UFXMarkets Scam

[joe1590]

joe1590
Can you publish here the statement they wish you to sign?
Instruct your CC company to block any attempts to draw funds from your account for this vendor, immediately.
Do so in writing.
.
AI

As i cancelled my CC and issued a new one, they will not be able to draw any more funds from that card. As mentioned earlier, the case is already filed in the dispute dept. with my cc company and i got my chargeback for the whole amount. Now i have to pray that they don't come with a valid reason to re-debit it again. That will take up to 40 days to come to a resolution. if they don't reply within that period, the amount refunded will stay with me and the case will be closed.

As with the statements, it seems something like that:

'ID no.__ hereby declare and approve the following payments (deposits) + signature, these deposits were all executed through my personal credit card number so and so, on this site (company's site), i hereby declare that i am the only person authorised to transact and or execute forex trades in my account no so and so. I am fully aware of the current balance, open positions and past trading history: Account balance (Current accoount balance). I am aware that trading using high leverage can result in substantial loss or profit and may no be suitable for everyone. Please sign'

That's a sample of what they requested plus the merchants reciepts of all debited transactions one by one.

It will be foolish to delcare all of this for such a fraud company like them.

 

[Pharaoh]

Any updates?

 

[joe1590]

Any updates?

no updates, as i mentioned earlier, i got my chargeback but that's temporary .. i have to wait 30 days for them to come with a valid reason, if not, the issue is resolved and i won my case. If not, then the amount will be debited back again. Fingers crossed. I'll keep you posted.

 

[joe1590]

Any updates?

I'm getting hopeless now. To cut the story short, with total amount of $6500 ($5000 initial deposit which was all lost i remained with $1500 which i gained as profit). I got my initial deposit of $5000 as chargeback and i received the $1500 as Credit Vouchers from UFX.

Now, I'm starting to get some of those transactions reversed again (currently $2000 reversed and debited again). The credit card company claims that it's the customer's fault as he takes all liabilities and responsibilities of giving the company all personal information such as ID's and credit card details.

I've been told that it takes normally 45 days for the chargeback to be claimed and/or reversed once The CC company established contact with the merchant.

Those reversed chargeback cannot be claimed again and will be rejected if i claimed them again.

Appreciate your feedback regarding this. I have till the 25th of Jan and the case will be closed.

What do you suggest i do?

 

[Pharaoh]

Don't just deal with your bank. Go to the credit card company's website (Visa, Mastercard, Amex, etc.) and check their policies. Contact the credit card company itself and explain the situation.

While doing this, make certain that you are speaking with someone in the fraud department of your issuing bank. Other support personal may not understand the concept subtle difference between stolen credit card fraud vs willingly providing credit card information to a company that misuses it.

 

[joe1590]

Don't just deal with your bank. Go to the credit card company's website (Visa, Mastercard, Amex, etc.) and check their policies. Contact the credit card company itself and explain the situation.

While doing this, make certain that you are speaking with someone in the fraud department of your issuing bank. Other support personal may not understand the concept subtle difference between stolen credit card fraud vs willingly providing credit card information to a company that misuses it.

Thanks for the advice, but my CC company insists that it's the customer who takes all the liability for this by providing them with all information like ID's and CC details. As i expected, i got all my charge backs reversed and the 45 days of reclaim is finally over and i'm back to point Zero. I'm trying internally for the credit card company to waive those charges for me, but that will be subject to management approval and stuff.

I guess there is no other solution for this .. Please advice if there is any.

 

[Pharaoh]

So if I give a company my credit card number and they then defraud me, your credit card issuer says that I'm liable? What kind of card is it and what's the name of the issuing bank?

In addition to everything else, it's time to get a new credit card from a place that assists customers.

 

[joe1590]

So if I give a company my credit card number and they then defraud me, your credit card issuer says that I'm liable? What kind of card is it and what's the name of the issuing bank?

In addition to everything else, it's time to get a new credit card from a place that assists customers.

Well, it has been a while since i passed by this forum, but i just wanted to give all of you a feedback that my CC issuer partially won part of the dispute claim and i got 50% of the deposited amount back. Better than nothing i guess.

One advise for those who're in the line. If you ever come to this situation again. Do not deal no matter what. Go to your Credit Card Company and file a dispute claim immediately and change your CC as they might force debit some transactions until you'll be over limit. You're credit card company will contact the merchant and will temporary give you a chargeback as per CC policy rules, but you'll be having 45 days until the whole matter is resolved fully.

 

[Master Yoda]

Good job!
Getting back money out of these scammers is not easy

 

[Pharaoh]

Excellent work.

Also, as more and more people file chargebacks, UFX will have to pay higher fees to accept credit cards and may even have trouble getting accepting cards.

Complaining not only gives you a chance to help get some of your money back, it also makes it harder for scammers to take money from other traders.