diff --git a/src/wallet/rpc/coins.cpp b/src/wallet/rpc/coins.cpp
index bd61c9c62f7..02aae4496b7 100644
--- a/src/wallet/rpc/coins.cpp
+++ b/src/wallet/rpc/coins.cpp
@@ -18,28 +18,31 @@
 namespace wallet {
 static CAmount GetReceived(const CWallet& wallet, const UniValue& params, bool by_label) EXCLUSIVE_LOCKS_REQUIRED(wallet.cs_wallet)
 {
-    std::set<CScript> output_scripts;
-
+    std::set<CTxDestination> addresses;
     if (by_label) {
         // Get the set of addresses assigned to label
-        std::string label = LabelFromValue(params[0]);
-        for (const auto& address : wallet.GetLabelAddresses(label)) {
-            auto output_script{GetScriptForDestination(address)};
-            if (wallet.IsMine(output_script)) {
-                output_scripts.insert(output_script);
-            }
-        }
+        addresses = wallet.GetLabelAddresses(LabelFromValue(params[0]));
+        if (addresses.empty()) throw JSONRPCError(RPC_WALLET_ERROR, "Label not found in wallet");
     } else {
         // Get the address
         CTxDestination dest = DecodeDestination(params[0].get_str());
         if (!IsValidDestination(dest)) {
             throw JSONRPCError(RPC_INVALID_ADDRESS_OR_KEY, "Invalid Bitcoin address");
         }
-        CScript script_pub_key = GetScriptForDestination(dest);
-        if (!wallet.IsMine(script_pub_key)) {
-            throw JSONRPCError(RPC_WALLET_ERROR, "Address not found in wallet");
+        addresses.insert(dest);
+    }
+
+    // Filter by own scripts only
+    std::set<CScript> output_scripts;
+    for (const auto& address : addresses) {
+        auto output_script{GetScriptForDestination(address)};
+        if (wallet.IsMine(output_script)) {
+            output_scripts.insert(output_script);
         }
-        output_scripts.insert(script_pub_key);
+    }
+
+    if (output_scripts.empty()) {
+        throw JSONRPCError(RPC_WALLET_ERROR, "Address not found in wallet");
     }
 
     // Minimum confirmations
diff --git a/test/functional/wallet_listreceivedby.py b/test/functional/wallet_listreceivedby.py
index a7f4f9ffaf1..7e473bc52cc 100755
--- a/test/functional/wallet_listreceivedby.py
+++ b/test/functional/wallet_listreceivedby.py
@@ -131,6 +131,9 @@ class ReceivedByTest(BitcoinTestFramework):
         txid = self.nodes[0].sendtoaddress(addr, 0.1)
         self.sync_all()
 
+        # getreceivedbylabel returns an error if the wallet doesn't own the label
+        assert_raises_rpc_error(-4, "Label not found in wallet", self.nodes[0].getreceivedbylabel, "dummy")
+
         # listreceivedbylabel should return received_by_label_json because of 0 confirmations
         assert_array_result(self.nodes[1].listreceivedbylabel(),
                             {"label": label},