There is no doubt that the number of fund recovery claims has increased dramatically in the past few years. According to the 2021 Chargeback Field report, there was a 21% increase in criminal fraud activity as well as a rise in the number of complaints and fund recovery requests. However, not all of those who file complaints and request fund recovery services understand from the outset how the claims process works.
Being informed of the fund recovery claims process is an important first step to retrieving funds. Understanding the process aids in the preparation and can help customers form strategies to increase the chances of getting their funds back. One essential step is to use fund recovery services provided by a reliable financial services company.
FundRecovery UK will prepare your case and be your advocate. Our professionals have expertise and strategies that will improve your chances of getting your funds back. We consult with clients, assist them with intelligence reports and negotiate with banks and other institutions. Ask us about chargebacks, wire recalls intelligence reports, and crypto recovery.
Understanding the Different Types of Fund Recovery
The approach to fund recovery depends on how the funds were paid in the initial transaction. If the customer paid for an item with a credit card, they will need to file a chargeback request with the bank that issued the credit card.
Wire recalls involve the reversal of bank transactions or failing that, filing a report with a bank that will encourage them to freeze funds of a suspected fraudulent party. Crypto recovery is the process of trying to discover the identity of the people behind blockchain transactions and to recover funds.
A reliable financial company, such as Fund Recovery UK provides all of these fund recovery services and is prepared to assist clients with several types of claims processes. What may seem like an issue of recalling bank transfers or credit card chargebacks might develop into hunting down transactions on the blockchain.
In cases of fraud, cybercriminals may be laundering client funds through other venues. Therefore, it is essential to be prepared by having a thorough knowledge of several types of fund recovery claims processes.
The Chargeback Claims Process
The credit card chargeback claims process begins with the customer filing a claim with the issuing bank. All issuing banks have procedures on how this is done, and the rules of banks may vary. Therefore, the first step is to visit the website and become familiar with the rules that may govern the chargeback claims process of specific credit cards and their issuing banks.
The first question the issuing bank is likely to ask the claimant is if they have contacted the other party first and asked for a reversal of charges on the credit card. Many banks will not take a case until this has been done, especially since banks are overwhelmed with an increasing number of chargeback claims.
It is only fair that the merchant or broker was asked to reverse charges and was given the option of doing so before a formal complaint is filed. Many merchants will agree to this because it is in their interest to keep customers happy and avoid negative reviews.
However, increasingly merchants are pushing back against chargeback claims given the incidence of friendly fraud and bad faith chargeback requests on behalf of customers who want to keep the item and get their money back.
Customers who file a chargeback claim should be clear about which category their claim falls under. A claim filed under the wrong heading may be rejected immediately, so paying attention to the definition of categories is vital.
For many issuing banks, the definition of ‘fraud’ is limited to only unauthorised charges. This means that if you feel a broker or merchant is fraudulent but if you intended to pay them and the charge was authorised, it is in the category of ‘dispute’ rather than ‘fraud.’
If charges are proven to have been unauthorised it can be easier to win the fund recovery claims process. However, a dispute involves several steps. The customer presents their case and the issuing bank will send it to the merchant’s bank.
The merchant has a certain amount of time to respond to the claim. The issuing bank then acts as a judge and decides between the customer and the merchant and either approves the chargeback or rejects the claim.
The Wire Recall Claims Process
A wire recall is like a chargeback but it is related to bank transfers. The window during which a wire recall happens is a very short period of time. Once a bank transfer is completed it can’t be recalled but the customer has to ask the merchant for a refund.
The bank is usually less likely to intervene in a dispute between a customer and the merchant in the case of a wire recall than a chargeback. In some cases, the customer can persuade the bank that the other party is suspected of fraud and the funds in the transaction should be frozen while an investigation is going on. To accomplish this, a customer needs evidence, an intelligence report, and the backing of a third party.
Crypto recovery can be challenging since transactions on the blockchains are anonymous, but that is where the experience of financial service professionals come into play. It is hard if not impossible to recover funds from the blockchain without the assistance of experts who can detect patterns and can unmask the identities of people behind transactions.
How to Improve Your Chances of Fund Recovery Success
The keys to success in fund recovery are understanding the claims process and working with fund recovery experts. Consult with Fund Recovery UK if you are trying to retrieve your funds. Talk to us and we will map out a strategy with effective tools and methods for fund recovery. Our professionals have a strong working relationship with banks and regulators and understand how to make a claim persuasive and successful.