Chargeback Recovery: Victim Gets Funds Back

• Name: Stephen Collins (Name changed for privacy.)
• Age: 53
• Location: San Francisco, California, USA
• Profession: Retired Financial Analyst

How the Scam Unfolded

Stephen Collins had been looking for safe investment opportunities when he was introduced to a crypto trading platform that promised high monthly returns. The website showcased real-time trade analytics, a dedicated account manager, and multiple success stories from supposed investors.

Initially, Stephen invested $5,000 and saw his trading balance grow. Encouraged by the perceived profits, he deposited more funds, eventually reaching $40,000 through credit card transactions and bank transfers. However, when he tried to withdraw his earnings, he was met with excuses about “account verification” and additional “processing fees.” Soon after, the platform disappeared, and all attempts to contact support failed.

Taking Immediate Action

Realizing he had been scammed, Stephen took swift action:

• Gathered all transaction receipts, emails, and chat logs.
• Filed fraud reports with his bank, credit card provider, and the Federal Trade Commission (FTC).
• Consulted Global Financial Recovery to initiate the chargeback process.

How the Chargeback Process Worked

Step 1: Investigating the Transactions

• A detailed fraud report was compiled, outlining deceptive practices used by the platform.
• Bank and card transaction statements were analyzed to determine eligibility for chargebacks.

Step 2: Filing the Chargebacks

• Chargeback disputes were submitted under “Unauthorized or Fraudulent Transactions.”
• Supporting documents, including proof of fraud, were provided to the financial institutions.
• Persistent follow-ups were made with the bank’s fraud department.

Step 3: Recovery & Resolution

• $32,000 of the stolen $40,000 was successfully recovered through chargeback claims.
• The scam platform was blacklisted, preventing further fraudulent activities.
• Investigations were launched to track down associated scam networks.

Challenges Faced

• Bank Resistance to Chargebacks – Some transactions were initially denied as they appeared “authorized.”
• Proving Fraudulent Intent – Required extensive documentation to demonstrate deception.
• Time Sensitivity – Chargeback windows were closing, requiring immediate action.

Key Takeaways

✔ Chargebacks Are a Critical Recovery Tool – Many scam victims can reclaim funds through timely disputes.
✔ Thorough Documentation Strengthens Cases – Keeping records of all interactions improves success rates.
✔ Professional Assistance is Valuable – Navigating chargeback policies is complex without expert guidance.
✔ Be Wary of High-Return Promises – Legitimate investments do not guarantee profits.

Final Insights

Stephen’s experience proves that chargebacks can be an effective way to recover stolen funds from fraudulent investment schemes. While he didn’t recover the full amount, acting fast, providing solid evidence, and leveraging professional expertise significantly increased his success rate. If you or someone you know has been affected by financial fraud, seek expert help immediately to maximize your chances of recovery.