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 come in. We assist consumers and banks by processing 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:

  1. You have to choose the correct reason code. You will lose your case if it’s the wrong one.
  2. The bank that issued you your credit card (or debit card) must be convinced that your case meets the criteria for a chargeback.
  3. 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

Crypto was designed to be anonymous and is transacted independently of banks. For that reason, cryptocurrencies provide recipients with a level of invisibility and, unfortunately, online criminals with an unintentional sense of invincibility. 

Can you cancel a bitcoin transaction? Unfortunately, you cannot. If you cannot cancel a bitcoin transaction, then how do you get your money back from bitcoin? Unfortunately, you cannot get your money back from bitcoin because bitcoin is virtual. No bitcoin roof organization exists. Then can you reverse a blockchain transaction? No, not after it’s made. Once you send it there’s no way to reverse a bitcoin transaction. So, what can victims of bitcoin scams — like bitcoin pyramid scheme scams — do? Is it possible to recover scammed bitcoin? Yes, it’s possible under the right circumstances. But crypto fund recovery must proceed in a different manner. 

MyChargeBack has the sophisticated tools that are required to assist victims of bitcoin scams, including bitcoin pyramid scheme scams. We prepare an Intelligence Report that traces the path that bitcoin or other crypto payments take from one wallet to the next. While free online tools are available online, they usually cannot provide the depth of information needed to advance the investigation. A sufficient report usually takes hours to prepare and sometimes requires proof that multiple unrelated parties have transferred crypto to the same wallet.  Once this wallet is identified, you can then contact the exchange or turn this information over to the relevant law enforcement authorities to uncover the individual or individuals who broke the law to receive your crypto payment. 

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:

  1. If the crypto exchange did not, in fact, exist.
  2. If the “descriptor” on the statement is different than that of the merchant.
  3. If the exchange has no record of the client.
  4. 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?

MyChargeBack offers you effective strategies to recover your funds. 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.

Please contact us for additional information.