The internet has opened up many new ways of doing business, and that includes trading in binary options and forex. If you’re looking to make money in this way, chances are you’ll be using a broker. For the most part, brokers are genuine and trustworthy. But sadly there are some unscrupulous operators whose only intention is to separate you from your hard-earned cash.
If you’ve been swindled when trading online, you may think that your money is gone forever. But think again. There are professional chargeback companies out there that can advise you on how to get money back from scammers. So read on to learn more.
The Different Types Of Online Scams
The list of online scams is almost endless, but some of the more common frauds include:
- Ponzi schemes, offering huge returns on forex deals
- Phony investment management firms who take your money and run
- Crooked brokers that take unauthorized fees or commissions from your account
- Rogue software that purports to advise you, but is actually used for phishing, identity theft, or recommends losing trades
Binary options trading sites that refuse to transfer credits
Common Tactics Used By Scammers
Some scammers are relatively easy to spot, but others are more convincing and sophisticated. Here are some of the most common tactics they use:
- An irresistible opening offer, often exhorting you to act now or miss out
- Making a copy of a reputable company’s website, and tricking you into thinking that you’re working with a bona fide operator
- Targeting new and inexperienced traders
- Claiming to be something they’re not (like falsely saying they’re regulated)
- Making it very difficult or almost impossible for you to withdraw funds, in the hope that you might just give up in exasperation
- Fraudulently taking funds from your account with no authorization
Some bogus brokers appear so genuine that it’s hard not to get sucked in. But trust your instincts: if something doesn’t feel right, it generally isn’t. And in cases where you’ve had a bad experience, remember that experts can advise you on how to get money back after being scammed online.
How To Get Money Back After Being Scammed Online
If you’ve been ripped off, how easy is it to get money back from a scammer? The answer is: “it depends.” In some situations, you might be surprised at how simple the process is. For a rogue charge on your credit card, for example, you can make a claim to your bank for an unauthorized transaction.
However, other cases may prove to be more drawn-out, difficult, or even impossible to resolve, for example, if you used a wire service like Moneygram, PayPoint, or Western Union. For more complicated scenarios, your best bet is to use a professional funds recovery service.
The Process Of Funds Recovery
Companies involved in funds recovery typically have staff with long experience of working in the binary options, forex, legal or banking professions. To help recover your funds, they’ll need copies of any relevant correspondence, confirmation of financial transactions, and details of the broker’s offer and website.
Some unscrupulous brokers are like bullies: they intimidate private individuals, but back down when confronted by expert professionals. Often, the simple threat of legal action is enough to shame the guilty party into action. In other cases, formal legal action may be required. The best funds recovery firms will only commence litigation where there’s a strong case, and only charge a fee in the event of a successful outcome.
The Process Of Funds Recovery
It’s a sad fact that some of the companies that promise to get your money back are in fact scammers themselves! So, how can you ensure that you choose a trustworthy company to help recover your money, instead of falling for another scam? Here are a few pointers:
- Try word of mouth: ask your friends and family for advice, or failing that, look at recommendations online from a trusted source (check if the company is on Linked-In, for example)
- Always make sure the company has a safe, secure, and well-designed website, with a physical address and phone numbers
- Watch out for extravagant and unrealistic claims (no chargeback company can ever make a 100% promise of success!)
- Speak to a named person in the company, ask them some tough questions (about contracts and fees), then form your own view on their credentials.
If you’ve been a victim of cybercrime when trading binary options or forex, it’s reassuring to learn that there are expert companies who can show you how to get money back. However, prevention is far better than cure, and the best way to avoid being ripped off is to take more care in the first place. Never forget the old adage that if something looks too good to be true, it generally is! But also never forget that if you’ve been scammed online by the bad guys, there are good guys out there who can show you how to get your money back.