MyChargeBack is the most popular “funds recovery” company, which opened in July 2016. MyChargeBack is owned and operated by Cactil, LLC, which is located at: 1441 Broadway, 3rd Floor PMB# 3111, New York City, NY 10018.
Their phone number is: Australia: +61280155645, United States: (888) 350-8030, or United Kingdom: +44 208 068 0493. Customer service email is: [email protected]
Official Website: https://mychargeback.com/.
Operating in an industry which is plagued with scam artists and online fraudsters, MyChargeBack assists investors who have been ripped off, in getting their money back from the broker.
When they started their company, they initially focused on helping binary option investors recover their money from unlicensed brokers. Now that many binary option brokers are out of business, they have expanded to help Forex investors and Crypto currency investors recover their investments from fraudulent brokers and exchanges.
The process this company uses, involves their extensive experience with credit card companies like Visa & Mastercard. You almost need to be a lawyer to understand the intricacies of credit card agreements, to know what is considered a fraudulent charge.
On the other side of their battle, are the professional scam artists who have used their criminal minds to scam investors out of their life savings. Many investors have tried to claim their money back from the credit card company, only to be rejected by the brokers “risk management” team.
Thousands of investors have become victims of fraud, and contact MyChargeBack each month looking for help. Sadly, they are not able to assist anyone with a claim. They have a large team of processors working on hundreds of cases, and each case is unique.
When you speak with the customer service agent, you will be asked a string of questions for them to understand if your case has a high probability of success. They charge an initial fee of $1000 in the event that they believe your case will be successful. This is almost like a prepayment of their success fee, which is as high as 25% of the funds they recover for you.
So if you have a claim against an online investment scam, and you are only claiming $1,000, then it is too cost prohibitive to use a lawyer, or a company like MyChargeBack.com.
Does MyChargeBack Get Good Results?
During our research of this company, we found a couple of news articles that they released in August 2017, and February 2018. The first article showed that they have recovered over $1 million dollars, and the second article six months later showed $2 million dollars. This means that they have been successful in over 500 cases!
During our conversation with their marketing team, they mentioned that the process takes between 90 – 180 days for the claim. They mentioned that they work with the victim and prepare documents sometimes amounting to over 50 pages, to submit to Visa, Diners, AMEX or Mastercard.
Recently, they announced that in certain jurisdictions, they have been successful in recovering deposits made by bank wire, and not just credit card transactions.