Mistakes that Lead to Wrong Transactions:

Manually writing or typing wrong account number.
Typo in the account number, IFSC code or both.
Technical errors from the bank’s side.

How will you Take Quick Action if you have Made the Wrong Transaction?

If you have made the wrong transaction then immediately inform the bank and its concerned manager.
You must know that if the account number mentioned by you does not exist then your money will automatically be transferred into your account. In case the account number exists, you will have to take an immediate action.
Provide the bank details to prove that you transferred the fund to the wrong
If the amount has been credited to an unintended beneficiary’s account who has the name same as your intended beneficiary, you will have to provide proof to support that the transfer made was wrong.
For the sake of better communication, write a detailed mail about the matter to the bank.
The bank acts only as a facilitator and can provide you details like branch name and contact number of the unintended
Since it is your hard earned money, try to keep a track of the situation or the status of progress in the matter.
The bank may approach the recipient on your behalf in case the transfer is intra-bank. It may request for a reversal of transaction.
If the beneficiary agrees, the transaction will be reversed back within 7 working days.
In case of beneficiary from another branch, you have to personally visit the branch to meet the bank manager for the solution.

In case the Wrong Beneficiary Refuses to Return the Amount

It is not possible to get the money back without the consent of the wrong beneficiary. The process is a little tough, but he/she has to accept that there was a wrong transaction made to his/her account. Then, you need to contact your bank and communicate the matter in detail. You may also have to provide ID proof, address, and other details asked by the bank.

Communicate the matter in detail via mail. This also helps to keep a track of your complaint.
The person might refuse to return your money. In such a case, you may take legal action. Though, the situation becomes more complicated if your bank and the beneficiary’s bank are different.
If everything goes well and the person agrees to return your amount, then will take 8-10 working days to reverse the transaction.
The situation can get complicated and recovery would not be possible if the beneficiary refuses approval.