When Digital Payments Go to the Wrong Person

The video discusses the challenges of peer-to-peer fund transfers, focusing on mistaken transactions. It shares a personal story of Tan Wan Hui, who accidentally sent money to the wrong person and the steps she took to resolve it. The video highlights the responsibility of both banks and customers in such situations and explores legal options available for recovering funds. It emphasizes the importance of verifying transaction details and understanding one's legal rights.

What was the initial reaction of Tan Wan Hui when she realized she sent money to the wrong person?

• She went to the police.

• She ignored the mistake.

• She tried to contact the recipient directly.

• She contacted the bank immediately.

What is one of the main challenges faced by individuals who make a mistaken transaction?

• There are no legal consequences.

• Individuals must rely on the recipient's goodwill.

• Banks have a recovery service.

• Banks provide immediate refunds.

According to the legal counsel, what can be done if the recipient refuses to return the money?

• Nothing can be done.

• Contact the bank for a refund.

• Wait for the recipient to return the money.

• Make a police report or sue the recipient.

What does the law say about the ownership of money sent by mistake?

• The money is lost forever.

• The bank decides the ownership.

• The money is legally still the sender's.

• The money belongs to the recipient.

What is the potential legal consequence for someone who knowingly uses money that was mistakenly transferred to them?

• The bank will cover the loss.

• Imprisonment for up to two years and a fine.

• No consequence if the amount is small.

• A fine but no imprisonment.