You may have heard the expression “bitcoin chargeback.” It’s actually kind of a misnomer because transactions on the blockchain can’t be reversed like credit card charges. However, bitcoin chargeback is discussed as a form of fund recovery.
Anyone who has lost money to crypto scams wants to find the best way to track down and recover their funds. There are a number of operations out there that promise bitcoin chargeback success, but many of these turn out to be as fraudulent as the bitcoin scams that stole clients’ money in the first place.
So how can you get your money back from bitcoin scams? What’s a reliable form of fund recovery? First, it’s important to understand what people really mean when they talk about bitcoin chargeback and crypto recovery.
A bitcoin chargeback, as discussed above, doesn’t exactly reflect what goes on with crypto recovery. However, the term is frequently used and should be addressed.
The reason bitcoin chargeback became an expression is that people associate it with other forms of fund recovery, such as credit card chargebacks. If you’ve ever noticed unauthorized charges on your credit card and managed to prove that you didn’t make them, the issuing bank will reverse the charges. This seems simple enough and it usually is.
Fund recovery on the blockchain is more complex than credit card chargebacks. Not only does the blockchain keep every transaction as a permanent record, but it’s also hard to know who exactly is making the transactions. This is a double whammy that can make crypto recovery elusive to all but seasoned professionals such as AML CBB.
When we talk about bitcoin chargebacks, we don’t mean the transactions are reversed, as with a credit card. Any refunds from bitcoin charges must be done through a separate transaction. So although it isn’t a chargeback in the strict sense of the term, crypto recovery is possible through a detailed procedure using bitcoin forensics and advanced technology.
There are many variables involved in all types of fund recovery. We can’t give a tangible number or percentage to predict the success of bitcoin chargeback, but we can advise our clients about what will increase the chances of crypto recovery.
Starting Out with Enough Information
The fuller the picture our clients can provide the more effective our crypto investigation is likely to be.
How Soon the Claim Was Initiated
Money laundering happens fast on the blockchain. Getting started with AML CBB quickly can improve our chances.
Level of Crypto Scam Activity
Crypto scams are more active and have been around longer leaving patterns that allow us to track them down more easily. We often find information in our databases that matches patterns we see in client claims.
Crypto Investigation Report
Approaching the authorities with a detailed crypto investigation report and forms ready to go can give them the leads they need to get started on fund recovery immediately.
Before getting started with crypto recovery, it’s important to become familiar with the process.
Information Gathering
The process of bitcoin chargeback begins with the client providing information to AML CBB. This goes beyond names and dates but should include documentation, including transaction confirmations and records, copies of the bitcoin scam website, and any communications you may have had with the people who ran the crypto scam, including WhatsApp messages and emails.
Consulting with AML CBB
Once you have all of the information gathered, present it to AML CBB professionals. We can use this data as a starting point for our crypto investigations. We may ask you for more information as the process moves forward. During the consultation, we will ask you questions that will help us get a better understanding of what occurred and how best to approach the bitcoin chargeback process.
Investigation and Reporting
After we have gathered the information and consulted with our clients, we launch a thorough investigation into our clients’ dealings with the crypto scam. This begins with the first transaction from the client’s bitcoin wallet, traces the path of transactions through intermediate wallets, and ends with the exchange where the money was cashed out.
Through our advanced, proprietary software and bitcoin forensics, we can find out identifying information about the people behind bitcoin scams, including names, addresses, intermediaries, and accomplices.
Strategy for Fund Recovery
Once we have completed the investigation, we create a crypto investigation report that maps out the whole process and the series of transactions. Our clients then present these reports to law enforcement and with the information, can encourage the authorities to get started with fund recovery.
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AML CBB provides free consultations. Chargeback and other fund recovery programs contracted thereafter are subject to retainers, fees and/or commissions depending on the individual case history and the type of service selected. AML CBB does not offer any financial investments or advice. AML CBB is an associate member of the British Bankers Association (BBA) and the Financial Services Complaints Ltd of Australia, FP Canada, Central Bank of Bahrain, Central Bank of Kuwait, Dubai Financial Services Authoritity. AML CBB LLP does not provide services to residents of Iran, Iraq, Israel. AML CBB regards phishing and spoofing attempts against our clients very seriously. We advise you to verify that the email you receive from AML CBB is indeed sent from aml-cbb.com. If you are sent any type of communication carrying our name that looks suspicious, please forward a copy to us at support@aml-cbb.com .
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