MyChargeBack.com is a US-based company that offers legal and regulatory assistance in recovering losses from those scammed by binary options brokers. The company explains that while an individual could attempt this on their own, there is one opportunity to filling a chargeback and if that is lost so are the funds. They also note that often your bank or financial institution is not helpful and may not take all the steps to recovering your money.
The company guides victims of fraud by binary options brokers by helping them to present their case and how to present it with the optimal chance of recovery. The fact that the company’s website has most of its content related to binary options and forex brokers illustrates the rampant fraud among brokers. Most of the offending brokers are unregulated and have no procedures or standards that they need to follow. The banks and the payment providers are the only authority in this case that can set things right.
A service like this will be helpful to the industry in the long run since it will clean up payment providers relationships to the brokers. Chargebacks are the most sensitive issue for these providers, and if their clients are a certain threshold, they will be forced to terminate the contract with the broker.
The payment processor and the ability to offer credit card funding is the lifeblood of most brokers. An increase in the number of successful chargebacks will most likely lead to stricter standards for forex brokers moving forward. It will also lead to payment processors listing unregulated brokers in a high-risk category and probably reject many of these brokers. It is great that there is finally a service that can assist victims of fraud and get results.