Recovery of lost / stolen funds is a service I’ve seen advertised a lot recently online so I decided to check it out. I’ve stumbled upon a small interesting company named MyChargeBack (review).
What they do is help scam victims get their money back in the form of chargebacks. In particular they work with cases of binary options trading scams, Forex trading scams and things of this nature.
Operating in an industry which is plagued with scam artists and online fraudsters. MyChargeBack assists investors who have been ripped off, in getting their money back from the broker and sometimes the bank.
I read that when they started their company. They initially focused on helping binary option investors recover their money from unlicensed brokers.
Now that many binary option brokers are out of business. They’ve expanded to help Forex and Crypto investors recover their investments from fraudulent brokers and exchanges.
The process this company uses, involves their decent experience with credit card companies like Visa & Mastercard. But I don’t think you need to be a lawyer to understand the intricacies of credit card agreements. Because most of the people know what is considered a fraudulent charge.
On the other side of their battle, are the professional scam artists who have used their criminal minds to scam investors out of their life savings.
Many investors have tried to claim their money back from the credit card company, only to be rejected by the brokers “risk management” team. But is MyChargeBack.com a scam itself?
This is something that I have seen some people asking about that I will address.
MyChargeBack Review – Pricing & Fees
Many investors have become victims of fraud, and contact MyChargeBack each month looking for help. MyChargeback has a large team of people working on hundreds of cases, and each case is unique. Sadly, they are not able to assist everyone with a claim.
When you speak with the customer service agent, you will be asked a string of questions for them to understand if your case has a high probability of success. They charge an initial fee of $1000 in the event that they believe your case will be successful.
Which is considered a lot of money to start with. There will also be a success fee, which is as high as 25% of the funds they recover for you. And boy oh boy 25%? that’s nuts.
So if you have a claim against an online investment scam, and you are only claiming $1,000, then it is too cost prohibitive to use a lawyer, or a company like mychargeback.com
Real Reviews From Customers (MyChargeBack Review)
Upon scouring the internet looking for real reviews my efforts have come up short big time. It seems that the majority of the reviews out there are fake.
One thing that I find comical is that there are many sites out there that promote MyChargeBack as well as binary options/forex automated trading scams. They sucker people into buying scam systems and make money doing so. Then they turn around and make money helping scam victims get their lost funds back. That sounds like a red flag to me.
I’ve found other reviews on sites like TrustPilot, The reviews just don’t seem genuine. They seem more like something you would see in a promotion for MyChargeBack.
And since I know that this is something that does happen on sites like this where anyone can write reviews, I’m hesitant to believe they are legitimate. And yet I still believe there’s some truth in MyChargeback website about the company’s refunding reports.
Does MyChargeBack.com Get Good Results?
I spoke with their marketing team, they mentioned that the process takes between 90 – 180 days for the claim. They mentioned that they work with the victim and prepare documents sometimes amounting to over 50 pages, to submit to Visa, Diners, AMEX or Mastercard. Which sounds fair and transparent.
During our research of this company, we found a couple of news articles that they released in August 2017, and February 2018. The first article showed that they have recovered over $1 million dollars, and the second article six months later showed $2 million dollars. This means that they have been successful in over 500 cases!
Recently, they announced that in certain jurisdictions, they have been successful in recovering deposits made by bank wire, and not just credit card transactions.
Honestly I think their service is legit, pricey but fine.
Conclusion on MyChargeBack Review – Should Scam Victims Hire Their Services?
For my final words in this MyChargeBack review, this company is something worth trying if you have lost a lot of money. They do not seem to be a scam, although I have never actually tried their services.
I realize there are known scam sites that are promoting MyChargeBack.
But this is because they have an affiliate program where you can get paid to do so. There is nothing wrong with promoting their recovery services. The problem is how these scam sites promote scam trading software in the first place.
Use MyChargeBack services if you wish to and I wish you the best. Hopefully they can get your money back.