What Is a Chargeback?

Everything You Need to Know about Chargebacks

What is a chargeback? How do they work? Are they relevant to scam victims? Who approves them? And what can MyChargeBack do to assist you in obtaining yours?

A chargeback is, in the simplest possible terms, the retroactive cancellation and refund of a charge made  on your credit card or debit card.  You request a chargeback from the bank that issued the card itself. But you can do so only under one of two conditions:

  • You did not authorize the transaction, or
  • The transaction was for goods or services that the merchant did not deliver as per a contract, receipt or some other written agreement

If you did not authorize a particular purchase, then you’re in luck. If someone stole your credit card or forged your signature on a receipt, its use constitutes fraud. In that case, you are automatically exempt from payment under the terms of the agreement you signed with the credit card company as long as you notify your bank in a timely fashion. Your bank will then approve your request for a chargeback and credit your account for the full amount of the transaction.

What Is a Chargeback for Goods? What Is a ChargeBack for Services?

If you purchased merchandise that was defective when it arrived, or if the merchant did not deliver it at all, that’s relatively easy for your bank to understand and process correctly.

But obtaining a chargeback for services that the merchant did not deliver as contracted is a challenge.  In fact, it’s daunting to prove, because you really did authorize the payment. And you received something – just the wrong something.

Binary options scams and forex trading scams victimize you because they employ platforms that do not adhere to any obligatory trading rules and procedures.