Binance and the Problem of Unregulated Crypto Exchanges

Binance is the largest crypto exchange in the world by number of transactions. It is also banned in several countries and is currently under investigation by Pakistani authorities for $100 million user funds being transferred into third-party wallets. How can a crypto platform that is riddled with scandal still have so many users? 

It isn’t as if regulators and governments haven’t tried to warn the public about Binance. Reading the history of Binance, it is clear that any customers who did their due diligence and had researched this crypto exchange properly would have avoided its services before recent problems arose. 

If you have lost money to a crypto scheme, you are not alone. Thousands of consumers each year are victims of online fraud. It is important to find experts who can help you track down your funds on the blockchain and to find those responsible for taking your money. 

Chargebax has the expertise and the right strategies to make your chargeback, wire recall or crypto recovery case successful. We consult with clients and develop strategies to bolster your claim and help you recover your funds. Talk to our professionals today. 

A Close Look at Binance

Reading Binance’s history is a discovery in how a crypto platform can be so influential and yet fall afoul of regulators. Unfortunately, not looking closely at a financial service before entrusting your money to them has a huge price–the loss of funds to fraud. 

Binance was created in China by Chanbpeng Zhao in 2017. Zhao had created high volume trading machines that are used by day traders. He also was involved in other blockchain and cryptocurrency ventures. 

When China cracked down on cryptocurrency, Binance said it would move its location to Malta. By 2018, Binance was considered the largest cryptocurrency exchange according to the number of daily transactions and had a market cap of $1.3 billion. 

Binance was involved in a series of partnerships and investments, including stablecoin. It experienced a major security breach in 2019 and it temporarily halted deposits and withdrawals but resumed operations. 

A hacking can happen, but what followed were a series of sobering warnings about Binance. First, Malta’s government issued a statement that, contrary to its public statements, that Binance was not located in Malta and was not authorized by Maltese financial institutions to offer any services. 

In 2020, a Forbes article alleged it obtained leaked documents showing that Binance intended to deceive US regulators by blocking access to specific IP addresses. In 2021, news broke that Binance was under investigation by the IRS and the DOJ for money laundering and tax offenses. In the same year, the Financial Conduct Authority released a statement that Binance should desist from offering services to any UK customers. 

Binance, which is now located in the Cayman Island, has received similar warnings from Thai financial authorities, is currently banned in the US, the UK and is now facing allegations of direct involvement in a crypto wallet scam by Pakistani authorities. How could a major cryptocurrency exchange go so wrong? 

The Problem With Unregulated Crypto Exchanges

Many people have not yet gotten the memo about Binance, which is unfortunate, but sooner or later, it may wane in popularity. There are several cautionary tales that can be derived from the Binance story.

First, many people don’t seem to worry about news that platforms or brokers are getting around regulations and government rules. They may see the government as fat cats who don’t have the public’s true interests at heart. They might not mind, if they see these headlines, news of their favorite crypto exchange having tax problems or getting around regulators. 

In fact, one reason many people love cryptocurrency is that they feel they are free from government oversight, since the blockchain has yet to be regulated. However, when platforms and brokers try to get around rules, sooner or later it will be the consumer who will pay. 

The fuel of stories like this is greed. When a platform or a broker doesn’t even try to get a real license from the very beginning, that is a sign that it believes its popularity and flashy site or platform will sufficiently dazzle customers that they won’t worry about regulation. 

First Binance left China because of tight rules, which was somewhat understandable, but why didn’t they try to get a legitimate license and find a location they could be honest about? Instead, they falsified their location in Malta and got into other types of trouble with regulators. The problems seemed to grow, from false licensing information, to tax issues, money laundering and eventually accusations of involvement in a bitcoin wallet scam. 

The bottom line is that any crypto exchange or broker that does not hold a license is not to be trusted. If they are honest, what do they have to hide from a regulator? Also, a license should inspire consumer confidence. 

How to Choose a Reliable Crypto Exchange

Taking the lessons from Binance to hear, here are some tips for choosing a reliable crypto exchange: 

  • Check that it has a license
  • Verify the license
  • Do research on the history of the company and who is behind it
  • Do a search on Google News about the exchange
  • Ensure it uses encryption and is secure
  • Read all terms and conditions carefully before opening an account. 

Even if you have taken all of these steps, it is still possible that something will go wrong on the crypto exchange. That is when you need professionals who can consult with you and help you track down bitcoin transactions on the blockchain and try to recover funds. 

Talk to ChargeBax About Tracking Down Your Funds

If you have lost money to a crypto fraud, you can retrieve your funds with the help of fund recovery assistance. Chargebax experts deal with numerous fund recovery cases and have helped our clients retrieve funds from crypto scams, forex scams, and disputes. We create intelligence reports, negotiate with banks and provide a plan of action that will help you get your funds back.

The Pros and Cons of Trading Apps

Apps are supposed to make our lives easier. There is an app for almost everything, from shopping to gaming to keeping track of how many steps we take or water we drink. Naturally, there is also an abundance of trading apps. 

Convenient trading without interference and the ability to fund your account instantly are some of the advantages of these new trading tools. On the downside, standards of security vary and it is easy to go overboard with trading apps, particularly for novice traders. Additionally, many of these apps are actually not legit but are created as part of a trading scam. 

If you have lost money through a trading app, seek fund recovery experts who can help track down the people behind the app and work to retrieve your funds. We have tried and true tools, including intelligence reports, that can assist with fund recovery. 

Chargebax has the expertise and the right strategies to make your chargeback, wire recall or crypto recovery case successful. We consult with clients and develop strategies to bolster your claim and help you recover your funds. Talk to our professionals today. 

What Are Trading Apps? 

Trading apps do what other apps do–they allow you to complete a task through technology and all in one place. Often apps concentrate the services of a broker or a merchant in a tool you can install on your phone. You may still visit the website, but the idea of an app is that everything you need for trading is there. 

Some trading apps are offered independently of brokers whereas others are given as perks to clients of certain brokers. Large brokerages offer trading apps that are of a high standard. The difference is that, if you are a client of a broker, you can still have access to the guidance and knowledge of a regulated broker by using an app they provide. Other trading apps do not have this advantage. 

Other trading apps are wholly independent of licensed brokerages. This may seem like a great way to trade stocks, forex, cryptocurrencies, options and other assets without fees or a middleman, but there are also many disadvantages. There are many trading apps that are not registered and may not be legitimate. It is important to do research on a trading app before entrusting your money to these tools. 

Pros of Trading Apps

Many people love to use trading apps for the following reasons: 

  • Lower Fees
  • Quick Access to Markets
  • Educational Features
  • Demo 

Brokers charge commissions, fees, and spreads. Trading app fees can be lower and some do not charge commissions at all. Customers can feel they are accessing the markets directly without a middleman. With brokerages, clients need to contact the broker when they want to buy and sell an asset, but trading apps can execute orders instantly. This is particularly advantageous when trading fast-moving and volatile assets like forex and cryptocurrencies. 

Many trading apps have features designed for novice and seasoned traders alike. You can learn the basics of investing and trading from an app and get access to charts, technical and fundamental analysis, market-moving updates, videos, tutorials and podcasts. Also, apps often give traders a chance to try out their service with a demo account to give trading a try without risking losses. 

Cons of Trading Apps

It is important also to beware of the disadvantages of trading apps, including:

  • Lack of Guidance
  • Many Are Not Registered
  • Trading Can Be Too Quick
  • Losses Can Be Greater
  • Many Are Not Secure

Although many people feel trading apps are liberating, others feel anchorless. There is no one to ask for trading advice. They may be able to consult analysis, but some feel it is important to follow a guide for trading and a broker provides this. Trading apps often are not licensed. 

People often make the mistake of thinking that trading apps do not need to be regulated, but every financial service should be licensed. With no license, there is no oversight, and ultimately, this creates a risky environment for a trader. Some trading apps are created by scammers to steal money and data. 

Even with legitimate trading apps, the trades can be executed too quickly for safety. This can lead to huge losses with volatile assets like forex or options. Apps can be used impulsively, almost like gambling. They can be similar to video games on which users can get hooked without doing due diligence or thinking carefully about trades. 

In addition, many trading apps lack the same standards of security and encoding as licensed brokerage websites. According to research performed by ioActive, 64% of desktop and 6% mobile applications did not use encryption for customer data. A full 21% of both mobile and desktop apps did not store users’ passwords in an encrypted form. This makes users’ information vulnerable to hackers and leaves data as well as funds unprotected. 

Tips for Using Trading Apps

Apps are excellent tools when used correctly and with the right oversight. The following are some tips for the safe use of trading apps:

  • Use apps issued by a licensed broker
  • Ensure the app uses encryption and other security measures
  • Do due diligence and full research on the app
  • Take your time when using a trading app

Do not get tempted into making lightning-quick trades with an app. Instead, take your time to think about trades. Start with less volatile assets and work your way up to quicker trades with crypto and forex. Research any app you use thoroughly and ensure that it is of the highest standard. Check that it protects all customer information with encryption. Most importantly, use a trading app that is licensed, preferably one that is associated with a regulated top-tier broker. 

If you have lost money to a trading app, you can retrieve your funds with the help of fund recovery assistance. Chargebax experts deal with numerous fund recovery cases and have helped our clients retrieve funds from crypto scams, forex scams, and disputes. We create intelligence reports, negotiate with banks and provide a plan of action that will help you get your funds back.

Is It Safe to Buy Bitcoin with a Debit Card?

Bitcoin is extremely popular but it is also quite volatile. After the wild rollercoaster ride of $8,000 at the beginning of the COVID-19 pandemic to around $50,000 in December 2021, people feel confident that Bitcoin is here to stay and want to trade it or at least use it for purchases. 

People who are new to bitcoin and other cryptocurrencies may ask about the safest ways to purchase digital currencies. There are risks involved in cryptocurrencies themselves as well as crypto platforms, but buying and trading bitcoin can be relatively safe following certain precautions. 

You can use a debit card to purchase cryptocurrency, but it is essential to use a regulated and reputable cryptocurrency platform that will keep your sensitive data safe from hacking. Protect yourself against unscrupulous or fake bitcoin services by doing the research before opening an account. If you notice unauthorized charges on your debit card or feel that your cryptocurrency platform is taking your money, talk to professionals immediately about fund recovery services.

Chargebax has the expertise and the right strategies to make your chargeback, wire recall or crypto recovery case successful. We consult with clients and develop strategies to bolster your claim and help you recover your funds.

Is Bitcoin For Real? 

There are so many mixed messages about bitcoin and other cryptocurrencies in the media that it is hard to know whether to buy bitcoin right away or stay away from it for good. There are many celebrity investors who sound like fans of bitcoin one day only to express mistrust about its inherent value and its environmental sustainability the next. 

The price of bitcoin can often rise or fall dramatically on statements from individuals such as Elon Musk and other public figures. In addition to the inherent volatility of cryptocurrency even under the best circumstances, the FBI has warned that crypto scams are topping the list of cyber fraud threats. 

So are cryptocurrencies worth the risk? To answer this question, it is important for the prospective crypto buyer or trader to ask themselves how they feel about risk and volatility. Are they fairly risk-averse and prefer stable long-term investments that rise gradually over time or quick trades that they can win or lose but can make them money in a short space of time?

Secondly, those who want to buy or trade bitcoin and other cryptocurrencies must be prepared to do due diligence and research crypto platforms before opening accounts or buying bitcoin. This means ensuring the platforms are regulated and have oversight and reading reviews of the services on reputable sites that have proven expertise in cryptocurrency services. 

Third, finding a secure means of purchasing cryptocurrency is essential from the beginning. If you feel comfortable using a debit or credit card online and that a platform will have this secure information, go ahead. Those who may be unsure may not be informed of ways to use their credit or debit card securely online and the chargeback process if fund recovery is required. 

Although there are occasional problems such as hacking, unauthorized charges or fraud, many people today use credit and debit cards online for a wide variety of purchases. If you feel safe using a debit card to buy clothing or home supplies on eCommerce sites, there is no reason to be worried about using debit cards to buy bitcoin, unless there is doubt about the security and honesty of the platform. This is not a minor concern. 

The Benefits and Risks of Using a Debit Card for Online Transactions

Some consumers are more worried about using a debit card online than a credit card. There may be some good reasons for this. 

The debit card takes money directly from an account. That means if a third party hacks your debit card information, your account could be wiped out. This makes fund recovery more urgent if it involves a debit card. 

Credit cards have limits and protections that can make the chargeback and fund recovery process easier than for debit cards. However, both are relatively safe if the crypto platform uses encryption and is reputable. 

Many consumers prefer to use debit cards because they are convenient and eliminate the hassle and delay of having to pay a credit card bill. Instead, money from the bank account is used to pay in one transaction. Also, a debit card avoids spending money that you don’t have and relying on credit which can sometimes be perilous, because credit card debt can add up and accrue interest. 

How to Buy Bitcoin Safely with a Debit Card

Here are some tips for purchasing cryptocurrency safely with a debit card:

  • Use a regulated broker or platform
  • Check the site is secure and uses encryption
  • Use a secure bitcoin wallet
  • Check your account daily for unauthorized charges
  • File a complaint if you notice something irregular
  • Familiarize yourself with the chargeback process

There are many crypto scams that are popping up with the popularity of digital currency. Your best bet is to trade cryptocurrency with a regulated broker or a licensed platform. Trading requires a significant amount of trust and oversight is required to protect the consumer. The same is true of purchasing bitcoin as well as trading it. 

Look for the lock icon on the web address as well as “https” instead of “http.” These are the signs that a website is secure. Never enter any sensitive data, such as a debit card number on an unsecured website. A secure bitcoin wallet can help keep your cryptocurrency safe and your codes hidden, but make sure that the wallet is sold by a licensed and legitimate company. 

If you notice unauthorized charges on your debit card, it is important to prepare a chargeback claim. The chargeback process is slightly different for debit cards than credit cards and it is useful to seek the advice of experts in fund recovery.

Chargebax experts deal with numerous fund recovery cases and have helped our clients retrieve funds from crypto scams, forex scams, and disputes. We create intelligence reports, negotiate with banks and provide a plan of action that will help you get your funds back.

5 Reasons For the Increase in Chargeback Claims

Chargeback claims are increasing at record levels and are expected to rise an astonishing 41% every two years. This poses a significant challenge to merchants who may lose revenues by reversing charges and by issuing banks who have to deal with these complaints. 

The difficulties could also be passed onto consumers, who may have to ensure their chargeback claim doesn’t get lost in the massive number of refund requests, complaints and disputes. Fund recovery services can help make your chargeback request successful and the right financial company can help you prepare your claim.

Chargebax has the expertise and the right strategies to make your chargeback, wire recall, or crypto recovery case successful. We consult with clients and develop strategies to bolster your claim and help you recover your funds.

What Are Chargebacks? 

Chargebacks are a reversal of charges onto a credit card. It is like a refund, but instead of involving an additional transaction, it is canceling and reversing the original charge. 

The chargeback process begins with a complaint filed by a customer and an issuing bank will decide whether to pursue the complaint or not. If the bank decides the claim can go forward, the customer presents their case. The merchant’s bank has time to respond, usually 20 days, and the issuing bank will then decide between the merchant and the customer. 

Why Are There So Many Chargebacks?

The number of chargebacks has increased steadily over the past few years, but the numbers jumped dramatically since the COVID-19 pandemic. The following are factors that contribute to this trend: 

  • More online purchases
  • Supply Chain Problems
  • Delivery Delays
  • Friendly Fraud
  • Greater Consumer Leverage

One of the reasons for the rise in chargebacks is that there are more online purchases than ever before. Since 2019, more people have been shopping online, from buying groceries to shoes and appliances. The more transactions occur online, the more likely things can go wrong with transactions and that errors or unauthorized charges, as well as disputes, can crop up. In addition, the increase in shoppers means that plenty of unscrupulous parties will try to steal data or commit fraud. 

Another factor that increases chargebacks is the interruption in the supply chain. This issue is affecting consumers and merchants worldwide as many companies can’t get supplies in a sufficient number to fulfill orders. As a result, customers are seeing delays in receiving their packages and mistakes in orders which leads to an increase in complaints and chargeback requests. 

Not only are there not enough items to deliver to customers, but labor shortages have led directly to delivery delays. Customers often do not tolerate problems with delivery. They will go elsewhere if they see their packages will not arrive on time, customers likely will order from another company. 

Therefore, they are not happy if there is a delay and will often ask for a chargeback claiming that they received an item too late to be useful to them. 

Not all of the chargeback claims are made in good faith. In some cases, customers are intentionally trying to defraud the banks and the merchants. They may practice what is called friendly fraud or chargeback fraud which is like digital shoplifting. They will order an item, and even if it is satisfactory and arrives in time, they will falsely allege that there was a problem with it and try to get their money back. 

Chargeback fraud is a major challenge for merchants. When companies were surveyed, 8 out of 10 business owners said they had seen an increase in chargebacks in recent years, and they stated chargeback fraud was a major problem they faced. These claims eat into the bottom line and threaten their credibility. 

Chargeback fraud is a problem not just for merchants but also for customers. If banks are more wary about chargeback claims because they are suspicious about chargeback fraud, they may be more likely to throw out claims. 

This means that customers may find that issuing banks are not as receptive to their chargeback claims as they have been in the past. They may also be more cautious about ruling in favor of customers to avoid threatening their relationship with merchants. 

Another reason for the increase in chargeback claims is that customers feel more empowered than they have in the past and sense that they have leverage. If a customer is dissatisfied with a company based on even one purchase, they can threaten to write bad reviews or post about the situation, from their own point of view, on their social media page. These threats can sway merchants and convince them to grant refunds when they ordinarily would contest the complaints. 

However, as the number of chargeback complaints increases, merchants may reverse this strategy and be less likely to appease the customer, because the multiplicity of refunds will become too costly to maintain. 

How the Tide of Chargebacks May Change

Given the huge number of chargebacks, the tide may turn and issuing banks are becoming more selective about which claims they will recognize. Customers may see their complaints thrown out not only if they are filed under the wrong heading, but if they aren’t considered compelling by the issuing bank. 

Merchants may have more leverage with the banks because the banks do not want to lose their working relationship with certain merchants who might penalize them for granting too many chargebacks. Therefore, to succeed with a chargeback claim, customers should use fund recovery services to be on their side and advocate for them when negotiating with banks. 

How You Can Succeed with a Chargeback Claim

Chargebax experts deal with numerous fund recovery cases and have helped our clients retrieve funds from crypto scams, forex scams, and disputes. We create intelligence reports, negotiate with banks and provide a plan of action that will help you get your funds back. 

Are Regulators Cracking Down on Forex Trading?

Forex trading–the phrase itself may seem exciting or dodgy depending on who you ask. Although it is true traders can make money trading forex with a legitimate broker and if they have knowledge and experience, there unfortunately have been numerous forex scams in the past few years that have robbed consumers of millions. 

Amid all of these forex trading schemes, governments and regulators are stating their intention to tighten rules to root out forex scams and crypto scams. This may seem like good news for consumers who are worried about the pitfalls of forex, but these moves may lead to unexpected results, such as social media schemes that won’t even bother trying to get licenses. 

If you have lost money to a forex scam or any other type of fraud, it is important to seek the fund recovery services from a reliable financial company. Chargebax has the expertise and the right strategies to make your chargeback, wire recall or crypto recovery case successful. We consult with clients and develop strategies to bolster your claim and help you recover your funds.

The Increase in Forex Scams

People do not have to be consistent following the news to have heard about the many forex scams that have appeared in the past few years. Although cryptocurrency schemes, particularly those on social media, are topping the list of online fraud, according to the FBI, forex and binary options are still the favorite of unscrupulous parties offering false brokerage services. 

Forex scams have been flourishing in the U.S. and around the world, especially since the COVID-19 pandemic when many people were at home in front of their computers and were looking for ways to make money fast. A few of them were caught in 2020 and 2021, but the ones that were apprehended represent just the tip of the iceberg. 

For instance, in October 2021, the CFTC charged a Texas man for stealing $4 million from consumers. In November, an Israeli court charged 4 men behind a huge forex scam network and similar cases were seen in the Philippines. It is clear that these schemes can be run by an individual or by a huge network of scammers. 

It is increasingly difficult to track down these online fraud, because people can easily adopt false identities including stock image pictures, pseudonyms on social media and professional-looking websites with false information. If they accept money only through cryptocurrency, the transactions are anonymous and they can easily steal money from consumers. Through fund recovery efforts, these cybercriminals can be caught, but the scale of the problem is daunting. 

In addition, the regulations on the books are not standardized from one country to the next and it can be easy for financial companies to skirt the rules. Some countries, for instance, allow CFD trading, and some, like the US, outlaw it. 

The question may arise of who is responsible if a trader uses a service or trades an asset that is not regulated in their area. Some brokers can blame this on the client and through the fine print, can try to evade allegations of fraud. 

In addition, although the increase in trading scams is largely due to a rise in demand for online trading, lack of due diligence on behalf of the consumer, and technological advances that make it easier for unscrupulous parties to cover their tracks, some regulators and governments are treating the issue as if can be solved by tighter regulations.

 It is not certain whether new or stricter rules governing forex trading will reduce the risk of fraud, but some governments and regulators are looking at ways to try to stem the tide. 

How Rules May Change to Prevent Fraud

China may lead the way in imposing tighter regulations on forex brokers. It should be remembered that it was China that began would turn into a global crackdown on cryptocurrency platforms that led to a waning interest in digital currencies from 2017 until people rediscovered cryptocurrency in 2020. 

Although the West may not adopt as strict a stance as China on forex trading, regulators may require greater market capitalization and a longer, more comprehensive application process to brokers applying for a license. It may result in fewer brokers receiving licenses from top-rated regulators or licensed brokers that have been identified in complaints losing their status. 

What does This mean for Traders? 

Tighter rules may sound at first like bad news for some brokers and good news for traders, but that is only for those who are committed to using regulated brokers. Unfortunately, many consumers are hungry for forex trades that can be advertised on social media by people who do not have to identify themselves, much less, to show a license. 

If brokers do not get licensed or lose their license, this may mean fewer brokers to choose from, but the selection will be among high-quality brokers who are verified as secure. To consumers who already do their due diligence, this is a positive, but it may not reduce or combat forex scams. 

An Unintended Effect of Tighter Regulations

Millions of dollars annually continue to be lost in forex scams and the majority of these are carried out by unlicensed brokers. This means that tighter rules won’t necessarily help, since those who cause the problem don’t really care whether or not they have a license, because they can always find a lot of people who don’t do research before opening a brokerage account. 

That is why it is important always to examine a potential deal carefully before trading. Open an account only with a regulated broker. If you have lost money in a forex scam, seek guidance on fund recovery from a reliable financial company. 

How Fund Recovery Can Help

Chargebax experts deal with numerous fund recovery cases and have helped our clients retrieve funds from crypto scams, forex scams, and disputes. We create intelligence reports, negotiate with banks and provide a plan of action that will help you get your funds back.

Anti-Money Laundering Compliance Is The Solution To Having A Risk-Free Business

Did your business encounter fines and sanctions due to ineffective AML compliance? Did you take all precautionary measures to prevent money laundering and still face fraudsters?

Have a read regarding the basics and necessities of digital AML solutions and their merits.

Money laundering has been one of the most prevalent crimes in the world in the past few years. According to UNODC, the approximate estimated amount of money that has been laundered internationally is USD 800 to USD 2 trillion. In other words, it rounds up to 2 to 5 percent of the world’s Gross Domestic Profit (GDP).

All financial sectors and government bodies continuously develop new ways and policies to combat money laundering activities and financial crimes.

AML Verification and its Effective Compliance

What is Money Laundering?

Money laundering is the conversion of money acquired through unlawful activities into legal money. The biggest financial crime known as money laundering has ulterior motives of hiding the unlawful money behind legal transactions. The money is either hidden in shell companies or shares are bought from it.

What is Anti-Money Laundering AML Compliance?

Anti-money laundering by law is the prevention of money laundering activities and financial crimes. The world is full of global and local regulations that have mandated all financial institutes dealing in monetary transactions to abide by these rules. Failing to do so may lead them to face hefty fines and sanctions. As a result, all organizations are required to follow AML regulations and have to establish compliance departments. But doing so is a challenging, time-consuming task.

AML solutions and screening is the most effective risk assessment method to verify the companies existing and potential customers under AML guidelines.

What is Effective AML Compliance?

  • The corporate policies, controls, and procedures have to be aligned with AML rules and regulations and, if possible, adopt in-house security protocols.
  • Rather than maintaining manual customer data records, businesses must shift to digital AML verification, which can verify individuals within seconds.
  • Perform real-time verification that diminishes human error.
  • Screen individuals through global watchlists, sanction lists, PEPs lists, and adverse media.
  • Reporting all unusual transactions of customers and performing enhanced due diligence on any suspicious activity before reporting them.
  • Train employees regularly and update them on new regulations. Maintain ownership throughout the company.

Why is AML screening performed?

AML compliance screening is performed due to three purposes.

  1. Risk-assessment
  2. Avoiding violation sanctions and fines
  3. Protecting the businesses from financial losses and then reputational loss

Businesses have to prevent their entity from facing financial losses due to money laundering sanctions and fines. All individuals that have been involved in money laundering activities have their names in sanction lists and global watch lists. Businesses need to avoid getting their names on the sanction list through anti-money laundering verification.

But now that we know why AML monitoring is beneficial let’s dig in to understand when AML compliance must be performed.

When to perform AML screening?

There are multiple occasions businesses go through when they have to perform AML screening on their customers. For instance, companies must perform anti-money laundering verification when onboarding customers and clients, especially when opening accounts in banks. Additionally, they are required to conduct screening when the risk associated with customers increases over time. Therefore, regular monitoring of customers and clients is also essential.

The Process of AML solutions

AML screening is performed by collecting the individual’s basic details, such as their full name and age. Then the person is required to upload their ID documents such as passports, ID card details, and other necessary details. These documents are first verified and authenticated then the image provided is checked for any fakes. After the verification, the individual’s name is checked against multiple worldwide sanction lists and global watch lists. They are also checked if they are ultimate beneficial owners, and if they are, their transactions are regularly monitored.

Digital vs. Manual AML Screening

Manual AML solutions have many drawbacks, such as the following

  1. They are costly because businesses have to hire extra workforce
  2. They are prone to human error and misses because, well, human beings are imperfect
  3. Time-consuming

But there are multiple perks to digital AML compliance verification, such as

  1. Cost-effective
  2. Designed through artificial intelligence, which is programmed to assist human beings
  3. Can perform deep checks, fake checks
  4. Stays up to date with the changing regulations
  5. A fast and robust procedure


AML guidelines are essential to deter fraud and money laundering activities. The sanctions imposed by the government and global authorities are to provide benefits to the world’s economy. Digital AML solutions are the way towards better, faster, and better AML compliance.

How To Choose A Chargeback Company?

How to choose A chargeback Company?

Do you know you can get your money back after an online transaction with the help of chargeback policies or a chargeback company for a product that you are not satisfied with? During the lockdown, due to the COVID-19 pandemic with being people forced to live at home, online shopping and online investments have witnessed a significant surge, and according to market analysts, it will continue. The trend has also given rise to the online payment process where the money is gone, and you receive a different product from the one you ordered or you simply didnt get what you expected. 

Chargeback companies will help you get the money back as soon as possible because there are regulations to thwart Mastercard and Visa chargeback frauds and these companies know how to work with payment providers.  

What Is A Chargeback? 

A chargeback is a process in which there is a reversal of the consumer’s debit or credit card’s changes. This service is a part of the debit and credit cards’ policies to ensure the controlled transaction along with the mitigate frauds, and ways to protect both the consumer and the merchant. 

The process enables the cardholder to reverse a charge that is authorized when they receive a good or service that is not at par with the company’s advertisement. The regulations for the procedure give consumers ways of winning a chargeback dispute. More information about what is chargeback and what does it cover you can find out in our FAQ section.

How To Choose A Chargeback Company?

When you are looking for a chargeback management company to get your money back, you must ask some questions. It will help you in deciding the chargeback management company that fits your requirements. 

  • Does the chargeback management company understand your concern?
  • How good is their reporting, i.e., can they give you a real-time report, or how long will they take to get your money back?
  • Are they able to offer you an estimated result, performance guarantee, and security? 
  • Is their billing a transparent procedure, i.e., how much will they charge you for the process?

As a customer, it is vital to know how to do a chargeback, and one can always go for a chargeback process through a bank. However, how to win a chargeback as a consumer can also be quite a challenge because the process is technical and complicated. 

Why Hire A Chargeback Company?  

In case you are deciding to win a chargeback dispute as a consumer, the best way to go ahead is to know the rights you have, understand the nuanced and complicated chargeback process and the codes associated with it before presenting the valid claim bank. In case you want to know how to win a credit card chargeback dispute, once again, you have to be aware of your rights and present the valid claim to the bank, which will process the reversal. If you want to avoid the complication, the best way is to contact the chargeback company or contract a fund recovery agency. These companies have professional and experienced people with the required skills to present the evidence to the credit card companies and the banks. They also have the skills for fraud chargeback detection.

The chargeback process outlined above is a simplistic model of how the entire process works. There are many variables that apply to each individual case and it is of utmost importance to understand what needs to be presented to Wizink Bankand the rules and regulations that go with it.

If you are dealing with a relatively large sum of money and want to improve your chance of success, it would be a good idea to consider hiring a professional firm that understands the chargeback process and has a proven track record of success.

We work very closely with a company called MyChargeBack that brings with it years of experience in dealing with chargeback disputes with hundreds of banks worldwide.

MyChargeBack will analyze your chargeback dispute and determine the most appropriate argument and evidence to present to Wizink Bank.

If you are in need of an effective and professional fund recovery solution, contact MyChargeBack today! Simply fill out the form below and we will contact you to discuss your case and provide the best possible solutions to recover your funds.

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    Credit Card Chargeback

    Chargeback credit card folder on the desk

    What is a Chargeback credit card?

    A credit card chargeback is the payment amount refunded to a debit or credit card when the customer disputes the transaction or returns the item purchased. In case of claiming fraudulent activity, a credit card chargeback reverses the credit transaction of the cardholder. Credit card chargeback is the system to save the credit card holders from the fraud merchants selling dissatisfactory products or services. A cardholder is supposed to resolve the issues with the merchant for their purchase before requesting any credit reversal because an unjustifiable claim not only hampers the business but also makes the cardholder commending criminal fraud. 

     Main reasons for Chargeback by credit card

    • Payment charged for the items never received 
    • Merchant charged the amount twice by mistake
    • Charged Mistakenly because of technical issue
    • Card holder’s card information is not accurate
    • Merchant selling defective items or involved in fraudulent activities, etc. 

    Credit card chargeback Merchant Rights

    To ensure merchants’ parity, merchants’ substantial rights under the chargeback system allow the merchants to dispute the chargeback whenever possible. 

    A disagreement with chargeback allows merchants to show their legal sale, whereas choosing not to combat chargeback tends to increase the merchant’s fraud. 

    There are specific procedures and guidelines for the merchants to follow to engage in chargeback representation to dispute a chargeback if the claim is unreasonable or unfair. 

    Key Protections for Merchants

    The chargeback process is designed with credit card chargeback laws and rights for both consumers and merchants. There are primary credit card chargeback Merchant rights, such as as-. 

    1. Chargebacks cover up the purchase price only. The bank is not entitled to make the full chargeback. The chargeback can be made whole or partial for the transaction, and the bank can also issue multiple partial chargebacks. The amount of chargeback cannot exceed the total amount of the transaction.
    2. The cashback amount cannot be included in the chargeback amount. 
    3. In the product’s late delivery, the customer can demand chargeback only after returning the product. 
    4. In the case of returned items, a customer cannot file for chargeback before fifteen days. The law for a merchant gives the merchant ample time to review the purchase activity and then issue a refund. 
    5. Reason code is another substantial merchant right that needs to be attached with the chargeback notifications to justify the chargeback. With the reason code, a customer may also need to resolve the merchant’s complaint before filing for the chargeback. 
    6. Representment is the merchant right that enables the merchant to dispute a chargeback by providing convincing proofs to the card issuer or the bank.

    Credit Card Chargeback Time Limits

    To file a chargeback on a transaction, 60 days to 120 days is a standard time limit for a consumer depending upon the credit network and the chargeback reason code. In some cases, it can take up to 6 months to 365 days to resolve the issue. Similarly, depending upon the credit network and the chargeback reason code, Merchants get around 45 days to fight back or clash with the chargeback.  

    A chargeback is an integrated and consequential procedure that requires expert guidance to dispute the transaction successfully. Choosing the chargeback management company wisely helps you by offering concrete strategies and solutions to ensure successful chargeback and significantly increase your chances for successful fund recovery.

    If you looking for a reliable chargeback credit card assistance or any other help , please contact us by filling out the form or send us an email and we’ll be happy to assist.

    Online Payment Processors and Filing a Chargeback

    Online payment processors have dramatically affected transactions but what happens when you need a chargeback?

    Imagine you found an online store that sold your favorite pair of name-brand shoes for a fraction of the retail price. You placed an order, made a payment and the countdown for its arrival.

    The day finally comes. The shoes are delivered to your door and the excitement has reached its pinnacle. You opened the package to find a counterfeit pair of shoes not worth the box they’re sitting comfortably in. Sorry buddy, you’ve just been scammed!

    Unfortunately, this is only one of a handful of circumstances in which a debit or credit card transaction can create problems. Often packages just never show up. Other times consumers are charged twice for the same goods or services. Either way, this is your money and you deserve to get it back as soon as possible. You quickly begin to research the online payment processor and get to work on arranging a chargeback.

    What is a Chargeback?

    A chargeback is essentially a refund credited to a cardholder’s account after a dispute has been raised and the transaction is retroactively cancelled. Chargebacks can be obtained  for both debit card and credit card transactions and are governed by the card company’s terms of use. 

    There are two types of chargebacks.  One is for an authorized transaction  and one for an unauthorized transaction, also known as fraud. It is most important to understand the difference between the two.

    There are a number of reasons why  a cardholder can dispute a transaction. For example, a card could be charged by a merchant for items that were never received. A merchant might inadvertently charge a cardholder for a purchase twice. Sometimes, technical issues arise that generate incorrect charges. And then there are cases in which subscriptions and other services are not properly cancelled and the charges continue to appear on your monthly bill.

    Attempts to dispute a transaction, especially one that was authorized, can be a difficult and time consuming task. This is due to the necessary evidence you will need to present and the reluctance of banks to consider such cases.

    Online Payment Processors and Your Chargeback

    Online payment processors have transformed how we process transactions. Their presence in the payment ecosystem has grown exponentially since the outbreak of the COVID-19 pandemic. Amazon Payments, Transferwise, Paypal, and Stripe are just a few of the players that have joined the online payments platform. These companies help millions of consumers transfer funds effortlessly and at minimum cost.

    So what are the implications when you transfer money using one of these online payment processors? Unfortunately that’s not very clear. The answers lie hidden in the fine print on each company’s terms and conditions page. The majority of them, however, like traditional banks, do not have the resources, time and expertise to deal with such cases. It doesn’t increase their bottom line and it’s easier for them to just reject your request.
    There is an alternative solution that we can recommend. Leaders in fund recovery and alternative dispute resolution, MyChargeBack has a proven track record of delivering results to the thousands of satisfied clients they have assisted over the last few years. If you believe you are the victim of a scam, MyChargeBack will analyze your case and assist you throughout the entire recovery process.

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    Don't TRY it Alone!

    Let our chargeback experts provide you with free instructions on how to recover funds at your bank.