by Refundaroo Support | Dec 8, 2022 | Announcement, Phishing
Important announcement
Refundaroo is proud to announce the significant decrease in reports of scam HMRC phone calls over the past year, as revealed by the latest figures from HM Revenue and Customs (HMRC). Our involvement in tackling these scams has played a crucial role in this achievement.
In March 2021, there were a staggering 79,477 reported cases of scammers impersonating HMRC in phone calls. However, by December 2021, this number plummeted to just 2,491, marking a remarkable 97% decrease. Similarly, there was a notable drop in phishing email reports (down 92%) and scam text reports (down 97%) over the same period.
These encouraging results reflect the collective efforts of various teams across HMRC, including dedicated customer protection teams, helplines, and the utilization of innovative technologies. At Refundaroo, we have been actively involved in supporting HMRC’s endeavors to combat these fraudulent activities.
Through our collaboration with HMRC and other law enforcement agencies, both nationally and internationally, we have contributed to disrupting organized crime groups involved in HMRC-related scams. Our participation in awareness campaigns has also helped raise public awareness about cybercriminals and their deceptive tactics.
At Refundaroo, we are committed to safeguarding individuals from scams and ensuring the security of their personal information. We provide guidance on how to recognize genuine HMRC contact and how to avoid falling victim to scams through our platform. Additionally, we offer support to individuals who believe they have been targeted by scammers, guiding them on the necessary steps to take to protect themselves.
If you have been caught up in a scam similar to this, Refundaroo is here to help. Our dedicated team is committed to assisting victims and ensuring that they have access to the support and resources they need. We encourage you to reach out to us to find out if you have a case and how we can assist you in seeking justice and recovering any losses.
Together, we can continue to make a difference in the fight against HMRC scams and ensure a safer online environment for all. Refundaroo is proud to be part of this important initiative, and we remain committed to our mission of safeguarding individuals’ financial well-being.
by Refundaroo | Jun 9, 2021 | Announcement, Binary options
The Australian Securities and Investments Commission (ASIC) has announced an official ban on binary options for retail investors. This ban means that only professional investors or those with significant trading experience can access these financial instruments in Australia.
Reasons behind the ban
ASIC’s decision aligns with similar measures in other countries and follows an in-depth study revealing significant financial losses among Australian investors trading binary options. The research indicated that nearly a quarter of investors did not recoup any of their investments. Moreover, some investors ended up paying more in fees than they earned from trades, exacerbating their losses. The overall risk was deemed too high for most retail investors due to inadequate protections.
Reactions to the ban
Experts outside the industry have lauded the ban as a consumer victory, while some insiders worry it might drive the market underground or to unregulated areas where control is limited.
Key points
- Ban announcement: ASIC has banned binary options.
- Statement from ASIC: commissioner john price stated, “it is too easy for people to lose large sums of money through this type of trading,” citing risks such as fraud, market manipulation, and other criminal activities.
- Deadline for compliance: binary options providers must cease operations in Australia by march 21st or face fines up to $220 million.
- Investor protections: providers may be required to repay funds taken from Australians since October 2016.
- Assistance for investors: investors who lost money due to fraudulent schemes can contact ASIC at 1800 065 943 for help recovering their losses.
Understanding binary options
Binary option trading involves predicting whether the value of an asset (e.g., shares) will rise or fall by a predetermined amount. These options can be traded on various markets, including currencies, commodities, and stocks. Investors choose their investment amount and contract duration, ranging from 30 seconds to 12 months, and predict if the asset’s price will hit a specified level before the contract expires.
Risks of binary options
Binary options are risky because they offer substantial risks for small rewards. If an investor’s prediction is correct, they receive a fixed profit known upfront. However, incorrect predictions result in total loss of the investment. The high frequency of losing trades compared to winning ones can lead to significant financial losses.
ASIC’s rationale for the ban
ASIC aims to protect investors from the dangers of binary options trading, especially from unscrupulous brokers. The ban prohibits any company from offering or advertising binary option contracts in Australia, regardless of the company’s location. However, the ban does not extend to overseas markets like Nasdaq or NYSE ARCA.
Legal implications
The ban restricts brokers from soliciting potential investors via email, telephone, or social media, thereby protecting Australian traders from predatory business practices.
Recovering your investments
If you’ve invested in or lost money through binary options, you can take steps to recover your funds. Binary options are unregulated in Australia, so local authorities cannot provide protection against fraud. To find trustworthy companies, consult reputable sources like ASIC’s website.
Additionally, consider contacting a professional recovery company like Refundaroo, which specializes in investor recovery and support services for victims of investment fraud. With over 20 years of experience, Refundaroo can help you recover your lost investments.
Don’t delay in seeking help to recover your money. Reach out to Refundaroo today for your free consultation.
by Refundaroo | Jun 13, 2020 | Advice, Announcement
Introduction
With the rise of online trading and increased internet reliance, the prevalence of scams has surged. Scammers employ increasingly sophisticated tactics, and a wide array of methods exist to part individuals from their money. Everyone, regardless of their digital literacy, is at risk of falling victim to these scams.
While we often trust banks to handle credit card fraud, other scams, such as those involving cryptocurrency or Nigerian advance-fee fraud, present unique challenges. This guide explains what chargebacks are and how they work to help you recover your funds.
Understanding Chargebacks
A chargeback is the process of reversing fees charged through a transaction, whether it’s on a credit card, debit card, or via PayPal. It functions similarly to requesting a refund for a missold or defective product.
However, chargebacks can also be initiated in cases of fraud, where the transaction wasn’t authorized by you, or if you were misled into a scam like a Ponzi scheme or a fraudulent broker.
How Chargebacks Work
The process of a chargeback varies for the consumer and the company pursuing the funds. As a consumer, you need to contact the relevant authority, provide evidence, and await the results.
The company handling the recovery will review the evidence, verify the fraud, confront the scammers, and attempt to recover the funds. This process demands extensive knowledge, resources, and time, so it may take a while. Even if fraud is confirmed, reclaiming the money isn’t always straightforward.
Duration of Chargebacks
The time it takes to complete a chargeback depends on the method used to reclaim the funds. For instance, the time limit for a PayPal chargeback differs from that of a bank or credit card.
Chargebacks can be complex and may take up to 45 days, sometimes even longer. In some cases, you might wait up to six months, depending on the amount involved and the nature of the chargeback. It’s essential to check with the company performing the chargeback to get a better estimate.
Pros and Cons of Chargebacks
Pros:
- Funds Recovery: The primary benefit is recovering lost money, which is crucial if you’ve fallen for an investment scam. Reclaiming your funds can be a significant relief.
- Sending a Message: Pursuing a chargeback signals that you won’t tolerate being scammed, potentially deterring future attempts by the same scammer.
- Maintaining Reputation: If your business is scammed, a chargeback can help you recover funds discreetly, protecting your reputation.
Cons:
- No Guarantees: Chargebacks aren’t always successful, especially if the scammer has moved the funds. Quick action increases your chances, but there’s no certainty.
- Costs Involved: Depending on the amount lost, the fees for a chargeback service might be high. However, chargebacks through your bank or PayPal usually only cost you time.
Steps to Initiate a Chargeback
Step 1 – Reach Out: Contact the institution that held the lost funds. For example, if your debit account was used in a scam, reach out to your bank. Alternatively, you can use a chargeback company like Payback LTD for a potentially higher success rate.
Step 2 – File Your Dispute: Provide your reasoning, account details, transaction information, and any evidence. The more information you provide, the smoother the process.
Step 3 – Wait for Results: After filing your dispute, the best you can do is wait for the outcome. You might need to provide additional information, but the primary task is to let the experts handle the process.
Using Chargebacks for Different Markets
- Forex Market: Chargebacks can be initiated not just for stolen funds but also for poor service quality or brokers withholding funds for personal gain.
- Binary Options Market: This market is rife with scams, making chargebacks essential for recovering lost funds.
- Cryptocurrency Market: Due to the anonymity and lack of traceability in crypto transactions, scams are common. Chargebacks can help reclaim funds lost to fraudulent platforms or brokers.
How Refundaroo Can Assist
At Refundaroo, we have recovered nearly a billion dollars in stolen funds within a few years. Our expertise covers forex, crypto, and advance-fee scams. We act swiftly, gathering evidence and confronting scammers to recover your money.
by Refundaroo | Feb 3, 2020 | Advice, Announcement, Blog
Navigating chargebacks: Reclaiming your money after fraud
With the rise of online transactions and internet usage, scams are more prevalent and sophisticated than ever. Scammers employ a variety of tactics, targeting people of all experience levels. Even some of the oldest scams remain effective.
When faced with credit card fraud, many of us trust that our banks can recover our money. But what about crypto scams or Nigerian advance-fee fraud? Here’s how chargebacks work and how they can help you get your money back.
Understanding chargebacks
A chargeback is a process of reversing a transaction, whether it’s made via credit card, debit card, or PayPal. It’s akin to requesting a refund for defective or misrepresented goods.
However, chargebacks aren’t always tied to a transaction you initiated. Often, the debited amount is a result of fraud or a scam, such as Ponzi schemes or dishonest brokers misusing your investments.
How chargebacks operate
For consumers, initiating a chargeback involves contacting the appropriate authority, providing evidence, and waiting for a resolution. The company handling the chargeback reviews the evidence, investigates the fraud, and attempts to recover the funds. This process requires extensive knowledge, resources, and time, so patience is necessary. Even if fraud is proven, recovering the money can be challenging.
Chargeback timelines
The time it takes to process a chargeback varies based on the platform used. PayPal’s chargeback time limits differ from those of banks and credit cards. Chargebacks can take up to 45 days or longer, sometimes extending to six months, depending on the amount involved and the nature of the transaction. Always check with the company managing your chargeback for specific timelines.
Benefits and drawbacks of chargebacks
Benefits
- Funds recovery: The primary advantage is reclaiming your lost money, which can be substantial, especially in investment scams.
- Deterrence: By pursuing a chargeback, you send a message that you won’t tolerate being scammed, reducing the likelihood of future scams.
- Reputation protection: If your business falls victim to a scam, a chargeback can help you recover funds discreetly, protecting your reputation.
Drawbacks
- No guarantees: Chargebacks aren’t always successful, especially if the scammer has moved the funds. Acting quickly increases your chances.
- Cost: Depending on the amount lost, the fees for using a chargeback service might outweigh the benefits. Bank or PayPal chargebacks typically only cost you time.
Steps to initiate a chargeback
- Reach out: Contact the bank, card issuer, or PayPal where the transaction occurred. Alternatively, consider using a chargeback service like Refundaroo for higher recovery chances.
- File your dispute: Provide detailed information, including your account details, transaction information, and any supporting evidence.
- Wait for the results: Once filed, allow the fraud team to investigate. You may need to provide additional information, but otherwise, wait for their findings.
Using chargebacks to recover from investment scams
- Forex market: Chargebacks can be initiated not just for stolen funds but also for poor service or decisions by brokers. Common reasons include brokers withholding funds for personal gain.
- Binary options market: This sector is notorious for scams, making chargebacks essential.
- Cryptocurrency market: Due to the anonymity and complexity of crypto transactions, scams are rampant. Chargebacks can help reclaim funds from shady platforms or brokers.
How Refundaroo can assist
At Refundaroo, we specialize in recovering funds lost to scams, with nearly a billion dollars recovered in recent years. Whether it’s forex, crypto, or advance-fee scams, our expert team works quickly to get your money back. We review your case, gather evidence, and confront the fraudsters. Contact us to start your chargeback process – we’re confident in our ability to help.
