Cryptocurrency presents unique challenges. On the one hand, it provides opportunities to completely digitize payment, transactions, and trading. However, with these opportunities, there are new dangers. Not only is there a proliferation of bitcoin scams but cryptocurrency fraud cases can be particularly challenging to resolve.
Although many welcome the fact that cryptocurrencies operate without central government control, this also means that consumers are not given the same protection from bitcoin scams as they are with other types of fraud. In addition, fund recovery is not as straightforward in cryptocurrency fraud cases as it is with credit card or bank wire fraud.
Fortunately, crypto recovery is possible with JFD FORENSICS LLC. experts who have extensive expertise in cryptocurrency fraud cases and give people the tools for crypto recovery. Our crypto forensics professionals have state-of-the-art tools and proprietary databases that track the activity on the blockchain and unmask the people behind the transactions. This information can assist clients even if they have been scammed by complex cryptocurrency money laundering cases.
JFD FORENSICS LLC. also has a close working relationship with law enforcement, government officials, and regulators and has won many successful cryptocurrency cases.
People who think fund recovery is easy may have had a positive experience with a chargeback after they have reported a credit card stolen or missing.
This is one of the easiest types of fund recovery, and the most common. Those who have noticed unauthorized charges on their credit card after they have reported it missing can prove that they did not make the charges. Therefore, the issuing bank can feel confident that the customer deserves their money back.
Fund recovery through wire recall can be more complicated than credit card chargebacks, but it is often less complicated than cryptocurrency fraud cases. However, bank wire recalls don’t involve a reversal of charges, as credit card chargebacks do.
Unless the wire recall is done immediately, a bank transaction often can’t be completely reversed, but the funds often need to be returned through a separate transaction. The merchant can launder the money in the time it takes to enact a wire recall, but at least there is a name on the account and the bank can identify the user.
Cryptocurrency fraud cases are more difficult and complex than chargebacks and wire recalls because all transactions on the blockchain are anonymous. It can be difficult to determine the identity of the people involved in transactions, particularly in cryptocurrency money laundering cases. However, in many cases, bitcoin recovery is possible after a thorough investigation.
One advantage of the blockchain is that all transactions can be seen. This means that once the identity of the people making the transactions is unmasked, the path of the money through a bitcoin scam can be observed. However, the identity of those involved in all transactions must be uncovered before a full picture of who is behind the crypto scam can be observed.
Therefore, cryptocurrency fraud cases can be the most complex type of fund recovery since, unlike chargebacks and wire recalls, those behind the transactions are anonymous. This is why those who have lost money to merchant fraud, bitcoin scams, or forex scams need JFD FORENSICS LLC. professionals to interpret the transaction patterns on the blockchain and determine who is behind them. This is especially true in cryptocurrency money laundering cases because the money passes through many crypto wallets on the blockchain.
JFD FORENSICS LLC. gives clients the information they need to approach law enforcement. They know how to bolster your case so you can get prompt and effective assistance from the authorities and increase your chances of successful bitcoin recovery.
Cryptocurrency cases have risen dramatically since 2020, and continue to be a significant problem. The FBI, Interpol, and many other law enforcement agencies have raised the alarm about bitcoin scams, and financial service companies, as well as regulators, are on the alert on how best to deal with them.
There are so many cryptocurrency fraud cases that some consumers associate the very notion of cryptocurrency with fraud. However, that’s not stopping the millions of people worldwide who are jumping on the cryptocurrency trend as digital currencies rise to record heights. The cryptocurrency enthusiasm waned in 2017 on the plethora of crypto scams, but the new 2020-2021 wave makes it clear that digital currencies are here to stay.
Instead of staying away from cryptocurrencies, it is important to be aware of the most common types of crypto scams and how to stay safe buying and trading cryptocurrencies. Among the biggest crypto scams are:
There are legitimate equivalents to all of these scams, but knowing warning signs should help you avoid the fraudulent versions of these services. An unregulated broker that offers extravagant returns on cryptocurrency should be avoided, particularly if these deals are offered on social media rather than through brokerage services on a secure website. The majority of ICOs are crypto scams and investors should work only with a regulated ICO platform.
Crypto wallets should be purchased only from a reliable and verified service and consumers should never give their crypto codes or keys to anyone. However, even after these precautions have been taken, consumers can still lose money in a false bitcoin scam trading deal or through an illegitimate cryptocurrency service.
Consumers who use a credit card or debit card to make purchases are protected by both local regulations and Visa and/or Mastercard international dispute resolution guidelines. Additionally, many financial institutions around the globe have Treating Clients Fairly (TCF) guidelines in place that protect consumers from malicious or unscrupulous online merchants.
Most cardholders already know that they can dispute an unapproved or unauthorized transaction with their financial institution. These are called “Fraud” disputes. For example, if your card was lost or stolen and you see unexplained transactions on your account, you can immediately request your bank to reverse the charges. Visa and Mastercard require your bank to take that action to protect you from fraud.
Even when you willingly make a purchase, you are protected in the event the product you order is not delivered or you receive something other than what was contracted.
However, few consumers are aware that it’s also possible to dispute transactions for goods or services you indeed agreed to purchase. These authorized transactions result in what is called a “Goods or Services” dispute.
Goods or Services disputes are often complex in nature since they usually are the result of a transaction that took place on a merchant’s website. Consumers have the right to chargeback transactions if nothing was received, something was broken and even if the purchases were made due to misleading advertisements.
However, issuing banks are often hesitant to solve a claim in favor of the customer. They are careful to avoid “friendly fraud,” when a customer wants a chargeback even though they intend to keep the item. Visa and Mastercard have each changed the guidelines for such claims multiple times over the last several years to combat friendly fraud.
Anyone who has reversed charges on a credit card knows something about the chargeback process. Crypto users may wonder if the same fund recovery process is available to them. Can you get a bitcoin chargeback?
The answer is “Yes” and “No.” Transactions can’t be reversed on the blockchain the way they can with a credit card chargeback. Every blockchain transaction creates a block that is permanent.
However, a crypto chargeback is possible by way of analogy. The actual transaction can’t be reversed, but crypto exchanges and authorities can compel crypto scams to return money to their victims. In many cases, these crypto recovery cases are successful.
How does a victim of a crypto scam get a bitcoin chargeback? The process is more complex than with credit card chargebacks. Since credit cards and banks are subject to government regulation, they must follow a procedure and provide transparency in dispute resolution.
However, since most crypto companies aren’t regulated, at least not yet, the blockchain can seem like a Wild, Wild West without a sheriff. That means victims of bitcoin scams need professionals to launch a full investigation, create a report to bring to authorities, and act as an advocate to help clients on the road to crypto recovery.
We will first analyze your case to ensure that it meets the minimum standards for submitting a chargeback request. These standards are considerably higher than those for a fraud-based chargeback, since you agreed to the purchase. Once your case has been accepted by our team, we will work with you to prepare all of the supporting documentation and evidence that your bank will need to process your claim. We will guide you through this process until the bank makes its final decision. The process is very nuanced, and we provide the shoulder, knowledge and experience that is required. You have consumer protection rights, but the merchant will fight for his as well. Merchants work with professional companies to assist them with claims for chargebacks. Isn’t it time for individuals to have access to the same level of expertise as well?
JFD FORENSICS LLC. has cooperated with over 800 banks internationally on behalf of its clients. Our strategically-crafted arguments are presented in the language bankers understand. Our promise to you is this: We will invest 100% of our effort in your case and fight for you throughout the entire process.