Leave your worries if you have become the victim of a binary options fraud. There are various ways in which recovery of your money is possible. The year was 2014/2015, in which the binary options fraud raised its head over the internet. Since then, different measures have been taken all through 2016. But still, the road to keep control of these binary options fraud is slow to end.
The Millionaire Blueprint System was the key player in luring many victims. The second in line was The Brit method system. The main intention was to target the British citizens but was successful in frauding with many citizens across the globe.
You might have fallen victim to a specific broker or a scam system but the road to obtain your funds back is similar. We have outlined a few steps that will prove helpful for you as the traits of binary system fraud are alike.
1. Do You Need a Third Party?
You will find many companies in the market that claim to help you in binary options chargebacks if you become the victim of these scams. To consult with these companies is helpful, but a chargeback is something manageable on your own. The process is simple and is manageable by you only.
But if you are not comfortable and confident in handling yourself, you might have to approach a professional company specializing in sorting out the issue for you. The chances of getting your money back in your account increases if you get the right company that can help in a chargeback.
It is advisable to seek legal help if you have lost more than a few thousand in one or multiple binary options frauds. The guidance from the legal professional with assistance from a chargeback company will increase your chances of getting your funds back.
But if you have lost less than one thousand dollars, it is always better to rely on yourself to recover your funds. If you feel that you cannot spare time for the process, perhaps you need to approach the professionals to handle it on your behalf.
2. Recovering Your Funds Through Chargeback
If you become a victim of a binary options fraud, the most convenient way to recover your fund can be through something called a chargeback. A chargeback is a process in which you can claim your funds by directly contacting your bank or card issuer. It is one of the most effective ways to get your money back.
When you opt for chargeback, you no longer deal directly with the binary options company. But instead with your bank or the card issuer. By this, it is the card issuer or the bank that communicates with the fraudulent company.
The best part about chargeback is it favors the customer in the case from the start itself. Therefore the chances of winning increase. With the issuance of the chargeback, a bank or the card-issuer will stand for you only against the company who scammed you. Now it becomes the duty of the scammed company to prove that they gave you the quality service as committed.
So, it is evident in this situation, for the company to provide any evidence of the quality of service delivered because they didn’t as committed. Hence the possibility of your odds of winning the case increases.
The key points to note about chargeback are:
- It is necessary to issue a chargeback within four months when you first get to know about the issue.
- The overall chargeback time limit for Visa is 540 days. It starts from the day you transferred the money initially.
Therefore, you fall under 120 days where you have the chance to issue chargeback in case of fraud and increase your chance of getting your funds back.
3. Initiating the Chargeback Yourself
a. Fetch the Address Details of Your Credit/Debit Card Company
For filing the chargeback, you need to send the details in writing to the issuer of your card. Therefore you must know the address details of your credit/debit card company. Google is the best way to find the address. You only need to enter the name of the card service provider in the search bar, and Google will display the list.
Always ensure that you fetch the address details from the company’s official website, as there is the possibility that the third party might not have updated the address in case of change. In such a case, you might end up sending the chargeback details to the wrong address. And the card issuer may not be in a position to take any action.
If you are not sure about the address, contact your card issuer and confirm the address where you need to send the details.
b. Know Every Detail About the Payment Initiated
To help you better handle the chargeback, the card issuer or your bank might ask you for complete details about the initiated transfer. If you miss any information, they will not process, and you might hear from them to give the details. So it is always better to provide all the information once you are initiating the chargeback.
Following is the information that you need to provide to your card issuer.
- Information of what you were buying
- Dates of every transaction
- Name of the company to whom you transferred the amount
- Evidence of Payment like an email confirmation, invoice, or a receipt
- The total fund transferred
c. Prepare a Letter Requesting a Refund
Once you manage to have the required information of the transaction, you will have to draft a letter and courier it or post it to the card issuer. The necessary information you give in the letter is that you are claiming chargeback according to the Visa Chargeback Scheme. Another vital piece of information you need to provide is why you feel there was a breach of contract.
4. Further Steps
Once you courier or post the letter for a chargeback to your card issuer or the bank, you get a revert on the action that they are taking. If there is no response from the card company, make sure to do the follow-up. It is necessary so that they don’t ignore your request.
Usually, there is quick action taken by the card issuers or the bank once they receive the request within two months. You may come to know the status of your claim, whether it is moving in your favor or not.
Read More: Is IQ Option Legal in India?
5. Know the Right Process to Recover Your Funds
The world of Binary options is complex, and therefore you will find companies and brokers who can dupe you. The scam or fraud is possible only when there is a lack of knowledge about the subject. So deep dive into the binary option to be away from the fraud or scam.
Chances of you still becoming the victim is possible. But there is no worry as by knowing the correct refund process, you can get the refund in case of binary options fraud.
Always check the legal right that you have to get your money back. A legal advisor is the best professional to help you out in the process. Keep all the evidence with you handy till the time you do not get the committed service. If you consult with an experienced professional, have all the transaction details, then there is no need to worry about the funds invested.