Have you been scammed by forex and binary options companies? it’s not your fault.

By Alan Tepfer, Vice President of Client Strategies and Fund Recovery at MyChargeBack

If you’ve been the victim of a scammer, it’s normal to wonder how it happened. In this situation, people often ask themselves if they are extremely gullible or naïve.

We’ve talked to many people who have fallen into the scammer’s trap, especially with scams involving forex, binary options, and contracts for difference (CFD), and we can state definitively that it isn’t your fault. There is no one socio-economic or demographic group that dominates among scam victims. Rather, they are fairly evenly distributed across all groups, and even professors, lawyers, and engineers can get scammed.

In That Case, Who Bears the Responsibility?

It’s the scammers, people who steal for a living, who are to blame. Scammers excel at gaining their target’s trust and manipulating their victims into going for the bait. Even if a target seems reluctant, scammers know how to push them until they agree to go ahead with the scam.

Scammers have a lot to gain, so they don’t let up. If the target shows a willingness to pick up the phone, the scammer will call until the deal is done.

What Can a Scam Victim Do?

The idea that scam victims are helpless is wrong. Scam victims do have options.

So many people have been scammed that if enough victims decided to fight back, they could force the scammer to pay up. In fact, they might even be able to force the scammer to shut down operations.

How can this be done? Scam victims who used their debit or credit card for payment can ask their bank to open a chargeback request, which is a request to your bank to retroactively cancel payments to the forex exchange scammers. This process is often far from simple. Not all banks are familiar with the rights of scam victims, and your bank may believe at first that the scammer’s business is a legitimate investment platform. In such a case, the bank would not be responsible for reimbursing you just because you made a bad investment.

But binary options, forex, and CFD scams do not actually involve investments since there is no trading. The whole thing is phony from start to finish.

If you’ve lost money to scammers, fund recovery services like MyChargeBack can help you to persuade your bank to initiate a dispute against those who scammed you. We assist you in putting together the evidence and help you to speak to your bank’s dispute department. We know the rules and regulations and we can speak the same language as your bank.

And just think: every scam victim who decides to fight back is helping other people to avoid the same trap by bringing the criminals to justice. For a bank, handling chargeback requests is a time-consuming business. This means that if more such requests were filed and won against the scammers, their businesses would become a greater burden for their banks. The result would ultimately be to force the scammers to shut down.