Case Study: How Emma Recovered Funds from Chargeback Scam

Emma Clarke, an aspirational entrepreneur, started a bakery to serve delicious cakes and cookies in her town. She was approached by an agent representing a payment gateway who promised to assist with checkouts and help her organize her paywall across all mediums. The agent highlighted the minimal 1% charge on transactions and convinced her to take their free demo services for a week and decide if she wanted to take their services longer. 

Emma, being a new business owner, took their free sample service without conducting any thorough checks or inquiries about the credibility of the platform or agent. Daily, she processes certain transactions through the platform and receives complete transparency and support from the payment gateway system. 

After the successful testing of a week, she adopted that platform as her primary payment-receiving and order-processing platform.

Uncovering the Scam 

In a month, she made a revenue of around $18,500. At the end of the month, when she tried withdrawing her funds, she faced some technical problems. The software demanded additional processing, withdrawing fees apart from the transaction fee it had already charged her. When she looked into the statements, she realized that the platform had charged 10% on every transaction and that too two times each for every transaction. 

Upon further investigation, she analyzed that she was being wrongfully charged with all these vague processing and transaction fees, but still decided to pay an additional $1000 in order to withdraw her available funds to pay off the expenses.

When she tried to withdraw the remaining 80% of her funds after paying the withdrawal fees, the platform disappeared from the web and the agent was nowhere to be found. She panicked after realizing that she had been a victim of a chargeback scam, she then started looking for someone to help with the situation. From her research she contacted First Funds Recovery and requested their expertise in order to recover her funds. 

First Funds Recovery to the Rescue

First Funds Recovery took the case and immediately began to investigate the facts and gather evidence for further steps. In this type of scam, it is necessary to act fast, as time passes, it gets harder and harder to recover the funds. 

Compiling Evidence 

First Funds Recovery identified the irrational charges deducted from her account and prepared the memorandum statement reflecting the actual charges that should have ideally been deducted from her in the first place. They used their effective techniques of extensive blockchain analysis and digital forensics to track her money as it moved through several banking channels. 

Collaborating with Financial Authorities

FFR is associated with the financial regulators and the respective banks to bring the above transactions to their notice. They initiated legal actions against the fraudulent agent and platform and the appropriate authorities began tracing the included entities.

Efforts to recover Funds 

Using their expertise in cyber security, association with concerned authorities, and constant efforts, FFR was able to recover and withdraw $16,000 of Emma’s hard-earned money.  Working closely with the banks, FFR tried and reversed the transactions where possible. Emma went over the moon when she received the good news.

Educating Emma on Fraud Prevention

Apart from recovering Emma’s funds, she was also given training on identifying fraudulent platforms, lessons for cyber security, fraud prevention, and agents’ background checks, etc for the future course in business.

Key Learnings 

• Verify Payment Processors 

Always research financial services thoroughly. Check reviews, verify compliance, and investigate complaints.

• Identify Red Flags

Be cautious of platforms with excessive fees, lack of transparency, or any other strange activity.

• Seek Professional Assistance

If scammed, consult recovery experts like First Funds Recovery (FFR) to improve your chances of retrieving funds.

Why Choose First Funds Recovery 

At First Funds Recovery, scam victims are helped in the process of reclaiming their money. There are experienced financial and cyber security professionals who ensure to recover your funds whenever possible and Emma’s experience highlights the importance of vigilance in financial transactions and the value of professional support when things go wrong.

Do not worry if you have been a victim of a chargeback scam, contact First Funds Recovery and make sure to safeguard your funds.