MyChargeBack Review Update 2024 – What Have We Learned So Far?

In January 2021, we analyzed the My Charge Back company, its services, its alleged success rate, the feedback it had received, and the overall legitimacy of the business. Nearly three years have passed, and we are updating our old review with new findings.

It is time to take a look at the controversial chargeback company yet again and see whether our old verdict still stands or whether something has changed. The review update will focus on the amounts the firm claims to have recovered, new services added to the existing portfolio, evidence of fraud, process duration, and fresh MyChargeBack reviews.

Give our updated MyChargeBack review to find out the prices and fees of this expensive company and whether you can trust their agents to recover your stolen funds!

Which Services Does MyChargeBack Provide?

Let’s give an overview of the services the company offers. We shall once again briefly outline some of the services from our old review and add the main new ones the website presents.

• Chargeback: A consumer protection mechanism allowing credit card holders to dispute unauthorized or unsatisfactory transactions, leading to a reversal of charges. It can be initiated within 540 days of the transaction date. Chargebacks provide a means for customers to reclaim funds for unauthorized purchases.
• Crypto Recovery Services: The company deals with various types of cyber fraud involving cryptocurrencies and NFTs. For instance, there are many mining and trading schemes. In addition, fraudsters also run deceitful WhatsApp, Instagram, Amazon and AI scams.
• Wire Recall: This involves reversing charges for a bank account, presenting more challenges and complexities than a credit card chargeback. To avoid the difficulties associated with wire recalls, customers are advised to take precautions, such as avoiding transactions with merchants or brokers that solely accept bank transfers.

The website does not mention any new specific MyChargeBack success rate, but it highlights that since the company’s establishment in 2016, it successfully collaborated with over 800 banks in more than 100 countries, and the recovery of millions of dollars in disputed claims. To reiterate, at the time of our original review, the firm claimed it recovered over two million dollars.

Potential Ways to Scam Users

One of the first methods to run a chargeback scam is to drag on the case indefinitely, or at least until it is no longer possible to recover the money. For instance, one user claims he got tricked during his recall request.

The user presented his case in this Reddit thread. He claims “it took the case worker assigned to me more than a month and several escalations from me to start working on my case. Totally incompetent. And with that, the time for a recall had passed.” Basically, the MyChargeBack process duration was too long, and the recall window had expired.

Another method is taking hopeless cases that simply cannot be solved. Yet, the firm will still charge a hefty service fee and leave the unfortunate victim hanging for months or even years on end.

MyChargeBack fees – More Expensive Than Last Time?

Yes, it seems the fees have risen since our last analysis. According to the firm’s website, depending on the size of the client’s claim and the case’s complexity, the fee for the chargeback and wire recall programs for transactions starts at 5,000 USD and can go even higher.

Both require an up-front fee covering documentation and discussions with the client’s bank and a success fee that the firm invoices the user only after the money has been recovered. We assume this post-recovery fee has remained at 25%.

This upfront fee is also a potential way the shady firm can unscrupulously take money from the user without taking any chargeback action, which is why the fee is so high. Given these figures, it is mathematically in vain to request a chargeback if you lost less than 20,000 USD.

Customer Experience With MyChargeBack

The aforementioned Reddit thread features many warnings from users against the firm. Another Reddit user claims MyChargeBack is closely connected to ScamWatcher, i.e. the latter is exposing fraudsters and sending the victims into the former’s arms.

Our original review also mentions this correlation between the chargeback company and similar websites that hunt for cyber scams. What about MyChargeBack Trustpilot reviews? There were 458 reviews (average score of 3.7/5) at the time of this writing.

The situation hasn’t changed since two years ago; the positive reviews still seem disingenuous, more like promotional material rather than honest experiences. The negative feedback and complaints are more compelling, emphasizing the case dragging we mentioned earlier.

As for other popular forums, the firm received 4.63/5 on sitejabber.com. All websites feature complaints in the reviews.

Where Do the Company’s Clients Reside?

After doing some research, we compiled a list of countries where the majority of the company’s clients and users live. Keep in mind that these jurisdictions differ in terms of regulations.

• United States;
• Australia;
• Canada;
• Spain;
• Israel.

Banking laws and rules differ in the United States from those in Spain, for instance. MyChargeBack claims they can handle all the institutions.

Can I Trust MyChargeBack in 2024?

We arrive at the ultimate question – is MyChargeBack legitimate? As time passes, more and more complaints appear against this firm. These negative reviews have given us insight into how the MyChargeBack scam works and further exposed the cutthroat methods the firm uses.

We thereby stand corrected. Our original verdict was that the company appeared to be a generally honest chargeback provider with some mischievous shades and tendencies. Now, we are pretty sure that the firm is swindling poor victims and maliciously robbing them while they’re already down.

We do not recommend you trust this company. The dragging process will surely take its toll. You could end up losing a lot more money and going through a storm of stress that will impair your health.