Cryptocurrency has created excitement the world over. Now transactions can be fully digital, without transferring money from a bank account. There are no bank regulations to deal with or charges. People feel that bitcoin has created a new era of currency and encoding of the blockchain has prevented hacking.
However, as with any new development, there are both upsides and downsides. Cryptocurrency is a convenient way to keep all transactions digital and away from government intrusion but it also lacks federal protections that can put a stop to fraud. Cryptocurrencies fluctuate wildly and people may desperately try to get ahead of the next jump in bitcoin through social media crypto scams.
Although the increasing number of major brands that accept cryptocurrency as payment may seem encouraging, it is important to beware of outfits that accept only cryptocurrencies. Those who operate scams often feel that they can’t be tracked down the blockchain because all transactions are anonymous. However, financial service experts have developed sophisticated methods for finding patterns in cryptocurrency transactions and unmasking scams on the blockchain.
The main weapon in the battle for fund recovery on the blockchain is the cryptocurrency report. Some financial services companies can consult with clients, perform research and create a cryptocurrency report that can map out the pattern of a crypto scam and discover who is behind transactions. These are not just useful in fraud cases, but also for merchant disputes and requests for refunds.
ReportScamOnline is staffed with professionals who will work on your behalf to improve your chances of getting your money back from cryptocurrency transactions. We have extensive experience with cryptocurrencies and can help you retrieve funds from all types of scams and to win disputes with merchants and brokers.
Cryptocurrency Convenience and Complaints
Sure cryptocurrency is convenient. There is no need to pull out your credit card when you make a transaction or worry that a prying eye will steal your information. There is also no need to make bank transfers or transfer your money from a physical bank to an online payment platform.
Cryptocurrency allows users to earn money in bitcoin or another cryptocurrency, to trade, transfer or spend it. More major brands are accepting cryptocurrencies as payment, which is a good thing for customers. However, it is also good for the merchant. Unlike credit cards, which have a chargeback feature and purchase protection that can be easily implemented when a customer is unhappy with an item, cryptocurrency transactions can’t be reversed.
There is little wonder, then, that many merchants are willing to accept cryptocurrency as a form of payment because it is harder for customers to get refunds. Additionally, there are no regulations to deal with and customers do not have the same kind of protections they enjoy when they pay through credit cards or bank wire transfers.
The main way to get your money back from a blockchain transaction is to ask the merchant to return your cryptocurrency. It is not surprising that in many cases, merchants will refuse to do so. In the case of crypto scams, they may simply disappear with your bitcoin and there is no way of finding out who they are without an in-depth investigation.
At this point, too many consumers will simply give up, but there is no reason to lose hope. Working with a financial services company can help improve your chances of getting your money back from a bitcoin transaction or a crypto wallet theft. An agency can create a cryptocurrency report that can be presented to government agencies, law enforcement, and regulators to uncover the identity of the recipient on the blockchain.
Can You Retrieve Funds from the Blockchain?
The conventional wisdom is that funds can’t be recovered from the blockchain. However, this is not true. Many people confuse the notion that transactions can be reversed on the blockchain with the idea that crypto recovery is not possible, which isn’t true.
In the Colonial Pipeline ransomware attack, the FBI managed to uncover the identities of those behind cybercrime through clues, patterns, telltale signs, and finally, a court order to reveal codes and keys. Nearly all of the $4 billion paid to the blackmailers was recovered. Although not every case of crypto scam or merchant dispute is as high-profile as the Colonial Pipeline, law enforcement is being given the tools to cope with blockchain transactions and crypto scams.
However, an individual, unless they are an expert at crypto recovery, usually can’t get their money back from crypto scams on the blockchain. A financial services company with a proven track record of crypto recovery is needed to combat crypto scams.
What Is a Cryptocurrency Report?
These financial services experts can create a cryptocurrency report. This report is made after consultation with the client and asking them the timeline of the event and the context. If the financial service feels there is a good chance of fund recovery, they will decide to take on the case. They will consult in a more in-depth way with the client and ask for documentation, screenshots, and anything that will bolster their case.
The cryptocurrency experts will also perform their own researchers. Often crypto scams strike more than once and many of these companies have extensive information on major offenders in their databases. They also may be able to obtain, with the help of law enforcement, court orders to reveal crypto keys and codes. With a full cryptocurrency report, the chances of recovery funds from the blockchain increase considerably.
How Financial Services Can Help
Financial services understand the blockchain and what is required for a successful cryptocurrency report. Not every company has cryptocurrency experts on staff or those that have a close working relationship with law enforcement and regulators. Look for services that have a track record of retrieving funds on the blockchain and working with crypto scams and crypto disputes will merchants.
You can increase your likelihood of winning a chargeback claim if you have sufficient evidence and the help of excellent financial service. ReportScamOnline professionals will guide you on preparing your case and will help you get your funds back. We have combined decades of experience dealing with hundreds of financial institutions