Now to begin with, we have to differentiate between MyChargeBack.com and MyChargeBack.co.uk who are completely separate entities. MyChargeBack.com are based out of NY and registered in Delaware.
MyChargeBack.co.uk
MyChargeBack.co.uk are a website/brandname operated by Quandrance Finance LTD who the FCA has reported as a cloned company as well as likely to be a scam. The connection between these companies becomes obvious when we look at one of the websites operated by Quandrance Finance Ltd though, their websites appear to be affiliates of MyChargeBack.com. They are typically automated contact collecting bots that send the details on to MyChargeBack.com for a fee.
They still make the claim:
Quandrance Finance Ltd is authorised and regulated by the Financial Conduct Authority as a claims management company. Firm Reference Number: 838260
And Quandrance Finance Ltd have obviously made efforts to be registered with the FCA under this person:
They do confirm on the FCA website that all of these companies are the same:
The company appear to be regulated (as in you can complain about their services) in regard to: Claims management - Advice, investigation or representation in relation to a financial services or financial product claim, Seeking out, referrals and identification of claims or potential claims (personal injury claim; financial services or financial product claim; housing disrepair claim; claim for a specified benefit; criminal injury claim; employment related claim)
Now all of this is well and good, but we cannot find anyone that has ever left a review of their services online and they have no activity whatsoever on TrustPilot or any other review site.
They explain here, in their video, that they are simply a hop between you and your bank and that they do not have any power to recover your money from the scammers:
Now at no point do they attempt to differentiate themselves from MyChargeBack.com below. This would indicate to us, along with the total lack of evidence of ever having done any business here, that they have simply gone through the FCA regulation for the sake of building trust in their name, and that they simply send customer details straight to the MyChargeBack.com site for a fee, just like the scammers do with their brokers.
Sure enough, when we received the email from MyChargeBack.co.uk it read:
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MyChargeBack.co.uk is owned by Quandrance Finance Ltd (QFL),
Registered in England and Wales, company registration 11522989
Licensed by the Financial Conduct Authority (FCA), license #838260
Unit 1, Office 4A, 1st Floor,
Ravensdale Industrial Estate,
Timberwharf Road,
London N16 6AY
+44 20 3885 9306
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So they are still just forwarding details to MyChargeBack.com and their FCA registration is totally meaningless.
MyChargeBack.com
Now MyChargeBack.com are a complex entity as they offer a service that sounds like one thing, but is actually another. They are not in the business of recovering funds from scammers, that is not their goal. The first thing to realise is this:
Recovery companies do not attempt to track down the scammers!
This is an important point. There is no justice being offered here, these people are simply offering to communicate with banks (and sometimes police) on your behalf, and never attempt to track down where your money went. They have no skills in hacking, data or network forensics, law or accounting. They are just people starting a business where they take $5000 USD up front from a desperate person and make phone calls and send emails, a bit like an estate agent or recruitment agent. They have no power, no regulation nor qualifications. They are just an agency.
Here is a quick example of how they treat their customers, and this is a very fair example, not a deliberately bad one:
I'm not satisfied with MCB
I'm not satisfied with MCB, I paid $5000, and I got 2 templates - one to send to my bank about charge back of my card, which my bank denied.
The other was a document "Complaint to the BaFin Financial Supervisory Authority" to send to an mailadress in Germany - poststelle.bafin.de . They didn't answer at all, have sent a lot of mails to them .... After that everything ended... Worth $5000 ... no way! Feels like I got scammed even more... :-(
Reply from MyChargeBack
Christina: We were not satisfied with the outcome of your case either. We made every effort to assist you in your complex payment dispute case through all legal means as stipulated in our contract, but unfortunately, to date, these efforts have not been successful. Since complex dispute resolution involves banks, card issuers, payment processors, merchants, and, in your case, a government financial regulatory agency, we cannot predict outcomes or offer guarantees to clients. But we are confident that we invested 100% of our effort in your case. Banks make mistakes in applying chargeback rights and we believe that yours did err. That is why we prepared the appeal to BaFIN. We should note, however, that BaFIN does not impose on itself any specific deadline to respond to appeals such as yours.
Now the response to this is, if MCB are not happy with the results, why have they taken the money? A business dealing is a very straightforward arrangement. You make an agreement on what is expected and announce an intention to fulfil that expectation for an agreed sum. if you fail to meet those expectations you return the money or you will not deal with those people again. They will regard your actions as fraudulent and may or may not take legal action. Now in the case of people who have been cleaned out by scammers, two important factors must be acknowledged.
- The party that have been scammed are in a desperate state and have already exhibited an unwillingness to read contracts
- The party that have been scammed have little money left and no determination to attempt legal action
This leaves these people in a state vulnerable to overseas recovery agents that want to make $5000 for dotting a few I's and crossing a few T's. So you can see why we are hard on these recovery people, they have no conscience. Their business model is born from absence of respect for other people.
If this outfit really are confident that they gave 100% then why have completed the case and taken a fee? The expectation is the goal, not their self-satisfaction. If they are not good enough, which the admission that they are posting above, why not return the money? That is the stipulation of the citizens charter that is operated here in Britain. They are not a business to business company operating an invoicing system, their obligation is clear. What can be done about this recovery industry (a scavenging scam in our opinion) is as yet unclear, but we would encourage anyone feeling hard-done-by by these blighters, to contact us so that we can put you in touch with each other and perhaps mount a lawsuit against them based upon customer satisfaction and promises made by their website, which are many.
MYCHARGEBACK ARE AN EXPENSIVE LIAISON PREYING ON DESPERATE PEOPLE: AVOID !!