MyChargeBack Cracks down on Boiler Room Fraud with a Twist

Jane Walsh
Sep 21, 2017 · 9 min read

Having disputed over $1 million worth of claims to date and with a growing workload accommodating a 50%‒70% month-to-month caseload, MyChargeBack has decided to tackle boiler room fraud by encouraging victims to come forth and take back what’s rightfully theirs and by providing investors with self-defence tactics to fight off the crooks.

NEW YORK, SEPTEMBER 5, 2017 /NEW YORK PR/ — Victims of investment fraud are often labelled stupid or greedy. Out of shame, many keep it a secret. The truth of the matter is that these boiler room fraudsters are organised, and masters in the art of manipulation and persuasion, targeting people who have invested in the past and been successful. Why? Because of course, if you succeeded before why not this time? Hence, the victim’s decisions are not as irrational as we might assume. And unless you have had a heads-up or been made aware of what to look for, it is very difficult to determine a real deal from one concocted by fraudsters.

MyChargeBack — Get your money back

It is too easy to write off the victims of boiler room fraud as gullible, mindless idiots who deserve what they got. To the contrary, most are very intelligent people. Many have degrees or work in professional fields, and are ashamed by the fact they have become a victim of fraud.

Those behind this type of crime typically operate from overseas locations, phoning potential victims and offering them investment opportunities with very exciting returns. They use high- pressure tactics, make outrageous promises of extraordinarily high profit at little or no risk, demand for an immediate decision, are reluctant to provide information about the sales firm or the investment, talk about secret insider information, and have unusual arrangements for collecting funds from investors. These are some of the tactics they use to get you to part with your money. Any of these methods should raise red flags. Prior to parting with your money, do the research, talk to someone you know, a qualified entity or even the police to verify that the opportunity on offer is in fact legitimate.

The victims, like anyone else, are tempted to invest by the suggestion of large profits from small initial investments. And usually, based on their own past experience when they invested successfully, they judge the product on offer by the conmen, as appearing to be perfectly legitimate.

The key to understanding how people become victims of this form of fraud can often be found in their past investment history. More often than not, you will find that they have invested successfully in similar opportunities and these early investments provided good returns and were legitimate. Hence it isn’t out of lack of knowledge or experience that they become victims; but actually, it is their past experience that, having been successful, helps push them into the trap.

Again, what are some of the tactics to look out for, to help you detect boiler room fraud?

1. Small commitments right from the start

Fraudster crave on human nature. We are creatures of habit. We have a sense of pride and greed that can cloud our judgement. So, what do they do? They target human nature and it places them in the seat of control. They do this by getting you to commit to the smallest things. “What I’m about to say to you is very important. Write this down right now.” The second you start doing what they tell you to do, they’ve got you under their control.

2. Putting you in “YES” mode

Right from the start, they will get you to say “yes”. This can be done with a seemingly innocent question like: “If you could turn 1000 dollars into a million would you, do it?” The second you get into the “Yes” mode, then it becomes increasingly difficult to start saying “no”.

3. Demand for an immediate decision

They will pressure you into making a decision right there and then, without giving you the time you would like, to think about it. When they know, you’re hooked and you want it, the last thing they want is for you to go away and cool yourself down. They will pressure you in the heat of the moment, to say ‘YES”. And then they get you to part with your money. They will make you feel like an idiot, if you don’t follow through with what you have just agreed. Like you’re not a man of your word if you change your mind. This is the pride factor they’re targeting.

What you can do, if contacted by a boiler room.

1. Hang up!

The best thing to protect yourself at all costs, is to hang up. End it right there.

2. Beware of the “Special Deal” just for you

There is no special deal just for you. These fraudsters are phoning potential victims by the hundreds offering these “special deals” just for you. They don’t know you from nowhere and you don’t know them from nowhere. Why would you be the chosen one for that “special deal”?

3. Don’t be fooled by credibility titles

Don’t be impressed by a fraudster’s title. The “senior vice president” on the telephone line is probably no one other than a con artist or an employee of a boiler room setup, with no relevant background, talking you into a scam. Titles are easily handed out to salespeople without any relationship to their actual work experience. But it creates credibility and brings your guard down.

4. Do not make an immediate decision

Get written information first about the firm, the salesperson and the investment. Ask the salesperson to provide any promises or claims in writing. Always feel free to seek independent advice about potential investments from a trusted professional (lawyer, accountant or broker).

5. Check if the business exists and if the person you are talking to exists

Contact the relevant government body of your country to verify the information given to you. Find out if the salesperson and firm are registered to do business. Beware of “Clone Firms”! Many bogus trading and brokerage firms will use the name, ‘firm registration number’ (FRN) and address of firms and individuals who are FCA authorised. What they do is change the number to theirs for example. What you can do to double check is ask them for their firm reference number (FRN). Then contact them, not on the details they have provided, but using the contact details that appear in the FCA Register — never use a link in an email or website from the firm offering you an investment. Remember regulated firms will not contact you out of the blues!

Once scammed you cannot change that fact. You can either sit in silence and regret it for the rest of your life or you can do something about it. Go after what is rightfully yours. Unfortunately, you only have one shot at charging back with a certain claim. Meaning there is no room for error. The process is complicated and you will find that banks and credit card companies are not always forthcoming.

What can you do, to get your money back?

The most common way of getting your money back is through a “chargeback”. Unfamiliar with the term? A chargeback occurs when a consumer receives his/her money back from his/her credit card or bank, typically due to a bad transaction whereby the consumer was a victim of fraud or the client did not get what they paid for. The problem is that the chargeback does not guarantee refund because it has to be approved by the credit card entity or your bank. They have to determine that the consumer was in fact a victim of fraud or that they did not get what they paid for. Often boiler room scams are so well organized that they manage to fool even the credit card entities and banks.

Remember you only have one shot at it. It is advisable to get professional support. However here are some of the steps you can take to claim your funds back.

1. You can try to contact the boiler room

If you’re lucky, they will answer your call, but more often than not, you will find they have disappeared. If they do answer your call, cross fingers, they will cooperate as it will mean less hassle for you. Let them know that you are going to pursue a chargeback. It may incentivise them to work out the dispute and that would be the ideal scenario.

2. Gather all the information you have and records

Be sure to collect all the documentation between you and the boiler room fraudster, including: emails, any documentation they would have sent to you, any payment slips, etc. You will need to present this to your credit card company, to enable them to conduct their investigation. The more evidence you have to back-up your claim the better.

3. Check if there were any other claims

If the boiler room provided you with a website, which more often than not they would have, check online to see if there have been any other claims made against them. If you have the “name” of the person you spoke to, check to see if you can find anything about them online, any articles that other victims might have posted about their experience. Anything you can find to back up your claim, submit to your credit card entity or bank. FCA warning list is a good place to start.

4. Call your credit card provider or your bank to request a chargeback

You can dial the customer service line and let them know you want to dispute a charge and would like a chargeback. The sooner you can get this done, the better. Delays will complicate your case, which is already a difficult procedure to go through.

Some credit card companies have an online system for chargebacks that allow you to upload documentation or paste URLs to help support your case.

However, you must keep in mind that you only have one shot at getting your money back. And it isn’t as simple as it may look.

It is therefore, highly recommended to use a professional entity the likes of MyChargeBack, a company that helps investors recover the money stolen by Binary Options, Forex and CFD trading websites who claim to act as “brokers”, but in reality, are just boiler rooms that are operating through fraudulent business practices. Professionals such as MyChargeBack, provide a genuine opportunity for victims of these “fraudulent brokerages” to professionally dispute charges on their credit card accounts. With the advantage of their in-depth knowledge and experience of Visa and Mastercard dispute policies, rules and procedures, these professionals can leverage the consumer rights of these victimized individuals and clarify to the banks the fraudulent nature of the brokerages services, resulting in many successfully reversed transactions. Once the banks agree that a true violation occurred at the expense of the client, the funds are returned to the client’s account within a short period of time.

“While a client’s bank may initially advise a client that dispute rights are available only within the first 120 days of the transaction, “in some situations, we have succeeded in initiating a chargeback up to a year-and-a-half [540 days] after the transaction occurred,” explains chargeback expert Alan Tepfer.

“What is important to note, is that every client’s case is unique, and our broad international experience within the industry and with Visa and Mastercard rules is a strategic advantage that we apply when building the strongest case possible for our clients, says Tepfer.

Individuals who try to recover lost funds due to unethical business practices gain a significant advantage by employing a chargeback expert. The success rate is over 70% higher than that of those venturing to do it on their own. A team of experts reviews each case before the chargeback process begins and is involved every step of the way throughout the entire process. The client is provided with both a personal report and review of the chargeback information. On average, the entire process should take between 2–4 months but will vary from bank to bank.

Mark Timmons — Founder of says: “We want to make a point and educate people not only on what to look for to avoid being scammed, but also to remove that false stigma attached to victims of scams. It isn’t true and there is no shame in fighting back. I founded this company having been a victim myself. Now we may not be able to stop scammers and cheats from operating altogether, but we can make sure that you have the most effective tool for fighting back and it starts with you contacting us.”

About is a company that helps investors recover the money stolen by Binary Options, Forex and CFD trading websites who claim to act as “brokers”, but in reality, are just boiler rooms that are operating through fraudulent business practices. MyChargeBack has in-depth knowledge of Visa and Mastercard dispute policies, rules and procedures. MyChargeBack is based in New York, owned and operated by Cactil LLC and services thousands of customers worldwide.

Jane Walsh


Jane Walsh

Written by

I am a freelance writer. I write about various subjects. My articles have been published in Forbes and other media & news outlets.

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