- 1.1 Check Your Transactions Carefully
- 1.2 Contact the Broker for Letting Them Know
- 1.3 Contact with the Credit Card Fraud Department
- 1.4 Inform the Credit Card Issuing Company
- 1.5 Dispute the Charges
- 1.6 Apply for Chargeback
- 1.7 After applying what should You Do?
If there were unauthorized credit charges that happened with you and you are searching for a useful solution, then you are in the right place. We are going to discuss how to deal with unauthorized credit card charges.
If you have a credit card from a bank or any credit card service provider, then you probably are checking your accounts activity often to see your credits and debits. However, when you do forex trading business with a broker, you may choose to use your credit card, so that you can withdraw your money from there or invest there directly without any hassle.
How to deal with unauthorized credit card charges?
However, you are not the only one who does that, people are using a credit card more often than before, and they keep their account linked with those forex brokers. Now, if you found out that there is an unusual transaction happened on your account. It may be unauthorized credit card charges or any other transaction that you were not authorized then you are facing credit card fraud case.
Now, what should you do? Yes, there are some steps you can follow that will help you get your money back as well as secure your account. Let’s see those steps,
Check Your Transactions Carefully
You may connect your credit card with the forex broker account to do all the trading on their platform. Suddenly you may find that there are some charges that you do not know. The brokers have charged you some money from your credit card and took the money from it. As the credit is linked with the account, that means you are permitted to charge fees and take a payment whenever they want.
After you notice that there are any unexpected charges from your forex broker, then the first thing you need to do is to check the transactions of your credit card for the previous few days. Most of the time, the non-regulated brokers are doing these kinds of occurrences with their traders. Make sure that you have taken note of the charge you think is unauthorized.
Contact the Broker for Letting Them Know
Now before you contact your bank for any actions, you need to inform the broker who charges that amount on your credit card. The reason is that sometimes the software system of the broker mistakenly charges you. If that happens in your case, then the broker will adjust your money to your account immediately after your information them the incident.
However, not every mistake happens; sometimes, the broker does wrongful business and charges money from the traders’ credit card without informing. Several times we are getting complaints from the traders that their broker is delaying the process for unknown reasons. Sometimes brokers do not reply to traders’ email or phone calls or text messages. That’s the time when you need to contact the credit card issuer.
Contact with the Credit Card Fraud Department
You can contact the credit card fraud department to inform them because they are dealing with similar kinds of issues related to forex business. After you contact them, one of their representatives will contact you back and ask you some relevant questions. You need to provide those answers very carefully, and if they want any evidence, then give it to them.
They will go through all the documents and payment or charge details to make sure that your complaint is valid. If they find you are the true victim, then they will take action against the broker. In many cases, the fraud department cancels the license or business authentications along with their regulating permission from their regulator so that they cannot do any type of business in the forex industry.
Inform the Credit Card Issuing Company
Now, there are two significant things you need to keep in mind about contacting the credit card issuing company. Either you can contact them immediately, you find out the unauthorized charges to your credit card, or you can do it later, as we have discussed earlier.
Do not mix up the unauthorized credit card issue with traditional credit card cases. Usually, people complain about illegal charges on credit card issues when any retailer makes any fraud with the customers. But here in this article, we are talking about credit card fraud cases of forex trading.
The scenario in forex trading is entirely different because, in the forex trading network, the matter is related to foreign currency exchange. People are trading currencies to and making large transactions there, so you cannot compare the credit card fraud cases in forex business with traditional cases.
Let’s get back to the primary point if you inform the card-issuing company immediately, and then they will ask you to provide some proof. If you are contacting them through email, then attach the details you have along with your complaint. If you are contacting them through your smartphone, then provide some proof verbally or tell them that you are going to send them through an email. The issuer will take ten working days (it’s variable and can be different for each bank) to analyze, solve, and get back to you.
Dispute the Charges
You can dispute the charges by telling the bank where the money is coming from. Representatives from the bank or credit card issuer will be helping you to understand the process. They will also help you to apply for it. A chargeback is mainly dependent on the disputing the service or product prices.
Many scammed brokers are getting massive complaints regarding their unnecessary charges to the trader. You need to be very careful when you are trading with your credit card. You should know that investors are also disputing those charges to the fraud department to get the proper solution.
Apply for Chargeback
In the meantime they are solving your problem, you can get ahead another step, you can chargeback your broker for unauthorized credit card charges. It will let you save your investment, and once you apply for chargeback, then either the broker or the card-issuing company will initiate your chargeback process.
However, chargeback needs time to process the payment, and sometimes it needs authentic proof. If your broker did charge you any unauthorized fee, then they need to give the evidence to the bank that the purchase actually happened, and you received the service. Now, most fraud cases, brokers are not do anything, but delaying the process and trader gets bored and leave the thing as it is.
After applying what should You Do?
After you apply to your bank and informing them of your problems, all you have to do is wait with patience. Your bank will do everything to get your money back. Hundreds of cases are actually
happening in the forex industry related to unauthorized credit card charges to traders. So, the bank and the broker must have to agree on the same point to pay your money back. The process may take longer than you think, but that is the system of it.
Based on historical data, such cases are happening mostly with the non-regulated brokers who are not regulated or controlled by any regulator. They are not as careful as the regulated brokers are to save the traders’ interest. That is why expert forex traders are always recommending to sign up with the regulated forex broker because a government agency controls them.
How to Deal With Unauthorized Credit Card Charges
We hope the above-discussed topic will help you to deal with unauthorized credit card charges issues on the forex trading market. Make sure you have understood everything we discussed; otherwise, you are going to suffer. Several resources are available on the internet related to the topic in different forex forum communities. Involve there and ask your questions, you will get it solved.
However, we have a complete team of expert forex traders who are in the market for over a decade. If you have any queries regarding “How to Deal With Unauthorized Credit Card Charges?” then you can ask in the comment section below. Our experts will reply and get back to you very soon.