But with success comes attention, and unfortunately, this also means that Action Refund has become a target of impersonation scams. Scammers are using the internet to pretend to be affiliated with Action Refund and scam customers out of their personal and financial information. Consumers need to be aware of these scams and protect themselves from becoming victims.

It has come to our attention that fraudsters are impersonating our company using proton.me email address. They get in touch with scam victims, claiming to be Action Refund employees who can assist those needing to recover their funds. They go as far as taking our logo and an official address, adding it all to a fictitious contract. Both parties then sign this contract, and unsuspecting victims agree to pay a starting fee. Of course, this commission is never used for any legal expense but to fund scammers’ pockets.

It’s important to note that our company has never used proton.me services, nor do we have any official email addresses with this vendor. Therefore, we’re not associated with any content you receive from said address and cannot be held responsible.

How To Protect Yourself From Fake Action Refund Officers?

Recently, we’ve received lots of information from clients claiming that Action Refund took their money and never returned their calls. Knowing that it’s not our business policy, we started investigating the matter. Those who fell victim to unscrupulous fraud sent us contracts allegedly signed by our officers. Yet, none of the names can be found in our database of employees. Furthermore, we would never jeopardize our good standing for a couple of thousands of dollars.

So how can you tell if someone claiming to be from Action Refund is the real deal? The answer is simple: Action Refund will never ask for sensitive information through unsolicited channels. If someone contacts you claiming to be from Action Refund and asks for personal or financial information, it is a scam. Always be cautious and verify the legitimacy of the person or company before providing any sensitive information.

If an Action Refund officer approaches you out of the blue without previous contact or your application for our services, we urge you to be careful. Confirm their identity, ask a couple of questions related to your case, and ensure you speak to the right person. In case you have any suspicions, you can contact us through our website or any of the phone numbers and confirm that you’re speaking to the actual employee. If so, you can start your business.

In conclusion, the success of Action Refund is a testament to the company’s commitment to providing exceptional claims management services to its customers. But with success comes the responsibility to educate and protect consumers from impersonation scams. Remember, if it sounds too good to be true, it probably is. Stay vigilant and always verify the legitimacy of any unsolicited contacts before providing any sensitive information.”

Recently valued at $32 billion, the crypto exchange FTX was the third biggest exchange in the world before it became insolvent and filed for chapter 11 bankruptcy. In short, FTX gambled with its own users’ funds and lost, and on November 11, 2022, FTX halted withdrawals for all users.

In spite of this, there are both confirmed outflows on the blockchain and reports from users of finding workarounds to get their funds out of FTX. Let’s take a look at a few of these and see whether they’re still viable.

TRON Workaround

On November 10, FTX announced a Tron Token credit facility to allow users to withdraw any TRON-based tokens that they hold on the exchange:

“We are pleased to announce that we have reached an agreement with Tron to establish a special feature that allows TRX, BTT, JST, SUN, and HT holders to exchange assets from FTX 1:1 to external wallets.”

This caused a spike in the price of TRON tokens on FTX, with TRX jumping from a low of $0.06 to a high of over $2.50 before settling around $0.30 at the time of writing.

TRX tokens on other exchanges (e.g., Binance) are trading at $0.05, which means even if you can exchange your funds on FTX for TRX and get them off the exchange, you’ll still be losing 83% of the value of your funds.

At the end of the day, losing 83% is still better than losing 100%, so this might be a viable option if it actually works. Given the fact that TRX has dropped from its high and is continuing to drop, it’s likely that this withdrawal method is no longer working.

Having said this, only $13,000,000 of assets were made available for this, with plans to add more tokens weekly at 14:00 UTC. It is likely that the initial $13,000,000 has already been used up, and it is possible that more TRON assets will be made available in the coming days. Neither FTX nor TRON founder Justin Sun has commented further at the time of writing, so we won’t hold our breath here.

Bahamas NFT Loophole

Zane Tackett, FTX’s former head of institutional sales, recently tweeted that residents in the Bahamas had a legal right to withdraw their funds:

“1) Per our Bahamian HQ’s regulation and regulators, we have begun to facilitate withdrawals of Bahamian funds. As such, you may have seen some withdrawals processed by FTX recently as we complied with the regulators.” – @tackettzane

Most FTX users are not based in the Bahamas, so they can’t take advantage of this situation.

However, there are reports of users in the Bahamas buying obscure NFTs, selling them to users on the FTX NFT marketplace for inflated prices, then withdrawing the funds locally and sending them (minus a percentage) to the users. This is a very high-risk strategy, as it involves making a deal with someone in a remote jurisdiction and trusting them to follow through on their end of the deal with likely zero recourse if they decide to run off with the money.

Are Your Funds Gone For Good?

All of these plans we mentioned are meaningless if you can’t act on them. At the time of writing, many FTX users were reporting that they couldn’t log into the site or application and are waiting for an ETA on when they will be able to have access again. In addition to this, the Bahamas Securities Commission has frozen FTX’s funds and suspended its registration.

It’s entirely possible that FTX doesn’t have enough funds to pay back all its depositors, even if we exclude the debts it holds from other third parties. FTX’s bankruptcy filing states that it estimates it has $10 billion – $50 billion of assets and $10 billion – $50 billion of liabilities, which is a very broad range, but these are simply the options for anyone filling out a bankruptcy form.

According to the Financial Times, FTX has $900 million in liquid assets (assets it can sell easily at face value) to $9 billion in liabilities. This lines up with the numbers that former FTX executive Tane Zackett posted on Twitter. He also includes an estimated extra $2 billion in “less liquid” assets (presumably, these can be sold slowly) and $3.2 billion in illiquid assets, which would sell for a massive discount in a bankruptcy/liquidation scenario like this.

Will Depositors Get Paid Out After Liquidation?

When a company goes out of business, all its assets are sold to pay off its debts. Typically, the company goes into liquidation because it doesn’t have enough money, which means some debtors will get paid, and many will get nothing. FTX users would be defined as “depositors” in this case, and normally they are at the front of the queue, but if there isn’t enough money to pay everyone back, then users will, at best, get a fraction of their funds back, “pennies on the dollar.”

There’s no guarantee this will get resolved quickly, either. The former Bitcoin exchange MtGox was hacked back in 2014, and users are only scheduled to be paid out in January 2023, nearly nine years after the incident.

Your best bet is to document the assets you have on your FTX account now (with a screenshot if you can still log in) and get in touch with your local authorities. At the time of writing, Tether had already frozen $46 million because of a request from law enforcement.

Our experts at Action Refund are available to help you with the process and will do all they can to help you recover your funds.

Types of Investment Claims

When it comes to investment claims, there are broadly two types: missold investment claims and other financial claims.

Missold investment claims arise when an investor has been misled about an investment, usually by their financial advisor. This could be through being given false information, sold unsuitable products, or pressured into making an investment decision. If you believe you have been missold an investment, you may be able to claim compensation.

Other financial claims include cases where an investor has lost money due to negligence or fraud on the part of their financial advisor or institution. For example, if your advisor recommended a high-risk investment that then lost value, you may be able to claim for the losses incurred. Similarly, if your bank or broker failed to carry out proper due diligence on an investment and it turned out to be worthless, you may also have a claim.

One of the most widespread missold investment claims nowadays concerns trading brokers. With the rising number of financial swindlers lurking potential investors into fraud, they had to find a way to convince potential financiers of their legitimacy. Therefore, they often misrepresent themselves as legit broker companies or licensed financial advisors.

How Are Missold Investment Claims Different Than Other Claims?

The main difference between missold investment claims and all other claims, such as pension or insurance claims, is that pension funds or insurance companies are typically domestic entities. They operate in your country and under local laws. Thus, pursuing justice in front of the relevant courts is relatively easy.

When it comes to investment claims, especially those involving online trading brokers, they’re mainly international. It’s necessary to determine under which jurisdiction the broker belongs and which court is relevant for the dispute resolution. Once determined, it’s necessary to get familiar with the laws of the country in question and file a claim in the proper manner.

Finally, when resolving other pension or insurance claims, funds are transferred to the solicitor, who pays their client after deducting the rewards. In case of missold investment claims resolved with Action Refund, victims are directly reimbursed.

Missold Investment Claim In the UK

Investment misselling occurs when an investment is sold to a customer without proper disclosure of the risks involved or when the product is not suitable for the customer’s needs. It is estimated that hundreds of thousands of people in the UK have been missold investments. Many of them are now looking to claim back their losses.

There are many different types of investments that can be missold, including but not limited to the following:

• Unit trusts
• Investment trusts
• Pension schemes
• Endowments
• Annuities
• Life insurance policies
• Derivatives
• Structured products.

According to the FCA report, over 47% of missold investment claims have been resolved successfully, and victims have been partially or fully reimbursed. Pursuing justice and finding the right recovery solution is halfway to the monetary recompensation. Therefore, it’s important to keep going.

Claim For Damages For Breaching the Rules of Financial Regulation in the EU

If you have been missold an investment product by a financial institution in the European Union, you may be able to claim damages for breaching the rules of financial regulation.

There are several types of financial claims that you can make against a financial institution in the EU, including misselling claims, breach of contract claims, and negligence claims.

A misselling claim is when you believe that you were misled about an investment product, and as a result, you suffered financial losses.

A breach of contract claim is when the financial institution breached the terms of your contract, and as a result, you suffered financial losses.

A negligence claim is when you believe that the financial institution was negligent in its duties to you, and as a result, you ended up with losses.

To claim damages for breaching the rules of financial regulation in the EU, you will need to prove that the financial institution breached its obligations to you and that, as a result, you suffered monetary losses.

Due to an increasing number of missold investments in the EU, this economic union introduced the MiFID II directive, obligating all the financial services providers to explain all the risks and be transparent with their investors.

In case you believe that your trading brokerage wasn’t transparent or that you’ve been dealing with a fraudulent institution, you can file a reimbursement claim.

How Can Action Refund Help With Missold Investment Claims?

Now that you understand the difference between missold investment claims and other types of claims, such as those related to mortgages or bank savings, let’s see how we can help.

First of all, we’re here to collect evidence related to the financial institution in question and the type of investment. If you’ve been dealing with an online brokerage, we must determine its regulatory status and legal jurisdiction.

Then, depending on the findings, we must start legal actions in front of the relevant authorities, most likely offshore. Since offshore financial regulations are not as stringent, we must create a detailed report about what happened and all the sides involved in the scheme.

Only then can we file a missold investment claim and ask for financial reimbursement. It’s a process that takes a lot of time and knowledge, financial and legal expertise. Finally, if everything goes accordingly, you as a customer are about to receive compensation.

Don’t hesitate to get in touch and share your story. We’ll evaluate your case during a free consultation and give you an honest estimate about the case. Contact us now.

Now, scam is much more advanced and has been transferred into the online world. Without seeing who’s on the other side of the phone or computer, you can only guess where your funds are and who’s holding them.

We’ll go deep into online trading scam organizations and their internal setup.

Who Are the Online Trading Scammers?

When thinking about scams, people are prone to believe their money was taken by someone sitting in their mother’s basement and dialing random numbers. That may have been the case back in the day, but today, online trading scammers are large organizations. These companies have hundreds of employees specifically trained to deceive their victims and take their hard-earned money.

They’re sitting in large business towers, pretending to run legal operations. In fact, they’re recruiting new agents to enlarge their scam and scale it on a bigger level.

Most of these illicit businesses are officially registered offshore, in places like Saint Vincent and the Grenadines or the Marshall Islands. However, this is just a fictitious headquarters. In reality, their call centers are much closer, widespread mainly in Eastern Europe.

Countries like Bulgaria, Serbia, and Albania are known hubs for financial swindlers, providing them shelter. Each of those is registered as a marketing company or a call center when, in reality, their business is stealing money. If you notice an unfamiliar accent, it’s because the person calling you is not remotely close to your country, despite their well-thought story.

We’ve seen hundreds of raids by the German police and other authorities, trying to put an end to such scams. But when one call center shuts down, three others take their place.

How Are Online Trading Scammers Trained?

If you feel like a fool for trusting an online scammer, you should know that you’re not alone. These people are highly trained and practice their stories every day. And there’s nothing to blame yourself for.

Their pitch relies on learning the sales script, using phrases people like to hear. If you wonder how they know your deepest desires, it’s because people are not as unique as they like to think. We all want the same – financial freedom. Our goals differ, but the final count is the same – we need money. And that’s what scammers play on.

Each company has sales training, teaching people with no experience what to say and how to say it. Ultimately, it doesn’t matter what they said, but which emotion they evoked. How to move you and how to use your feelings against you. And that’s something that each and every person who calls you knows.

If you’ve watched Glengarry Glen Ross, you’re pretty familiar with the ABC rule. Always Be Closing.

Scammer Techniques

The first contact you have is with the welcome desk. Their job is to take the minimum deposit, usually $250. Typically, they’re quite aggressive, not allowing you to say no. They use words like “small amount, only $250” and describe profits in adjectives. According to them, every investor has a chance of earning millions. And it’s true. You do. But not with a fraudulent company.

Once they convince you to pay the initial sum, you will be in touch with a so-called account manager. These people pretend to be financial advisers, all with no valid license. While telling you all about assistance, help, and increasing your chances of success, their final idea is extorting as much money as possible. Some of the most common techniques include:

• Showing you fake results of their alleged clients to evoke trust
• Mirroring – sympathizing with you and sharing your life story
• Asking a lot of personal questions that will be used against you
• Using the right phrases at the right time
• Blaming you for losses and creating psychological pressure.

Sometimes, they can help you make a small profit and allow you to withdraw to earn your trust. They will stop responding when you transfer a more significant amount of money. Besides the human side, they have several techniques designated to create fake urgency.

• Margin call – threatening you to lose everything unless you deposit more
• An immense trading opportunity that you cannot miss
• Asking you to pay high taxes and withdrawal-related fees.

No matter what you do, whether you pay or not, you will never see a penny back.

How To Avoid Falling a Victim?

Now that you understand that you can be defrauded at any time and that these people belong to wide-reaching companies, you should know how to protect yourself.

First and foremost, don’t register for their ads. If an offer sounds too good to be true, e.g., promising you thousands of dollars in a few hours, skip it. Better safe than sorry.

If you’re in contact with a brokerage, check their regulatory status. Regardless of the telltale, ask questions. Ask employees about their regulatory number, country of origin, and more. And always verify what you hear.

Avoid depositing during the first call. Take your time for due diligence. Even if they try to urge you to deposit since you’re missing out on profits, this time can save you a greater loss.

Finally, if you are already defrauded, report it immediately! Don’t settle. Don’t let anyone take what’s rightfully yours. Fight back and Action Refund will fight for you. We’re offering our vast experience and in-depth knowledge. Get in touch now!

Chargeback vs Section 75

A chargeback is not enshrined in law but is part of Scheme Rules.

Debit Card – It applies to all debit card goods, although exact rules may vary between the Visa, Maestro, and American Express networks.

Credit Card – Chargeback is particularly useful where the cost of the goods or services was under £100 while Section 75 doesn’t apply. For all credit card transactions over £100, you also have rights under Section 75 of the Consumer Credit Act.

When can chargeback be used?

A chargeback applies in cases of goods not arriving at all, damaged, different from the description, or where the merchant has ceased trading. If you ordered two items and only one arrived, ask for the money based on the item you didn’t receive.

But you can’t claim back the cost of fixing a faulty item. Chargeback doesn’t mean there is a joint liability on the card company. You should address claims to the bank that provides your debit or credit card.

What could be the outcome?

As a result, you could recover funds from the merchant’s bank if it’s possible. But, there are no guarantees your bank will recover the money through chargeback.

The trader could argue that you’re in breach of contract for not paying. We advise our readers to use caution whenever seeking online services/products.

Is there another option?

Yes, anyone could turn to various licensed recovery companies online. These companies specialize in the chargeback field and might save precious time dealing with the bureaucracy.

Contact The Company In Question

Many fraudulent websites use a domain name that references a well-known brand or product name – it is typically fake.Remember – be cautious of domains that end in .net/.org, as they are used rarely for online purchasing.

Unrealistic offer

When you see low prices with ridiculous discounts, you should be a bit suspicious. When costs seem too good to be true then, sadly, they’re probably fraudulent.Scam websites use low prices to lure users to purchase fake, faulty services, or non-existent items.

Always question bank transfer

Alarm bells should ring if a user is required to pay for something online via a bank transfer.Any product that turns out fake or non-existent purchased with credit/debit is optional for a chargeback.But if you pay by bank transfer, there’s very little you can do to get your money back

Browse the website

Take a couple of minutes to double-check the site. Maybe visit the homepage or the ‘About us’ pages and read the text there. Watch out for poor English, such as spelling and grammar mistakes, or phrases that don’t sound correct. It could mean the site isn’t genuine and promoted by someone abroad looking to make a quick profit.

Refund policy

If the company is selling a product online, it should have a refund policy listed on its website. If it’s a real company, it should tell you how and where to receive a refund.

Examine online reviews

Look at reviews across several sources, such as Trustpilot, or Sitejabber, which aggregate customer reviews. Avoid checking just one review website – check several to avoid being influenced by them.

Conclusion

Use the methods specified above in order to stay safe.

We hope this information will come in handy so that users avoid getting scammed.

Types of government business regulations

While there are many highly specialized types of government regulation on businesses worldwide. Few broad categories apply across most areas of business.

Government regulation on marketing and advertising: Every business must comply with truth-in-advertising laws regulations.

Privacy regulation: Privacy laws prevent businesses from disclosing private or sensitive information freely.

Contact Your Bank Or the Card Issuer

Governments set many business regulations in place to protect the trader rights online. These regulations hold corporations accountable for the amount of power they have.

Does government regulation help businesses?

Opinions are varied on how much and what kind of regulations either help or hinder businesses. Certainly, many firms prosper while others can suffer as a result of complex regulations and codes. Consumers can claim the same dual results. Regardless, businesses held on the same standard compliance to rules & regulations meant to protect safety and fairness. So it’s wise for compliance officers, legal practitioners, and savvy business owners and stakeholders to stay abreast of applicable regulations and the steps they must take to remain in compliance.

Other benefits

Government intervention in business affairs keeps consumers from many dangers. Regulations allow consumers to shop online with a measure of trust for the safety of products and services. Although there are still incidents of dangerous products sold to consumers, government regulators act quickly to remove threats from the marketplace.

In conclusion

Any user who seeks to hire/purchase products of various companies services online – should reassure it has regulations.

Without them – users may find themselves victims of financial fraud.

Our advice for the readers, try to use extra caution whenever trading anything online.

Simply put, if you have enough time and knowledge, you can file a dispute for a chargeback yourself and try to get a refund. This way, you’ll be involved in the entire process, and it will cost you nothing.

Due to the complexity of the process, this path may not be for everyone. We will cover the entire procedure step by step.

Contact The Company In Question

Most banks will require you to submit proof that you have tried contacting the company in question, and they haven’t responded or refused to refund your money.

That’s why the first step would be written communication. Send an email to the firm requesting your funds back. Then give them the usual 15 days to respond.

If nothing happens, you can contact your bank. On the other hand, if they reply and refuse to refund you, you can contact your bank even before the 15 day deadline expires.

Make sure to include all communication with the trading firm in the file

Contact Your Bank Or the Card Issuer

As you can guess, the next step would be contacting your bank or the card issuer. Explain the situation and ensure to include all the evidence you possess, including the communication with the company.

Before submitting a dispute, make sure that you’re acting within the deadline. Usually, you have 120 days since the fraudulent transaction occurred. Exceptionally, this can be extended to up to 540 days, so make sure to check all the requirements and see if your case can be overviewed under special circumstances.

Once you submit everything, your bank or card provider will contact the merchant and allow counter-dispute. The business in question then may provide evidence about transactions’ legitimacy, so be prepared for it.

What Evidence Do I Need For A Claim?

You should file with your bank or the card issuer any evidence you possess. Explain each piece of evidence and why you believe the transaction was fraudulent. Make sure to include the name of the company, the date when the transaction occurred, and the amount. Also, if you have any kind of receipt or payment confirmation, add it to the claim.

Finally, don’t forget to include all written communication with the company, including your refund request.

Once you submit everything, the bank may take some time to review the claim and confirm its legitimacy

What Happens If The Bank Refuses My Request?

Sometimes, the bank or the card issuer may refuse your request. This often happens if the merchant submits sufficient evidence in the counter-dispute or if you haven’t provided enough evidence yourself.

In this case, your options are quite limited. You can write a formal complaint letter and ask the bank to review the case again. This time, include all the relevant documentation and point out why you think you should win the case.

If the chargeback is rejected in the second review, your only option is to go to an attorney. You should consider that this may be more expensive than hiring a representative in the first place.

Most Common Problems With DIY Chargeback Claims

As you can tell, filing a dispute requires sufficient evidence and ensuring that counter-claim won’t be accepted. That’s why it’s essential to know crucial information your bank will focus on.

Besides, you need to know everything about deadlines, special circumstances, and more. Sometimes, the paperwork can be overwhelming, especially knowing that you have one chance to file a dispute.

You should be aware that you can suffer adverse consequences if the bank determines that your request hasn’t been legitimate.

Can I Get Help With My Case?

Generally, people find chargeback procedures lengthy and complicated. For that reason, many give up on pursuing justice and recovering their funds. Embarrassment, stress, and vulnerability are just some factors affecting someone’s decision not to proceed on their own.

You should be aware that you’re not alone. If you feel uncomfortable starting the process yourself or simply need guidance and assistance, you can get in touch with Action Refund.

Our team of chargeback specialists has vast experience and knowledge and is prepared to help and increase your chances of a successful outcome. Get in touch and give us as many details. We’re here to help.