Chargebacks are a legal means to help credit card holders dispute charges on their accounts and recoup their money. Chargebacks are not a sure-fire means of consumer protection, but they allow for an added layer of protection for consumers.
Binary option chargebacks offer investors that have been scammed out of their money a form of recourse to void their transactions.
Funds are removed from the broker’s account and returned to the credit card holder. Chargebacks allow for a procedural means of getting your money back for forex or binary options scams. The legal aspects of chargebacks can be found in the Fair Credit Billing Act of 1974.
The Act protects against fraud and sub-par services.
Binary options fraud is rampant. Brokers are losing their licenses because they often lure in unsuspecting consumers that deposit money and can never withdraw their money from accounts. Companies have sprouted up to help consumers fight back against binary options fraud.
MyChargeBack is a company that has leveraged the widespread fraud in the industry to do good for their customers. The company works alongside consumers get their money back from the credit card companies. Fast processing and a unique approach taken to every case, the company promises fast fund recovery using their experience to speed up the chargeback process.
Proper representation through MyChargeBack leads to fewer bank mistakes when filing a chargeback claim. The company will prepare to meet the merchant’s defense with cold, hard facts that prove their client’s money was wrongfully taken.
Chargebacks relating to identity theft are also easier to process.
Card holders are often expected to contact the merchant first before they initiate a chargeback. Merchants will often fail to respond in binary option cases. Binary options require you to contact your bank or the credit card issuer and request a refund.
The request will be reviewed by an associate, and the claim will be analyzed to ensure that it meets the criteria for a refund. Requests can be denied if the claim isn’t clear, and this leads to a longer processing time and the chargeback being voided.
Approved clams will result in a refund. Merchants, in this case the broker, will have a right to dispute the claim. Brokers are known to dispute the claim and provide evidence to their defense. The issuer must then use all of the evidence presented to them to take the appropriate action.
Chargebacks are the best defense against binary options fraud, and they’re often the first line of defense for scammed consumers.