Case Studies
Overcoming a Bank's Initial Skepticism
The Basis for the Dispute
This case is indicative of how early success can be used as a foundation for a complete victory. It also highlights the importance of beginning the fund recovery process as quickly as possible once you have determined you have lost money.
A.S. is a retired man living in South Africa seeking additional income from online investments. Unfortunately, he chose the wrong company to manage his funds. He saw a Facebook ad for what seemed to be a
promising opportunity and registered. Shortly thereafter he received the first of what would be numerous phone calls from an unregulated broker.
Following a series of high-pressure sales tactics, A.S.’ small initial investment quickly grew into deposits of thousands of dollars. In a matter of weeks, A.S. had “invested” approximately $10,000 from two separate credit cards, representing virtually his entire life savings. “He kept calling me, telling me that I can make more money if I put more money in,” he recounted. “All of a sudden, I saw my balance was zero on Friday night, and I realized something was wrong.”
To his credit, A.S. took decisive action. He decided that he was going to do whatever it took to get his money back. She contacted MyChargeBack seeking assistance.
Strategies and Tactics
After enlisting our services, his case was assigned to one of MyChargeBack’s senior recovery agents. The agent had his work cut out for him, as A.S.’s issuing bank was initially skeptical that he had a legitimate claim. Numerous phone calls punctuated long periods of deliberation by the bank.
The MyChargeBack Difference
MyChargeBack’s persistence paid off, however, as the original credit card’s charges were reversed. The initial chargeback soon became a complete victory when more significant charges on the second credit card were
reversed. It is critical to point out that given the relatively hostile nature of his bank, the successful conclusion of the case ultimately rested on two factors:
- The professionalism of the MyChargeBack recovery agent who was responsible for the case. The agent built a relationship with the banker, which was crucial in forging trust and partnership focused on helping the client.
- The quick action by A.S. in finding us and beginning the recovery process. A slight delay could have hurt his ability to recover funds.
A.S.’s Impressions
Regarding professional assistance:
“I was not familiar with the process, so I don’t know if my bank would have understood my issue correctly and how much I would have struggled.”
Regarding trust:
“In a situation like that, you don’t trust anybody, but for some reason I trusted you, and trust played a major role in this whole process.”
The bottom line according to A.S.:
“I have already highly recommended MyChargeBack to others in South Africa.”
“I was not familiar with the process, so I don’t know if my bank would have understood my issue correctly and how much I would have struggled.”
Regarding trust:
“In a situation like that, you don’t trust anybody, but for some reason I trusted you, and trust played a major role in this whole process.”
The bottom line according to A.S.:
“I have already highly recommended MyChargeBack to others in South Africa.”
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In a Nutshell
- The case involved a loss of $10,000 from two credit cards to an unregulated online investment scheme
- MyChargeBack created the required paperwork and made the necessary bank calls
- The client’s quick action combined with MyChargeBack’s professionalism led to a recovery of all the lost funds
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