As fraud continues to expand relentlessly, assisted by the increasing attractiveness of cryptocurrency, a digital asset that is often little understood by novice investors. The popularity of cryptocurrency, for some people, arises due to its decentralised structure that remains outside the control of governments and other authorities and removes third parties which enables speedier and cheaper money transfers. Also, there can be no central point failures. Cryptocurrency's volatility is generally seen as a disadvantage, however, wrongdoers often imply that it is possible to make far greater returns on investment provided that large sums of money are invested quickly. This, in turn, often makes the novice investor rush to hand over vast amounts of money to the fraudsters.
Giambrone & Partners banking and financial fraud litigation lawyers, when assisting our defrauded clients, have had considerable success in recovering their lost funds if the customer paid the fraudster with a debit or credit card, through a procedure known as chargeback read more here. This compels the bank to repay losses in certain circumstances, namely, if a product or a service is proved to be inferior and not as described or was not provided at all and also most relevant it can be invoked if the customer was a victim of a fraud or scam under section 75 of the Consumer Credit Act 1974, whereby the bank, as the entity that issued the card, assumes creditor liability.
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