Wednesday, 31 May 2023

Crypto News

Chargebacks911 wants to modernise the crypto chargeback process: Monica Eaton

Chargebacks911 wants to modernise the crypto chargeback process: Monica Eaton

Transactions on the blockchain are immutable, which means it is tough for them to be reversed. The immutability of transactions on the blockchain makes it hard to navigate the chargeback process in the cryptocurrency space.

One company is tackling this issue. Chargebacks911 is working hard to modernise the chargebacks and dispute process in the cryptocurrency ecosystem. Coinjournal sat down with the founder, Monica Eaton, to discuss in-depth how the company uses its platform to tackle this problem. 

Question 1: What is the mission statement of Chargebacks911, and how is it working to achieve chargeback management in the crypto and web3 ecosystem?

Chargebacks911’s mission is to modernise the dispute and chargeback process – to simplify complexities by bridging the gap between legacy infrastructures and post-transaction data exchange.  We provide an agnostic, data-driven solution that simplifies cumbersome workflows with intelligent, adaptive technology.

Chargebacks911’s platform supports merchants from any industry sector, all over the globe, including customers in 87 countries, powering many of the largest financial institutions. Our platform pioneered some of the first crypto enterprises, after launching our digital dispute resolution module in 2020.  Similar to other alternative payment methods that don’t have an innate dispute workflow, Chargebacks911’s configurable interface offers a turnkey alternative to crypto platforms and their merchants worldwide.

Question 2: Are there various classifications of cryptocurrency scams i.e. those that target individuals, businesses, or other entities? Which one is the most prevalent, and which one is the most difficult to detect?

Scammers love it when their fraud schemes involve crypto because crypto payments are notoriously difficult to track and recover.  Because this type of payment method is not regulated the same way as state currency, like the US dollar or the Euro, which also incorporates card payments that exchange in these currencies, such as Visa and Mastercard, there are vastly different protection rights and reporting policies.  As a result, crypto scammers can more easily exploit loopholes, such as sending messages to social media sites, trying to build false relations with LinkedIn users, Facebook users and more, hoping to push victims into bogus crypto investments….

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