We can confidently say that the likelihood of cash back through the Chargeback procedure is much higher than the possible income from the financial markets.
PayPal is the largest debit electronic payment system, which allows customers to
pay bills, send and receive money transfers. For Russian users PayPal became available in October 2011.
You can visit the PayPal site at https://www.paypal.com/.
If you made a payment using PayPal, you
can request a refund using the buyer protection program of this payment system. Before you do so,
however, you should check the manual to see if your specific situation qualifies for a PayPal
refund.
There are several reasons to request a refund:
1. Unauthorized payment by customer's
card.
2. Items not received paid for.
3. Errors in processing the transaction.
4. Item does not
match the description.
PayPal's Buyer Protection Program provides the opportunity to resolve
a dispute between the seller and the buyer, but the time limit for disputing the transaction is 180
days. If you didn't manage to report the problem within the deadline, you can apply for a
chargeback.
MasterCard Worldwide or MasterCard Inc. - is an international payment system
founded in 1966. It unites 22 thousand financial institutions in 210 countries. The main competitor of
MasterCard is Visa. The company's headquarters is located in New York, USA. MasterCard has a global
market share of 20%, and 35% in Russia, with a total of 80 million cards issued. Visit the MasterCard
website at www.mastercard.com.
MasterCard reported in May 2018 that the number of referrals from
customers of illicit brokerage firms had increased, and forex companies were identified as a separate
category of "Business Risk Assessment and Mitigation" (BRAM) in a December 13, 2018 update.
Code 6211 is used to designate such companies, which has changed the approach to the chargeback process.
The
most common question is: is it possible to get a refund on MasterCard? The answer is yes, it is
possible. However, the Chargeback guide from December 13, 2018 is only available in English, which
creates problems for Russian-speaking users.MasterCard uses the code 4855 (Goods and Services Not
Provided) to begin the chargeback procedure. The terms and codes are largely similar to the Visa
chargeback procedure.
With code 4855, the challenge period is 120 days from the expected date of
service, and the blocking period is 540 days from the date of the transaction. After this period
expires, the chargeback procedure becomes unavailable.If the cardholder contacts the issuer and claims
that the goods or services are not as described, defective or were not provided, you can file a
chargeback claim.It is worth noting that chargebacks do not apply to transactions related to gambling,
investments and similar purposes. If your purpose was to invest for profit, MasterCard will not accept
such transactions. Therefore, you should prove that your actions were not investment-related. Sometimes
brokers will also block accounts by refusing to provide services. Having reliable proof greatly
increases your chances of success in the chargeback process.
1. Fraud: The cardholder claims fraud, such as an unauthorized transaction.
2.
Authorization Problems: There are problems with payment authorization, for example, double debit.
3.
Processing Errors: Related to errors in transaction processing, such as wrong amount deducted or wrong
item.
4. Consumer Disputes: Includes a variety of consumer claims, including misrepresentation or
misrepresentation of a product or service.
There are specific dispute codes and deadlines for
each category of dispute. Timelines can range from 120 days to 540 days from the transaction date,
depending on the type of dispute. It's also worth noting that it's not possible to go directly
to Visa IPS, and the chargeback procedure must be initiated through your Issuing Bank.
For a
successful chargeback, it's important to have reliable evidence and provide information about the
broker, licensing authorities, as well as your bank and Visa regulations. Chargeback applications and
documents are usually required in English.
If you encounter a situation where brokerage companies
refuse to allow withdrawals or misrepresent information, you should contact your Issuing Bank and ask
for detailed information about the Visa Chargeback procedure.