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Consumers who use a credit card or debit card to make purchases are protected by both local regulations and Visa and/or Mastercard international dispute resolution guidelines. Additionally, many financial institutions around the globe have Treating Clients Fairly (TCF) guidelines in place that protect consumers from malicious or unscrupulous online merchants.
Most cardholders already know that they can dispute an unapproved or unauthorized transaction with their financial institution. These are called “Fraud” disputes. For example, if your card was lost or stolen and you see unexplained transactions on your account, you can immediately request your bank to reverse the charges. Visa and Mastercard require your bank to take that action to protect you from fraud.
Even when you willingly make a purchase, you are protected in the event the product you order is not delivered or you receive something other than what was contracted.
However, few consumers are aware that it’s also possible to dispute transactions for goods or services you indeed agreed to purchase. These authorized transactions result in what is called a “Goods or Services” dispute.
Goods or Services disputes are often complex in nature since they usually are the result of a transaction that took place on a merchant’s website. Consumers have the right to chargeback transactions if nothing was received, something was broken and even if the purchases were made due to misleading advertisements.
However, issuing banks are often hesitant to solve a claim in favor of the customer. They are careful to avoid “friendly fraud,” when a customer wants a chargeback even though they intend to keep the item. Visa and Mastercard have each changed the guidelines for such claims multiple times over the last several years to combat friendly fraud.
Anyone who has reversed charges on a credit card knows something about the chargeback process. Crypto users may wonder if the same fund recovery process is available to them. Can you get a bitcoin chargeback?
The answer is “Yes” and “No.” Transactions can’t be reversed on the blockchain the way they can with a credit card chargeback. Every blockchain transaction creates a block that is permanent.
However, a crypto chargeback is possible by way of analogy. The actual transaction can’t be reversed, but crypto exchanges and authorities can compel crypto scams to return money to their victims. In many cases, these crypto recovery cases are successful.
How does a victim of a crypto scam get a bitcoin chargeback? The process is more complex than with credit card chargebacks. Since credit cards and banks are subject to government regulation, they must follow a procedure and provide transparency in dispute resolution.
However, since most crypto companies aren’t regulated, at least not yet, the blockchain can seem like a Wild, Wild West without a sheriff. That means victims of bitcoin scams need professionals to launch a full investigation, create a report to bring to authorities, and act as an advocate to help clients on the road to crypto recovery.
Rapidcoin will first analyze your case to ensure that it meets the minimum standards for submitting a chargeback request. These standards are considerably higher than those for a fraud-based chargeback, since you agreed to the purchase. Once your case has been accepted by our team, we will work with you to prepare all of the supporting documentation and evidence that your bank will need to process your claim. We will guide you through this process until the bank makes its final decision. The process is very nuanced, and we provide the shoulder, knowledge and experience that is required. You have consumer protection rights, but the merchant will fight for his as well. Merchants work with professional companies to assist them with claims for chargebacks. Isn’t it time for individuals to have access to the same level of expertise as well?
The Rapidcoin Group has cooperated with over 800 banks internationally on behalf of its clients. Our strategically-crafted arguments are presented in the language bankers understand. Our promise to you is this: We will invest 100% of our effort in your case and fight for you throughout the entire process.
The leader in credit card consumer advocacy.