What is a chargeback dispute?
It’s a dispute between you and the website or merchant you are purchasing with. A chargeback dispute occurs when someone makes a claim that you purchased with their site that the goods/services/products you purchased are not what you received.
By the way, the chargeback dispute itself is not a crime and it’s not a scam, so rest assured it is legal.
It’s important to understand the chargeback dispute process. The goal of the dispute process is to resolve the claim in the best interest of both the consumer and the merchant.
As an example, if you purchased a vacuum cleaner and your purchase was returned for missing parts, you may contact the merchant or the chargeback dispute company.
What are the risks of chargebacks?
Fraudulent internet activities leave lasting impact on individuals, from the individuals themselves, to their families, to the public in general. As if they’re not bothered enough already, victims of fraud are further stressed due to their future being so uncertain, financial instability, sleepless nights and worries about the lack of cash flow. All of these circumstances happen as a result of legitimate business activities being targeted by the perpetrators, who make use of the online world.
Why do chargebacks happen?
Many companies believe that they can escape the damage brought about by chargebacks by following the strict rules and regulations set by the industry leaders, or by hiring professional software solutions.
How to recover after a chargeback happens
It happens so fast that many times consumers who have had their accounts closed or defrauded don’t realize they’ve fallen victim to fraud until it’s too late. And because of that, many of them resort to making claims against the third-party companies who process transactions for them, while not disclosing this to the rightful vendor until it’s too late to recover their money. To avoid becoming a victim of this scam, you need to follow a few simple steps before you ever get charged back your funds.
1. Understand if the company you’ve dealt with, or your account has indeed been defrauded.
2. Make sure to check the history of all the purchases your card has made with them.
3. Don’t get caught up on a deal that looks too good to be true.
The recovery process
Since crooks like these are hiding behind hundreds of online, e-commerce, and merchant accounts, this can sometimes be a lengthy process to clear the bad guys’ accounts. It all begins with a statement of the relevant transaction and a freeze or block on these accounts, which keeps the transactions from processing and denies the bad guys access to their money. After this, an investigation takes place in order to uncover more details about the missing account and its history.
Fund recovery companies work with both the bank and the card issuer to figure out which fraud has occurred. They take the help of vast amounts of customer data to find out if there is a chargeback or disputed transaction in question.
Take action today
If you’ve been targeted by an online scam and don’t know what to do, turn to an internet fraud recovery company to help you get your money back. Most major companies offer comprehensive fraud recovery services which can help you through the process. Most claims are handled on a per-case basis, so it is not possible to recover all of your losses at once. However, you can expect to have your money back within six months or less.
Some claims will require professional treatment, which means that you will need to pay a percentage of the damages. But there’s nothing to be ashamed of when you get a call from a recovery company. An Internet fraud recovery company can give you peace of mind in your financial situation.