Chargeback is a challenge to a card transaction holder for a refund
The level of fraud on binary options and Forex is increasing every year. Scammers are constantly inventing new tricks and ways to make money on unsuspecting traders. It is important to understand that traders work at their own risk, as legal regulators have a narrow list of options for resolving disputes with fraudulent companies. The difficulty is also that fraudulent brokers are most often registered in offshore zones. This means that trite filing an application with the police and or contacting lawyers (law firms) may fail or take many years. Against the background of such a difficult situation only independent, honest and professional Chargeback companies can help deceived investors.
Chargeback is a challenge to a card transaction at a point of sale by its holder for a refund. The procedure can be initiated by both the holder and the bank (in some cases). Thus, when you apply for a Chargeback, you are appealing to the rules of payment systems, which even scammers have to follow in order to be able to continue to deceive innocent traders, no matter how rude and straightforward it may sound. If traders are deprived of the opportunity to deposit via payment cards, brokers lose about 80% of clients. That's why, the chargeback procedure and the specialists who do it can really help to get the money back.
The process of refund
The holder of the card from which the funds were debited in favor of the fraudster shall submit an application to his issuing bank to contest the transaction, indicating the reason for the contest.
The cardholder shall attach to the application the list of documents confirming the fraudulent actions of the recipient of funds on the transaction.
The credit organization or the issuing bank carries out the investigation with the transfer of the request and the list of evidence documents to the payment system (usually Mastercard or Visa) through which the transaction was performed.
Representatives of the payment system transfer the request and the entire evidence base to the beneficiary bank, which, according to the investigation results, returns the withdrawn amount from the outlet to the sender's benefit.
When can you expect a refund?
You have not received a return of goods/services from the seller (broker, financial trainer, etc.);
Your card has been withdrawn twice;
You have a withdrawal that is different from the actual value of the product/service;
The date and time of the transaction is incorrect;
It is possible that your signature may have been forged in your account;
Your card has been withdrawn for goods/services that you did not purchase;
You have not received the goods/services for the funds written off from your account;
You are not satisfied with the quality of the goods/services, the goods/services differ from the goods/services declared by the seller, the goods/services are not provided in full;
Payment for the received goods/service was made in another way;
You have received a refusal to return the goods. Mandatory conditions for Chargeback procedure:
The transaction was made by debit or credit card of the holder;
Last transaction was made not later than 18 months ago (540 days);
Duration of the refund takes 2-4 months on average.