Have you ever wondered that something that would be an easy way out to save yourself from a scam would itself turn into a scam? Chargeback scams are what we are talking about. Morgan Financial Recovery found out that Chargeback scams are on a rampant rise in the financial world and as a result discusses the various reasons behind its rise. But before that, let's take a good look at what Morgan Financial Recovery exactly is.

Morgan Financial Recovery is a fund recovery group that has pledged to eradicate all kinds of financial frauds across the world. Be it credit card scams, binary options scams, crypto or forex scams or even chargeback scams, we are proficient in the art of fund recovery even in the most complex situations. So far, we have successfully recovered more than $3 million while working on 2456 cases with our amazing team of 56 attorneys, private investigators and bankers across the globe.

What are chargeback scams?

There are certain customers who buy a product and after some time decide not to use it. In such cases, these customers falsely file for chargebacks from their credit card issuer and successfully process a refund. In other ways, they get the product for free and the company has to suffer.

Let's have a look at the reason why chargeback scams are on a rise.

Lack of necessary technology

Technology has been improving at a rapid pace and growth and development is also taking place when it comes to various financial scams. However, chargeback scams, since being new in the business, is something that is still not worked upon on a major scale. The prime reason is that chargeback scams are literally new in the market and they haven't caused multi-million dollar frauds so far. If they do, probably we might soon see new ways of development. Till then, all we can do is wait.

No Chargeback regulations

The banking industry has been pretty much reluctant about revising the chargeback regulations. Credit card frauds started happening a long time ago, but the chargeback regulations seem to have not updated since then. Morgan Financial Recovery has been a firm advocate in the revision of these regulations so that no customer has to face any kind of issue whatsoever. After all, banks and sellers are also customers, right? They don’t deserve to lose their money because of the irresponsibility of an individual.

Reputation issues

Chargebacks are a case of reputation for a credit card company. In fact, many customers issue themselves a credit card after looking at the reputation of the company and how it handles the chargebacks. In such a case, if the company decides to not issue a chargeback in spite of knowing that the customer is misusing it, it might harm its reputation in the long run. Thus to play the safe game, these companies don’t pay heed to chargeback scams.

What to do when you lose your money?

Imagine you are a seller and you realize that you have been a victim of some chargeback scams. In such cases, you can contact us directly at Morgan Financial Recovery so that we can help you. We have been dealing with all kinds of scams for a long time now and have successfully recovered funds from all of them. Chargeback scams are new and hence, we have decided to bring in more members in our team to ramp up the research work and fund recovery process of the issue. If you decide to use our services, you can be assured of your funds reaching back to you within a time frame of 90 days.