Money Wire Recall
Needless to say, not everyone pays with a credit card or debit card. Some consumers actually don’t have them. Or if they do have them their credit limit has been reached. Or even if it hasn’t been reached, the amount they have to pay will exceed it.
In such cases, payment can be made through a bank wire transfer, which routes the money directly from your bank account into the merchant’s.
There is another reason for wire transfers that is not dependent on your payment needs, however. The merchant might require it. And one of the most common reasons a merchant may refuse to accept credit cards is if he has no intention of allowing you to ever get your money back, regardless of whether he provides you with the goods or services you contracted. This is because far fewer consumer protections exist for bank wire payments as compared with credit cards or debit cards.
The one major drawback for the consumer who chooses a bank wire over a credit card or debit card to affect payment is that there is no wire transfer chargeback. Chargebacks are a right provided by the credit card networks to their cardholders, and they are limited to the transactions made using their own credit cards and debit cards. Therefore, even if you do have a credit card or debit card, chargeback rights are not transferable to any other form of payment.
So, in the case of bank wires, an entirely different procedure is required in order to recover your funds. There is no question that it is more complex and time consuming than a chargeback, to the extent that there is a commonly held mistaken belief that wire transfers can never be reversed.
Bank wire transfers are, of course, subject to national banking and consumer protection laws. These differ from jurisdiction to jurisdiction. International banking agreements and treaties may also be highly relevant. It is worth investigating your case to determine if and how the transaction may have been inconsistent with the relevant laws and regulations applicable in your country.
Bank wire recalls are a complex process, and unfortunately not all banks are willing to help you. It could be that they are unfamiliar with the possibilities, or simply now willing to spend the needed time. It requires an intensive, coordinated effort, and it involves multiple steps that can extend from three to six months. At times, the transfers end up with overseas banks. In such instances, the process to recall international wire transfers can be even more complex and take longer than when both banks are in the same country.
The first step is to investigate if your situation meets the minimum standards for requesting a bank wire recall. These standards are considerably higher than for submitting a chargeback since you are not governed by the same consumer protection guidelines.
You have consumer protection rights, but the merchant will fight for his rights as well. Merchants work with professional companies to assist them with claims. Isn’t it time for individuals to have access to the same level of expertise too? If you want someone to evaluate your options, you could contact MyChargeBack here
An ad appears on Facebook or other social media with the familiar face of an actor, singer or investor, recommending that you invest like them and get rich.
You click on the ad and are greeted by a professional looking article like what you could encounter on a normal news website. That is how many clients have been lured into a trap where they have been scammed for millions in the belief that they invested in cryptocurrency.
The pattern is that usually they start by suggesting that you invest a smaller amount, and soon after invent reasons to greatly increase it.
The fraudsters often tell the victims that their investment in cryptocurrency is growing. At the same time, they often try to entice the victims to transfer more and more money. This happens, for example, when you want to withdraw your investment, at which time the scammers often ask you to pay a fee.
Fake Exchanges
Fake cryptocurrency exchanges are easy to find. They’re all over cyberspace. They’re especially dangerous for first-time investors, who will find it hard, if not impossible, to distinguish fake exchanges from legitimate ones. In December 2017, Korean authorities closed down one of them, BitKRX. What was particularly pernicious was that BitKRX usurped the last three letters of its name from KRX, the Korean Stock Exchange. It purposely misrepresented itself in order to provide itself with a veneer of legitimacy. A fake exchange is a very popular front for a bitcoin scam.
Fake Wallets
No scam fits cryptocurrencies as well as fake wallets do. “Altcoins” are bytes of data, rather than metal. Therefore, owners have to park them somewhere online in a “digital wallet.” Innovative scammers with good marketing skills set up their own digital wallets. They then aggressively advertise for customers to come along and park their digital currency. Once they do so, their cryptocurrency disappears forever. And the operators of the fake digital wallet fade into the digital sunset. Another ideal venue for a bitcoin scam.
Unfortunately, this type of scam is rapidly on the rise, but you may be able to recover some or all of your money. Your chances of success will depend on many different factors. Did you make the transaction to invest using your card or a money wire, is the broker regulated, did the purchase involve a real or phony cryptocurrency? These are just some of the relevant factors.
If you want someone to evaluate your options, contact MyChargeBack here
