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Cryptomania: How Crypto Scams Emerged from a Financial Trend

Cryptomania may sound like an exaggerated term, but looking at the growth of interest in cryptocurrency since 2020, it seems appropriate. From the time the first digital currency was introduced in 2008, it received some attention, first peaking at 2017 and then dropping. However, 2020 was the time when cryptocurrencies truly captured the public’s imagination the world over. Although bitcoin has pulled back a bit since mid-2021, there is no doubt crypto is here to stay. 

Cryptomania, as the term suggests, is an intense enthusiasm about digital currencies. Trends fuel commerce and trade, but excessive excitement can lead to problems. First of all, getting very excited about a volatile and risky asset such as cryptocurrencies can lead to traders losing money with impulse buys and the desire to get in as soon as possible. 

The other problem with intense hype over cryptocurrencies is its tendency to encourage fraudulent parties to create crypto scams and take money from consumers. If you have lost money to a crypto scam, it is possible to recovery your funds. The blockchain poses significant challenges to fund recovery, but with the right experts, clients can improve their chances of getting their money back.

Professionals at Pengeretur provide information to consumers about credit card chargebacks, cryptocurrency refunds, wire recalls, and other fund recovery strategies. We advise clients on the chargeback process and the best ways to pursue fund recovery whether the issue is merchant or broker dispute or if the charges were unauthorized.

The Origins of CryptoMania

There was chatter about cryptocurrency since it was first invented, but it didn’t capture the imagination until the crypto market skyrocketed in 2017. Then, everyone was talking about cryptocurrency. Bitcoin ran in 2017 from $900 to $20,000. Naturally, everyone wanted to get in on the crypto game, including crypto scammers. 

As a result, in 2017, China shut down its big three crypto exchanges and US regulators cracked down on unauthorized ICOs because of high-profile frauds. In 2017, the plethora of crypto scams was responsible for bringing down cryptocurrency and as a result, digital currency had a shady reputation for several years. 

However, in 2020, the crypto market perked up again. The reason was a perfect storm created by the COVID-19 crisis, mainstream currency fluctuations, growing mistrust of government and regulations, as well as the increase in online financial activity. With many people out of work around the globe when the pandemic began in 2020, consumers had the time to re-discover cryptocurrencies.

 In addition, given the shutting down of many companies, people were looking for creative ways to make money online. Cryptocurrency was fueled by new ways to trade and purchase objects and as it rose in value during 2020, more people jumped in to avoid getting left behind. Unfortunately, that led many to be taken advantage of by crypto scams, which have increased in step with legitimate cryptocurrency services. 

The value of bitcoin increased from $10,000 to nearly $60,000 from October 2020 to April $60,000. However, bitcoin did not completely drop down and nearly out of sight as it did in 2017 but has corrected the way any asset would. Cryptocurrency fell in value partly due to Elon Musk’s stating concerns about the environmental impact of cryptocurrency and the natural correction of the asset.  

One thing is clear–this time bitcoin and other crypto currencies are here to stay. Recently, Coinbase, a cryptocurrency trading platform, went public on the Nasdaq in the spring of 2021. Lear Investment Management founder Rick Lear said of cryptocurrencies, “If you’re not talking about it, you’re really stuck in the past,” he told Marketwatch. “Having another currency creates a whole lot more problems, but it’s happening and you’ve got to be able to deal with it.” 

The Problem of Crypto Scams

Whenever there is a major trend, unfortunately, scams arise to cash in on the enthusiasm. The SEC has received 7,000 complaints about crypto scams in 2021, which is 12 times higher than it was the previous year. There are many reasons why crypto scams have increased so dramatically.

  • The popularity of cryptocurrencies–Cryptomania
  • Haste–the need to “get in quick”
  • Tapping into a general distrust in regulations and government oversight
  • Exaggerated stories about people making millions
  • The popularity of advertising financial products and social media
  • Manipulating confidence in celebrity endorsements

The first thing that contributes to crypto scams is the enthusiasm for crypto currency. Anything that is trendy will attract millions of people. Of these millions, scammers will then cast a wide net with hyped-up claims. Even if most people may stay away, these scammers will attract enough people to make it worthwhile. 

Given the need to get into cryptocurrencies fast before they increase in value, there is an urgency that will cause people to jump into these trades faster than they would otherwise. In this case, haste makes waste. Financial services should be regulated to be secure. However, in the current climate, there is a general distrust of government oversight.

Lack of regulation is one thing that attracts people to cryptocurrency, to begin with, however, this notion can be used by unregulated brokers as a way to alienate consumers from government bodies that can protect them. Crypto scams often use hyped-up language to attract consumers. They guarantee returns and claim that people make millions. Very few people do manage to make large amounts of money on volatile trades, but often they lose a few times before winning. The truth is cryptocurrencies are volatile assets and huge returns on the first try are unlikely. 

Another problem leading to the increase in crypto scams is the use of social media for financial services rather than secured websites. Scammers can be anonymous and hide on social media conveniently. In addition, they can impersonate celebrities and create a fake endorsement or can also hack high-profile accounts. 

If you have lost money in a crypto scam, fund recovery is possible. Pengeretur professionals assist clients in fund recovery. We provide information about the chargeback process and tools that will help you analyze your situation and assess the best strategies for pursuing fund recovery. 

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Fake Broker Who Stole $3 Million Sentenced: 5 Tips to Spot Forex Scams

People trust brokers to make money, not take money. However, with forex scams or crypto scams, this is precisely what happens. Some forex scams seem obvious with extravagant claims, aggressive strategies for getting clients, unprofessional website content, and other red flags. However, more clever people behind forex scams play the long game and can create a veneer of professionalism only to betray their clients. 

If you have lost money to a forex scam, you will need a reliable fund recovery service. Professionals at Pengeretur provide information to consumers about credit card chargebacks, cryptocurrency refunds, wire recalls, and other fund recovery strategies. We advise clients on the chargeback process and the best ways to pursue fund recovery whether the issue is merchant or broker dispute or if the charges were unauthorized.

Anatomy of a Forex Scam

There are many forex scams, and regulators around the world have taken actions to prevent these frauds from taking advantage of consumers. The U.S. government takes the threat of forex scams particularly seriously and has shut down many of these frauds following the financial crisis of 2008 and since the passage of the Dodd-Frank Act of 2012. 

However, despite these efforts, many consumers are either not aware of the importance of working only with regulated brokers or feel indifferent in the face of the threat. Often forex scams use enticing language and huge promises as a way to persuade consumers to put aside their skepticism and take a chance to make large amounts of money. 

Kelvin O. Ramirez was one of the most “successful” U.S-based forex scammers and managed to steal $3 million from traders and investors before he was caught.  He operated under several aliases and created names for many fake forex trading opportunities which he advertised on social media platforms, particularly Instagram. 

Ramirez lured consumers in through social media promises outsized gains and “double your money” offers. Some of these forex scams involved trading services, such as actual trading, instruction, tools, and trading signals. 

He organized trading pools that allowed clients to trade forex in groups. Also, he offered software which he promised would provide 100% returns for $250 monthly. Ramirez also gave clients access to trading signals for as much as $25,000. However, the software, signal services, and trading were all fake. All of the money went right into Ramirez’s account and was used for running his forex scams and his personal use. 

Fortunately, the CFTC or the Commodity Futures Trading Commission raised the alarm based on their investigation into the many complaints they received. The CFTC brought a case against Ramirez, who never appeared in court or responded to the charges and the complaint. A Texas federal judge has demanded a $2.2 million penalty and Ramirez could face 20 years in prison for wire fraud as well as a fine of $750,000. 

In addition, the CFTC is actively involved in recovery funds for clients of Ramirez. They thought they were devoting their money to a legitimate forex trading service and instead, this forex scammer used the money for his own purposes. Given the high profile and reliability of the CFTC and the fact this fraudster was caught, there is reason to believe that fund recovery, in this case, will be successful. 

How to Avoid Forex Scams

There are many takeaways from the Kelvin O. Ramirez forex scams. Most importantly, consumers should beware of the following:

  • Unregulated brokers
  • Impossible claims (i.e. “double your money”)
  • Reliance on social media rather than a secure website
  • Lack of transparency and proof of who is behind the service
  • Aggressive marketing tactics, including excessive haste

The forex scams masterminded by Kelvin O. Ramirez carry many hallmarks that can be observed in a variety of frauds. Many of these consumers could have avoided losing money if they had ensured the financial service was licensed. All brokers should have licenses and financial services, such as software should have some proof of legitimacy. Without a license, there is very little oversight.

 In this case, clients were lucky that the CFTC stepped in, but they were only able to do so after many complaints were made. If these services had been regulated, problems and disputes could have been kept to a minimum and dealt with sooner.  

Consumers should stay away from any deal guaranteeing that it will “double your money.” any level of guaranteed returns with an asset as risky as forex is questionable. Providers of financial services can give a general idea of what people can expect to make, but these should not be promised. 

Many forex scams and crypto scams take place on social media. It is much easier for fake brokers to hide on social media, to create personas, and block people they have cheated than on a secured website. Every trading product or broker should have more than a social media page but should have a secure website. 

Consumers should research who is behind the service. They should find the identity of the broker or person and be able to verify all information. Staying safe from the beginning may involve keeping far away from aggressive marketing tactics. Urging extreme haste is one tactic used by forex scams. The idea is that the consumer will be rushed out of doing the research required for making wise decisions. 

Despite taking precautions, some consumers will fall prey to forex scams. If you have lost money to a fraud broker, a fake financial service or have a dispute, discuss your choices with fund recovery companies. 

There is a chance that even if you follow these precautions you still may fall victim to a forex scam. If this happens, report the crime and seek guidance from expert fund recovery services. 

Pengeretur professionals assist clients in fund recovery, particularly with chargebacks. We provide information about the chargeback process and tools that will help you analyze your situation and assess the best strategies for pursuing fund recovery. 

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Global Covid Benefits Scams: How to Spot Them and What to Do

The COVID crisis has affected almost everyone around the globe. Small businesses were shuttered for weeks or months and many people could no longer work because of shutdowns. With a second wave of the COVID crisis, there is much uncertainty and governments are providing benefits to individuals and small business owners to allay any hardship caused by a shortfall. 

However, many of these benefits payments never reached their intended recipients. COVID benefits have been a virtual goldmine to crypto scams and some of the most notorious fraudsters have called retrieving benefits from other people “easy money.” 

If someone else has claimed your benefits, there is hope for fund recovery. Professionals at Pengeretur provide information to consumers about credit card chargebacks, cryptocurrency refunds, wire recalls, and other fund recovery strategies. We advise clients on the chargeback process and the best ways to pursue fund recovery whether the issue is merchant or broker dispute or if the charges were unauthorized.

How Widespread Are Covid Benefits Scams? 

The United States government issued $900 million in benefits to provide relief for Americans who found themselves out of work or who faced increased expenses as a result of the pandemic. 

Of the $900 million issued, it is still uncertain how many were stolen, but experts estimate it may be between $80 million and $400 million. This is staggering and is a testament to the huge number of cybercriminals out there and the ease with which they can fake consumers’ identities to carry out these benefits scams. 

How Do Covid Benefit Scams Work? 

One of the largest networks of Covid benefit scams was masterminded by Abedemi Rufai a Nigerian government official. The FBI got a warrant for Rufai’s files which revealed a massive theft of sensitive information of consumers, including tax and social security details, and a total of $350,000 stolen from consumers. 

Rufai’s Covid benefit theft was one of many scam networks intended to defraud consumers around the world. Part of the problem is the weakness of verification systems in place that can let scammers get through. The other problem is the sheer scope of cyber fraud and the increasing skill with which these scammers seize information and claim benefits. 

The first step in any benefit scam is to get information from the target. Scammers may hack websites that can contain sensitive data such as eCommerce sites or social media platforms. Once they have this information, they can collect the benefits from the person without their knowing about it. 

However, getting information purely through hacking may be incomplete. For instance, just having some contact information or even a social security number may not be enough to secure someone else’s benefits without a photo ID. Sometimes, the easiest way a scammer can get all of the information they need at one time is through phishing. 

Phishing allows scammers to get all of the data they need from the consumer so they can quickly get benefits. The cybercriminal will contact the intended target through the telephone, email, or text. They may claim to be from a government office and have logos and headings on an email that may look identical to actual government emails. The scammer will impersonate a government official and ask for verification of data. Once the consumer fills in a fake form or gives the data directly, 

Once the Cybercriminal has this information, they can go ahead and claim the funds. The victim often doesn’t find out until they do not receive their benefits, contact a government office only to find out that the benefits have already been claimed. 

How to Avoid Covid Benefits Scams

What is staggering about benefits scams is how widespread they are and how easily they take money from clients. With phishing scams, you can more easily see the signs because you are contacted directly by the scammer. Here are some ways to avoid Covid benefits scams

  1. Adopt best practices for internet use–don’t duplicate passwords, use a 2 step verification system,  only work with secure website update anti-virus software
  2. Do not provide sensitive information on the phone
  3. Do not click on links in an email 
  4. Verify all information from those who say they work for government offices
  5. Contact the government office directly

Keeping your information safe from hacking will protect you from many types of cyberfraud. Adopt best practices for cyber security. Update your anti-virus software, use one password per platform and change the passwords regularly. Use a 2-step verification system for added security. These practices can take only a few minutes or seconds but they can make all of the difference between having your data hacked and keeping it safe. 

Avoid cold-calls. Government offices in the 21st century will not cold call you. If you want to talk on the phone with them, at least ask for their number and call them back. Verify the phone number with the one listed on the government site. In fact, verify all of the contact information you are given. If you are sent an email by what seems to be a government office, be skeptical. Do not click on links directly in the email or download documents. 

If you need to verify your information to receive your funds, take the initiative and contact the government office to confirm that this is the case. If you need to update your information, do so only on a secure website, never on the phone, in an email, or a text. 

There is a chance that even if you follow these precautions you still may fall victim to a benefits scam. If this happens, report the crime and seek guidance from expert fund recovery services. 

Pengeretur professionals assist clients in fund recovery, particularly with chargebacks. We provide information about the chargeback process and tools that will help you analyze your situation and assess the best strategies for pursuing fund recovery.

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6 Essential Pieces of Evidence for a Winning Chargeback Claim

The chargeback process is rarely easy, but it can be rewarding with the right preparation and assistance. There are many challenges faced by customers who are trying to get a refund for unsatisfactory goods and services. Given the suspicion of “friendly fraud” and the leverage merchants can use, evidence is a key weapon in the consumer’s chargeback arsenal. 

Professionals at Pengeretur provide information to consumers about credit card chargebacks, cryptocurrency refunds, wire recalls, and other fund recovery strategies. We advise clients on the chargeback process and these best ways to pursue fund recovery whether the issue is merchant or broker dispute or if the charges were unauthorized. 

The Challenges of the Chargeback Process

The chargeback process can be a challenge for everyone involved, but it is getting increasingly difficult for consumers. The old adage “The customer is always right,” is fast becoming outdated in the digital world. Although the increasing number of online companies are scrambling to provide the best customer service to remain competitive, many feel they are losing out by being too agreeable to customers. 

Today’s eCommerce consumer has their choice of what to buy and from whom from thousands of options on the web. Merchants are increasingly seeing them as privileged and even spoiled and complain that the chargeback process is tilted on behalf of the customer. However, many customers may say the opposite–that issuing banks want to avoid upsetting merchants. 

Whether or not there is bias in the chargeback process is something that perhaps cannot be settled, because it most likely depends on the issuing bank and the situation. However, there is no doubt that many merchants feel they are under attack. According to a Juniper Networks Report, merchants lost $17.5 billion in customer chargebacks in 2020. 

They cite friendly fraud as a rising threat. Friendly fraud is a digital form of shoplifting in which the customer buys a product online they want to keep, claims it was unsatisfactory, and misuse the chargeback process to get their funds back. This creates a substantial problem for merchants and for customers. 

What Are the Main Obstacles to Chargebacks?

The increase in friendly fraud has posed a difficulty not only for merchants but for customers. Issuing banks are taking steps to stem the tide of friendly fraud and are demanding more evidence from customers before granting a chargeback. This has developed as the result of increasing pressure from merchants. 

As a result, anyone seeking a chargeback should ensure they have sufficient evidence to prove that the product or service was unacceptable or didn’t arrive. They should also show that they sent back the item and didn’t keep it. The following are essential pieces of evidence every customer needs when making a chargeback claim. 

6 Essential Pieces of Evidence You Will Need

  1. Date of transaction
  2. Photo of item
  3. Proof it was sent back
  4. Communication with merchant
  5. Advertising and promises
  6. Bad reviews, other complaints about the merchant demonstrating a pattern of behavior. 

Every customer filing a chargeback should have a copy of the order. This could be a screenshot or document of the confirmation. It should include the name of the item, number, color, size, quantity, and all relevant details. The photo should also feature the date and if possible the estimated time that should arrive. 

If a customer wants to prove the item was unsatisfactory, they should include a photo of the item showing it is the wrong type or is damaged. There should be a date included with the photograph. If the item never arrived, the customer should demand that the merchant provide proof that it was sent. If they cannot provide this proof, that is an argument in the customer’s favor. 

To disprove the accusation of friendly fraud, customers should send back items even if they are unsatisfactory. The customer should provide proof that they sent the item back. The preceding pieces of evidence are absolutely essential for proving the necessity of a chargeback. The following pieces of evidence can corroborate the customer’s claims, but may or may not be necessary depending on the circumstances. 

The customer should have a record of all communications with the merchant to back up what was claimed. This is the reason it is better to communicate through email or text with a merchant than on the phone. If the customer is claiming that the merchant was engaging in false advertising, the customer should have a photo or copy of claims and promises made to the customer directly or through mass advertising campaigns or in the description of the item on the merchant’s website. 

Although not all reviews are authentic, a claim that an item arrived damaged, wasn’t sent, or was unsatisfactory can be backed up with a multiplicity of bad reviews by customers who describe the same occurrence. In addition, there could be warnings from consumer watchdogs against the merchant or social media posts indicating that the merchant’s products are faulty, their departments are prone to error, or that they could even be fraudulent. 

What If the Issuing Bank Won’t Approve the Chargeback? 

Even if you provide all of the evidence described above, there is no guarantee the issuing bank will agree to honor your chargeback request. In this case, you can take your complaint to a government consumer protection organization or ombudsman to look more closely into the issue. 

Merchants are increasingly relying on services to protect them from even legitimate customer claims for refunds and chargebacks. This means that customers who do not have advocates are outmatched and the cards are stacked against them in favor of the merchants. 

 For this reason, winning a chargeback claim may mean seeking the assistance of a fund recovery service that can advise you on how best to pursue your chargeback claim. 

Pengeretur professionals assist clients in fund recovery, particularly with chargebacks. We provide information about the chargeback process and tools that will help you analyze your situation and assess the best strategies for pursuing a chargeback. 

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5 Tips for a Successful Chargeback Request

With so many online stores opening up and physical stores reopening, commercial activity online and offline is booming. This means that the number of credit card and payment platform transactions is up. Unfortunately, sometimes things go wrong when purchasing items. You may not have received something you purchased online, it is not in the right color or arrived in poor condition. In this case, you will want a credit card chargeback. 

Obviously, merchants are not too happy with chargeback requests, whether they are for credit cards or Paypal chargeback. Although many merchants want to keep their customers happy and be more compliant in granting refunds, others may dig in their heels and refuse. In this case, you will need some tips for a successful chargeback process. 

Dealing with merchant or broker disputes is not as easy as settling a clear case of fraud or unauthorized charges by reversing them. Issuing banks, or banks that issue credit cards, are usually quite helpful with customers who notice unauthorized charges on cards they reported lost or stolen. However, disputes are more complicated, because the cases are murkier and both sides are presenting their case. In a way, it is similar to a court case where the issuing bank serves as a judge. 

Just as those involved in court cases seek the counsel of an attorney, if you want to ensure your chargeback request is successful, it is often helpful to use a fund recovery service. Professionals at Pengeretur provide information to consumers about credit card chargebacks, wire recalls and other fund recovery strategies. We advise clients on the chargeback process and these best ways to pursue fund recovery, particularly for merchant or broker disputes.

5 Steps to a Successful Chargeback Request

The following are five tips that will improve your chances of getting a chargeback for an unsatisfactory item or service:

  1. Try to Persuade the Merchant
  2. Collect Evidence
  3. Be Patient but Persistent
  4. Go to the Ombudsman
  5. Seek a Fund Recovery Service

If you go to an issuing bank after not successfully convincing the merchant to return your money, you may be asked to talk to them again. This is not always the case of an issuing bank trying to push you off. Sometimes customers are quick to complain to an issuing bank and starting a long dispute when the case could easily be handled in a few conversations.

Don’t take the first refusal by the merchant as the final word. You may have spoken to a specific person in the customer service department who may have been having a bad day or who didn’t consult properly with the management. It is worth trying again and presenting your case cogently. 

Some merchants may be dismissive of demands for a chargeback because they think the customer does not have the photo or digital evidence. They may suspect the client of “friendly fraud” which is a form of digital shoplifting that occurs when a customer wants to keep an item, claims it is broken or didn’t arrive, and abused the chargeback privilege. 

Without giving your game away, tell the merchant that you have evidence the product was defective and that you are ready to provide it to the issuing bank. Casually mention that you have many friends on social media and will be happy to post about the issue on your page or on review sites. 

The merchant may get the message, want to minimize conflict, and provide the refund. For a merchant who has not replied, it is fair to give them 5 to 7 business days to answer before bringing the dispute to the issuing bank. 

Make sure you have all of the evidence to make your case. This means having a photo of the defective item or if it is the wrong size or color. Have screenshots of the website to prove what you were promised, as well as a copy of the order, any communications you had with the merchant as well as your initial complaint. The more documentation you provide, the stronger your case will be. 

The chargeback process takes time, a few weeks or even more than a month rather than hours or days. The issuing bank needs to communicate with the acquiring bank, who acts as a go-between with the merchant. This takes time. However, keep checking on the progress. Stay engaged but realistic about the time frame. 

If the issuing bank denies your request, go to the ombudsman of your local consumer protection agency. The ombudsman’s job is to investigate complaints on a more in-depth and impartial level than an issuing bank will. This will also take some time, but those who do not succeed with a chargeback from an issuing bank can get their money back by going to a higher financial authority. 

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5 Common Reasons Chargebacks Are Denied

When you have received a product that is defective, the wrong size or type, or if it did not arrive at all, it is important to ask your merchant for a refund. Failing this, you can file a complaint and request a chargeback from the issuing bank of the credit card company. This process can be lengthy and complex, but it is often successful if certain steps are followed. 

However, a large number of chargeback requests are denied and merchants often win disputes. The reason for this is not just bias towards the merchant, but also that the customer may not have been well-prepared for the requirements of the chargeback process. A fund recovery service can help customers prepare their complaints, gather documents and information, and succeed in their chargeback claims. 

Professionals at Pengeretur provide information to consumers about credit card chargebacks, wire recalls and other fund recovery strategies. We advise clients on the chargeback process and these best ways to pursue fund recovery, particularly for merchant or broker disputes.

5 Reasons Chargeback Requests Fail

There is no guarantee that chargeback requests will be granted. The following are the top reasons chargebacks are denied. 

  1. Customer Did Not Give the Merchant a Chance to Deal with the Problem
  2. Ask for a Chargeback for the Wrong Reason
  3. Country or Type of Credit Card
  4. The Charge Is Too Old
  5. Insufficient Information 

When a customer approaches the issuing bank, the first question they will often be asked is whether they went to the merchant and requested a refund. This is not just a way of pushing the customer off, but it is a legitimate question that will save everyone time and hassle. The customer should first give the merchant sufficient time to heed the complaint and answer. 

If a customer did not give the merchant 5 to 7 business days to respond to a complaint, the issuing bank will most likely send them back to ask again or wait. If they have already dealt with the merchant, they may have been rude or abrupt or may have gotten into an argument with the merchant without a reasonable cooling-off period. The customer should address their complaints to the merchant rationally and patiently and perhaps a dispute can be avoided and the refund can be granted on the spot. 

Many consumers don’t have experience with chargebacks. They may use incorrect terms that may mess up their complaint. For instance, they may call a merchant dispute “fraud” or call a charge “unauthorized” even if they made it themselves. 

Customers are often angry when they demand a chargeback and are quick to assume the merchant ripped them off intentionally when this often is not always the case. Therefore, they may call their charges “unauthorized” because they believe they were made under false pretenses when the merchant was acting in good faith and made an error. 

This can confuse the whole process for the customer and all the merchant has to do is prove the charges were authorized. This is a slam dunk for the merchant and a loss for the customer because the issue went from a defective item to whether or not the merchant literally stole money from the customer, which is usually not the case. 

Getting terms right and understanding the chargeback process is important, and that is why a fund recovery service is so advantageous. Making sure you are claiming the right things and familiarizing yourself with terms is easier with fund recovery professionals by your side. 

It is true that cultural influences come into play when it comes to refunds and chargebacks. Not all countries honor the slogan, “The customer is always right,” and maybe more resistant to chargebacks. In addition, certain credit card companies put a substantial burden on the customer to prove that reasonable expectations were not met. This is fair to the merchant but can make it harder for the customer. 

Not acting fast enough on a complaint is another reason a chargeback is denied. This means giving the merchant enough time to resolve the issue but not so much time that you run out the clock to file a complaint. The window is usually pretty generous. Visa, for instance, gives customers 60 days to request a chargeback from the time the transaction appears on the statement. Still, procrastination is the enemy of many customers. 

Finally, one of the main reasons chargebacks are denied is insufficient information. For a customer requesting a chargeback, all of their evidence is in the form of verified information. They should have a picture proving what the order was, the date when it was supposed to be sent. There should also be copies of communication with the company, pictures of the damaged product with a timestamp. 

Also, the customer should show evidence the item was sent back. This is important because it proves that the customer is not attempting to abuse the chargeback privilege to keep the item and get their money back. Unfortunately, this is common and is a form of shoplifting called “friendly fraud,” and is the reason why the burden of proof is often on the customer. 

Even the most cogent cases for chargebacks are often not honored by the issuing bank, at least not the first time around. The next step is to go to a consumer protection agency and speak to the ombudsman. It is also useful to work with a fund recovery service that can improve your chances of getting a chargeback. 

Going to the next level and consulting an agency may take some time, but many customers find that government agencies are less biased and look at their complaints in a more in-depth way. Those whose chargebacks were rejected by issuing banks may find success in fund recovery with government agencies. 

The Pengeretur team provides you with information and assistance for fund recovery, particularly with chargebacks. We provide information about the chargeback process and tools that will help you analyze your situation and assess the best strategies for pursuing a chargeback.