You paid a significant amount of money for goods or services online using a credit card, debit card, bank wire transfer, or cryptocurrency. But you didn’t receive what you ordered. You want to get money back. Or you don’t know how to get your money back. That’s where MyChargeBack comes in. We assist consumers and banks dealing with complex transaction disputes.
The Credit Card Dispute Process
If you have a credit card dispute (or a debit card dispute), you have a significant advantage. Visa, Mastercard, American Express, Discover and Diners Club, and all other card networks, provide cardholders with chargeback rights. That is especially important if you made a card-not-present transaction, in which the merchant had no physical contact with the card itself. But do you know how to dispute a credit card charge? You may find yourself under pressure during the credit card dispute process since deadlines and time limits apply. However, even if you meet all deadlines and the chargeback request is fully substantiated with documentary evidence, there are three additional obstacles that you must overcome before a credit card dispute can be processed:
- You have to choose the correct reason code. You will lose your case if it’s the wrong one.
- The bank that issued you your credit card (or debit card) must be convinced that your case meets the criteria for a chargeback.
- You only have one chance to get this right. You cannot resubmit a credit card dispute.
MyChargeBack will make sure that your dispute will be filed with the proper reason code and interact with your bank as it is being processed to ensure that you DID get it right.
Wire Transfer Fraud Recovery
When consumers pay through a bank wire, they are transferring funds instantaneously and directly from their accounts into that of the merchant. The main advantage of a bank wire transfer is that the consumer knows in advance the bank account number of the recipient. Since the beneficiary’s bank is obliged to know the identity of whoever has power of attorney over the account, a merchant can be traced in the event the goods or services were never provided. But complications can ensue.
For example, an unscrupulous merchant could have used a false identity and closed the account after receiving the funds. But can you chargeback a bank wire transfer? No, you cannot. There is no such thing as a wire transfer chargeback. The money has been sent. So how can there be a wire transfer fraud recovery?
For consumers who find themselves in such a predicament, MyChargeBack has a solution: a Wire Transfer Recall.
Cryptocurrency Recovery Product
International efforts to enforce some level of consumer protection for cryptocurrency transactions are the subject of a worldwide discussion. But fund recovery efforts for cryptocurrency transactions are much more complicated than they need to be.
According to our research, a significant number of consumers who report fraudulent cryptocurrency transactions claim losses of $500 or less. Regulators and law enforcement authorities face an intense uphill battle in their attempt to investigate these many relatively small claims. That is due to several challenging reasons.
First, in general, local police lack the expertise to know how to investigate these matters.
Second, a lack of experts means that there is increased pressure on the limited resources that are allocated to these types of cases.
Finally, investigations are often very complex. Considerable time and effort are required to conduct a proper investigation. As a result, resources that are required to pursue purported financial crimes focus instead on crypto exchanges and merchants, often at the expense of consumers.
What we do at MyChargeBack is pull back the various layers within the blockchain by tracking the transfers until we can locate a person of interest. Due to the anonymous nature of the blockchain, outcomes can vary significantly. Some fraudsters create intricate weaves of transfers and, as a result, very little information can be obtained. But, without this investigation and without this information, consumers have very little chance of ever hoping to recover their cryptocurrency assets.
MyChargeBack utilizes innovative technologies to provide intelligence reports to our clients that they can then submit to law enforcement, attorneys or other relevant parties who can initiate an investigation. Usually, individuals do not have the time or resources to conduct a proper investigation on their own. In fact, the process is manually intensive and often too expensive or time consuming even for most law enforcement agencies.
Can You Chargeback Bitcoin?
Both Visa and Mastercard have announced their commitment to gradually incorporate cryptocurrencies into their baskets of services. They are already partnering with crypto service providers that have issued crypto credit cards or debit cards. In addition, over 400 banks worldwide have already begun using blockchain technology in anticipation of eventually incorporating cryptocurrency services.
So, can you chargeback bitcoin? Not at the present time. Neither Visa chargeback guidelines nor Mastercard chargeback guidelines have been updated to include chargeback protection for crypto payments. Moreover, no notice has been given that such updates are currently being prepared. MyChargeBack reminds consumers who pay with crypto that there are no bitcoin chargebacks, or, for that matter, any other types of cryptocurrency chargebacks despite these developments.
If, however, a traditional credit card or debit card was used to purchase cryptocurrency, there are four possible scenarios that could allow the cardholder to raise a dispute through the issuing bank:
- If the crypto exchange did not, in fact, exist.
- If the “descriptor” on the statement is different than that of the merchant.
- If the exchange has no record of the client.
- If the statement shows multiple transactions even though the cardholder agreed only to one.
These are perhaps the most complex of complex disputes. They require an understanding of the card network’s chargeback guidelines that a seasoned chargeback professional would have. In addition, specific calendar deadlines may apply. If you believe your case resulted from one of these four scenarios, please schedule a review with a MyChargeBack onboarding specialist immediately.
How Does MyChargeBack Help?
If you have a complex dispute, the odds on being able to do any of this on your own are not in your favor. By offering you effective strategies to recover your funds, MyChargeBack reverses those odds so that they are in your favor. Regardless of the payment method used, MyChargeBack has the experience and expertise to assist you in recovering your money when you are faced with any type of complex dispute.