Other Common Scams

There are an almost endless number of online scams. If nothing else, scammers are ingenious in coming up with new ones. On the left is an alphabetical list of the most common scams, apart from those that involve binary options, forex, cryptocurrency, and medical malpractice.

One of the reasons why there are so many different scams is that scammers know how to multitask. They can run a series of completely different scams at the same time. It’s not uncommon for one shell company to operate several related by different online scams at the same time, as if they’re competitors. That way, they’re maximizing their chances of entrapping you.

Another reason why scams proliferate is that scammers are always looking for ways to stay one step ahead of the law. When binary options sites began to be targeted by government regulators and law enforcement agencies in North America and Europe, for example, they quickly needed to find a loophole. That became even more urgent when the European Securities and Markets Authority (ESMA) effectively prohibited binary options trading by individual EU investors. To get past the ban, virtually every binary options site that was then active in Europe re-branded itself overnight as an online forex brokerage.

It was reported at the time that other veteran binary options scammers, especially in France, rushed head on into diamond investment scams.

How You Pay Is Also Part of the Scam

Cryptocurrency has also become a magnet for scammers. That’s because crypto’s relative anonymity provides scammers with a level of invisibility that makes identifying them more difficult than it has ever been. That being the case, virtually all forex scams – and many if not most of the other common scams listed on the list to your left – will gladly accept payment in cryptocurrency.

Another gimmick that scammers use to conceal their identities is by asking that payment be made in the form of gift cards, since they easily can be redeemed without leaving a trace. In the United States, tax impersonation scams frequently demand victims pay using gift cards. The trick is so widespread that, should you ever receive a call from someone you don’t know who asks you to pay for any bill by sending gift cards, assume automatically that it’s a scam until you are able to prove otherwise.   

Before scammers were able to hide behind cryptocurrency and gift cards, their preferred form of payment was wire transfers. They’re still happy to receive wire payments today. The reason why is that once the “send” button is pressed by the clerk at your bank the wire cannot be cancelled. At the speed of light, your money has now arrived in their account at their bank. And the odds are that their bank is located half-way around the world in a jurisdiction with a weak banking regulatory infrastructure. In a bank that looked the other way as the scammers opened their account under false identities, using the address of a rented office that can be abandoned at a moment’s notice, or in the name of a dummy corporation whose ultimate ownership can never be ascertained with absolute certainty. Go find them.

All of which brings us to everyone’s default payment platform: credit and debit cards. They’re the universal default payment solution because they’re ubiquitous, accessible 24/7 and easy to use. So online scams, except those that solely allow payment in cryptocurrency, are certainly going to accept them. They have to in order to reach the largest possible audience, which they have to do in order to make big bucks. And that’s good news to you if you have been victimized.

The reason is that unlike all the alternatives, credit card and debit card payments can, upon proper documentation, be reversed. Indeed, under certain specific circumstances, they must be reversed. The reversal is called a chargeback.

The Challenge of Filing for a Chargeback

If you were victimized by a scam and attempt to navigate the chargeback process on your own, you will find it will be bureaucratic, legalistic and tedious. Moreover, you only have one chance to make your case. If you make a mistake doing so, your chargeback application will be rejected by your bank on procedural grounds, and you will not be permitted to re-submit it. That’s the most important reason why you should first contact MyChargeBack for a free initial consultation and allow us to assist you. We have the knowledge and the expertise to get it right the first time.

Regardless of the payment method you used to transfer money to a scammer, however, MyChargeBack has a strategy to address your claims.