “Safe Account”?

This is a common fraud technique.

A legitimate bank does not ordinarily require a customer to protect money by transferring it to a stranger’s personal account.

Where a customer is told that money must be moved urgently to a “secure,” “temporary” or “government-protected” account, the instructions should be independently verified through the bank’s official communication channels.

If the transfer has already occurred, the phrase “safe account” used during the fraud should be preserved as part of the evidence.

What If the Caller Claimed to Work for the Banking Regulator?

This is a recognized fraud risk.

The banking regulator expressly warns that it does not request customers’ personal banking information by telephone, email or similar channels and warns against persons asking customers to install applications or provide banking passwords.

The regulator also published fraud warnings during 2026, reflecting continuing concern about impersonation scams.

A foreign victim who receives this type of call should independently verify the caller before taking any action.

What If the Fraudster Claimed to Be a Bank Employee?

The victim should contact the bank through a known official channel rather than calling back the number provided by the fraudster.

Fraudsters can imitate bank branding, use convincing scripts and possess significant personal information.

The fact that the caller knew the customer’s name or account details does not prove that the caller worked for the bank.

What If the Fraudster Claimed to Be an Investment Adviser?

The customer should determine whether the investment provider actually exists and whether the person contacting them is genuinely associated with it.

Fraud cases often involve cloned websites, fake trading applications and names similar to legitimate financial institutions.

A victim should preserve screenshots of the platform before it disappears.

What If the Fraudster Shows Fake Investment Profits?

Displayed profits do not prove that real assets exist.

Fraudulent platforms frequently manipulate account dashboards to show increasing investment values.

The victim may believe that USD 50,000 has grown to USD 85,000 while no genuine investment ever occurred.

The fraudster may then demand another USD 10,000 to “release” the fictitious profit.

Further payments should not be made merely because the platform shows a large balance.

What If the Fraudster Demands a Tax Before Releasing the Investment?

This is a common warning sign.

Victims may be told that their investment withdrawal is ready but cannot be released until a “tax,” “insurance charge,” “security deposit” or “anti-money-laundering fee” is paid.

A customer who has already lost money should be particularly cautious about sending additional funds.

Fraudsters often exploit the victim’s desire to recover the original investment.

What If Remote-Access Software Was Installed?

This can materially change the case.

A fraudster may persuade the victim to install remote-access software supposedly so that a “bank employee” or “investment adviser” can help complete the transaction.

The criminal may then view banking credentials or control the device.

The victim should preserve the name of the application and any related installation records.

The bank may argue that transactions came from the customer’s own device, while the customer may argue that the fraudster remotely controlled that device.

Technical evidence becomes especially important.

What If the Customer Gave the Fraudster a Verification Code?

Recovery can become more difficult, but it is not necessarily impossible.

The bank may argue that the customer voluntarily disclosed security information.

However, the wider transaction pattern should still be examined.

If the payment was unusually large, involved a new beneficiary and occurred immediately after other suspicious events, the customer may argue that the bank’s fraud controls should still have detected abnormal activity.

The result depends on the facts rather than one single piece of evidence.

Can the Bank Be Liable for Failing to Detect Unusual Transactions?

Potentially.

The question will depend on the bank’s legal obligations, contractual duties and the circumstances of the transactions.

A payment that is completely consistent with the customer’s normal banking activity may be treated differently from a series of unexpected transfers that rapidly empty an account.

Relevant evidence may include prior transaction history, transaction size, beneficiary history, device activity and security warnings.

Can the Recipient of the Fraudulent Transfer Be Liable?

Potentially.

The recipient account may belong directly to a fraudster or to another person who allowed the account to be used.

Whether that account holder knew about the fraud can affect the legal analysis.

Banking records should be used to determine where the money went and whether it was transferred onward.

Can Money Be Recovered from an Intermediary Account?

Potentially, especially if the money remains available and action is taken quickly.

Fraud networks frequently use several intermediary accounts to make tracing and recovery more difficult.

Each transfer in the chain should therefore be identified where possible.

What If the Money Was Converted to Cryptocurrency?

Recovery becomes more difficult but is not automatically impossible.

The banking portion of the transaction may still identify the account that first received the funds.

Evidence concerning any subsequent cryptocurrency purchase or transfer may then be relevant.

Speed remains critical.

Is a Criminal Complaint Necessary?

A prompt criminal complaint can be very important.

It may allow authorities to investigate telephone records, bank accounts, recipient identities and digital evidence.

However, criminal proceedings do not automatically reimburse the victim.

Separate recovery action against the bank, recipient account holder or another responsible party may still need to be considered.

Can an Individual Customer Challenge the Bank’s Refusal to Refund?

Yes, depending on the circumstances.

For eligible individual banking disputes, the Banks Association of Turkey operates an Individual Customer Arbitration Panel. The procedure applies to individual banking disputes involving natural persons and does not generally cover legal entities or commercial disputes.

The customer must first apply to the bank before applying to the panel. The disputed event must generally have occurred within the previous two years.

For 2026, banks are required to comply with qualifying panel decisions up to TRY 51,158, subject to the rules governing the procedure.

Claims above the applicable limits or claims outside the panel’s jurisdiction may require another legal route.

Can a Foreign-Owned Company Use the Same Procedure?

Generally no.

The Individual Customer Arbitration Panel is limited to natural persons in individual banking disputes. Applications by legal entities and disputes arising from commercial activities are excluded.

A company that loses investment or operating funds through fraud therefore requires a separate legal assessment.

Can the Victim Go Directly to Court?

Potentially, yes.

The Banks Association of Turkey confirms that its arbitration mechanism is not a court and does not eliminate the parties’ right to pursue judicial remedies.

The appropriate claim depends on whether the victim seeks recovery from the bank, recipient account holder, fraudster or another responsible party.

What Evidence Is Most Important?

The victim should build a detailed chronology showing how the fraud developed.

The evidence may include call records, messages, fake investment advertisements, transfer receipts, bank statements, screenshots, remote-access application records, email correspondence and bank complaint records.

The chronology should identify when the first contact occurred, what representations were made, when each transfer was sent and when the victim discovered the fraud.

What If the Victim Sent Several Transfers?

Each transaction should be recorded separately.

For example, a victim may initially send USD 5,000, later USD 20,000 and finally USD 100,000.

The fraudster may have used different explanations for each payment.

This sequence can be important when evaluating how the fraud developed and whether later transactions should have appeared unusual.

What If the Victim Realizes the Fraud Weeks Later?

Recovery may become more difficult because the money may already have passed through several accounts.

Nevertheless, the victim should still act.

Bank statements, recipient details and digital communications may still provide evidence.

Delay should not be treated as a reason to abandon the matter without investigation.

Frequently Asked Questions

1. Can foreigners recover money sent after a fake bank call?

Potentially, yes. Recovery depends on how quickly the fraud is reported, where the money went and the circumstances surrounding the transfer.

2. What should I do first?

Immediately contact the bank, report the transaction as fraudulent, request a recall where possible, secure banking access and preserve all evidence.

3. Does the fact that I personally approved the payment mean I cannot recover it?

Not necessarily. Fraud induced by impersonation or deception can still require legal examination.

4. Can my bank be responsible?

Potentially, depending on the transaction pattern, security measures and circumstances of the fraud.

5. Can money in the recipient’s account be recovered?

Potentially, particularly if action is taken before the funds are withdrawn or transferred onward.

6. Should I send another payment to release my investment?

Extreme caution is required. Requests for additional “tax,” “insurance” or “release” payments are common in investment fraud.

7. Can I complain if the bank refuses reimbursement?

Yes. Eligible individual customers may have access to the Banks Association of Turkey’s arbitration procedure after first complaining to the bank.

8. Can a company use that individual arbitration procedure?

Generally no. Legal entities and commercial disputes are outside its scope.

9. Is filing a criminal complaint enough?

Not necessarily. A separate recovery claim may still be required.

10. Can a foreign victim pursue the case from outside Turkey?

Potentially, yes. Appropriate legal representation can be used for many stages of the dispute.

What Should Foreign Victims Do Immediately?

The first objective is to prevent further loss. The bank should be informed immediately that the transfer resulted from fraud, and a recall or stop request should be made where technically possible.

The victim should not send additional money even if the fraudster claims that another payment will release the original funds.

All communications should be preserved before telephone numbers, websites or accounts disappear.

A written complaint should be submitted to the bank. This is particularly important for eligible individual customers because prior application to the bank is required before using the Banks Association of Turkey’s Individual Customer Arbitration Panel.

The victim should also distinguish between an unauthorized account takeover and a transfer personally made because of fraudulent deception. Both can produce recovery claims, but the legal analysis may differ.

Legal Assistance for Foreign Victims of Fake Bank and Investment Calls in Turkey

Firat Fesih Kaya Law Office provides legal assistance to foreign individuals, investors and foreign-owned companies who lose money through fake bank calls, fraudulent investment schemes, impersonation fraud, fake trading platforms and related online banking scams in Turkey.

Legal assistance may include reviewing fraudulent transfers, preparing bank objections, tracing recipient accounts through available legal procedures, assessing possible bank responsibility, examining fake investment documentation, preserving digital evidence, pursuing reimbursement claims and representing victims in related civil and criminal proceedings.

Early action is particularly important where substantial funds have been transferred, additional payments are still being demanded, the bank refuses reimbursement or the money appears to have been moved through several accounts.

Phone: +90 312 434 22 22
Mobile / WhatsApp: +90 532 769 22 22
Email: info@firatfesihkaya.av.tr
Office: Mevlana Boulevard No:221, Yildirim Tower, Balgat, Cankaya, Ankara, Turkey

The key 2026 principle is clear: foreign victims should not assume that money transferred after a fake bank or investment call is automatically unrecoverable merely because they personally approved the payment. Recovery depends on the nature of the deception, the speed of the response, the location of the funds, the bank’s security measures and the available evidence. Immediate reporting, transaction tracing and preservation of communications can materially improve the chances of recovery.