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MyChargeBack Seized by the FBI

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Cybertrace Team

July 6, 2024 · 8 min read

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Realistic logo of the FBI

On June 26, 2024, the FBI seized MyChargeBack.com along with other fraud recovery websites, including:

  • PayBack Ltd
  • Funds Back Ltd
  • MoneyBack Ltd

This seizure marks a dramatic turn in the investigation of an alleged cryptocurrency recovery scam. Are you a victim of any of these companies?

How did MyChargeBack Start? 

Firstly, MyChargeBack began as a company in 2016 that offered services for recovering money lost to scams. They positioned themselves as a reliable service for those who had fallen victim to online fraud, offering a way to get back their stolen funds. This concept quickly gained traction because it addressed a genuine need, and many people were desperate for a solution. During the first quarter of 2023, their website traffic went up 1200x, indicating a sharp increase in the number of people seeking their services and consequently, a significant rise in the number of individuals being scammed. However, Cybertrace acknowledges that in recent years, its operations have shifted towards less legitimate activities and this view was apparently also held by the FBI.

Mychargeback asset recovery scams - Evidence and chart about the start of

They claimed to be the industry pace-setter in assisting consumers with disputing complex card-not-present transactions and tracking cryptocurrencies. MyChargeBack boasted about building relationships with over 800 banks and 450 law enforcement agencies across more than 100 countries. They also claimed to have successfully recovered millions of dollars in disputed claims for their clients. However, Cybertrace believes that these claims were misleading and potentially fraudulent. 

Founded in Tel Aviv Israel, MyChargeBack claims to provide services directly to consumers, including chargeback assistance, bank wire recalls, and intelligence reports on merchants and cryptocurrency transactions. Cybertrace is aware that their primary focus over the last few years was ‘helping’ consumers recover cryptocurrency lost in scams by providing cryptocurrency tracing to recover funds. Despite these claims, it appears the company was only providing basic-level investigation and charging high prices for their services which most likely led to the FBI investigation.

The Spread of MyChargeBack and Other Scam Websites

Screenshots of the FBI-seized websites, mychargeback and payback.

Source: Wayback Machine

Several websites offering cryptocurrency recovery services have emerged over time. MyChargeBack, an independent operation, started on October 7, 2016, and continued until June 26, 2024, when the FBI ended their activities.

Separately, a group of interconnected websites with similar operations also appeared in the market. PayBack LTD (payback-ltd.com) began its operation on November 18, 2017, and was taken down by the FBI on June 26, 2024. Cybertrace has gathered substantial evidence linking some of these operations. It has been revealed that Funds Back LTD (fundsbackltd.com) is owned by MoneyBack LTD, which also owns and operates PayBack LTD. The owner of Payback LTD (Amir Geva) admitted in an email to the Cybertrace team that they had acquired Funds Recovery about two years ago, in 2022.

It’s important to emphasise that MyChargeBack is a separate entity and operation, unrelated to PayBack LTD, Funds Back LTD, or MoneyBack LTD. These various websites, while operating independently, targeted individuals looking to reclaim lost funds and employed similar practices. This pattern of similar websites in the cryptocurrency recovery industry demonstrates the complexity of identifying legitimate services and the importance of thorough due diligence for consumers seeking help with fund recovery.

MyChargeBack’s Deceptive Scheme

The deceptive scheme of mychargeback and payback ltd,

The Process Source and The Impersonation 

As more victims turned to MyChargeBack for assistance, the company started charging significant fees for their services. They claimed these fees were necessary to cover administrative and legal costs. Unfortunately, most of the time, these promises were empty. Instead of delivering results, MyChargeBack would string their clients along with vague updates and requests for additional payments, exploiting those who were already vulnerable.

An evidence of high volume complaints from MyChargeBack clients posted on realreviews and trustpilot

Additionally, PayBack LTD, a company seemingly related to MyChargeBack, even went as far as impersonating us at Cybertrace to deceive our clients. This impersonation was part of a wider strategy to establish credibility and lure more victims into their trap. By falsely aligning themselves with legitimate entities, they created an illusion of trustworthiness that was difficult for unsuspecting clients to see through.

Evidence of nearly endless complaints from reddit forums regarding mychargeback

Despite promoting their success in achieving recoveries, many customers found little evidence to support these claims. Numerous reviews labelled MyChargeBack a “COMPLETE SCAM,” highlighting the lack of concrete results. Reddit forums are filled with nearly endless complaints and warnings about MyChargeBack, further emphasising the widespread dissatisfaction and mistrust among users. The majority of reviews reflected disappointment and frustration, with clients feeling misled and scammed.

The FBI Investigation of MyChargeBack

Moreover, the FBI’s investigation into MyChargeBack likely began after numerous complaints from victims who had lost money to the company. As the number of reports increased, patterns emerged that caught the attention of federal investigators.

Key aspects of the investigation likely included: 

  • Financial Analysis

Firstly, the FBI likely examined MyChargeBack’s financial records, tracking the flow of money from clients to the company and beyond. This could have revealed discrepancies between claimed recoveries and actual funds returned to clients.

  • Undercover Operations

It’s also possible that FBI agents posed as potential clients to gather first-hand evidence of MyChargeBack’s practices. 

  • Cybercrime Expertise

Given the company’s focus on cryptocurrency, the FBI likely employed specialists to trace blockchain transactions and expose any fraudulent activities. 

  • International Cooperation

Since MyChargeBack operated across multiple countries, the FBI may have collaborated with international law enforcement agencies to build a comprehensive case. 

  • Witness Testimonies

Former employees or clients who became aware of the fraudulent nature of the business might have provided important insider information. 

  • Digital Forensics

Investigators may have analysed the company’s internal communications, marketing materials, and client interactions to establish patterns of deception. 

The investigation ended in the seizure of MyChargeBack’s website, suggesting that the FBI had gathered sufficient evidence to take decisive action. The sudden nature of the shutdown and the lack of public statements indicate that the investigation may be ongoing, with potential criminal charges being considered against the company’s leadership.

The Downfall of MyChargeBack

A picture of mychargeback's website seized by the FBI

With the FBI seizing MyChargeBack’s website, it looks like the company is in for a rough ride. All their claims about helping scam victims might soon be exposed as a scam themselves. If that happens, clients who trusted MyChargeBack could end up losing both their original money and the fees they paid the company.

This whole situation might make people question how safe crypto recovery services really are. It’s likely that regulators and law enforcement will start looking more closely at these kinds of businesses too. It’s also worth noting that Cybertrace was the first to bring cryptocurrency tracing to the general public, setting a standard for legitimate operations in this field.

In the end, MyChargeBack’s story might become a big warning sign for everyone in the crypto world. It could show how important it is to be careful with your money online. While it’s a tough break for the victims, this could help prevent future scams by making people more aware of the risks.

What to do if you’ve been Scammed by MyChargeBack

If you think MyChargeBack has scammed you, don’t panic. Here are some steps you can take:

  • Stop all Payments

If you’re still sending money to MyChargeBack, stop right away. Cancel any scheduled payments and don’t give them any more of your hard-earned cash, no matter what promises they make.

  • Gather your Evidence

Collect all emails, contracts, and payment records you have with MyChargeBack. Save screenshots of any online conversations. These could be important for your case later.

  • Report to Authorities 

File a complaint with the FBI’s Internet Crime Complaint Center (IC3). They’re already investigating MyChargeBack, so your information could help. Also consider reporting to your local police and consumer protection agencies.

  • Seek Legal Advice

Additionally, consider talking to a lawyer who specialises in online scams or financial fraud. They can tell you about your options and help you understand the best course of action for your specific situation.

  • Hire a Legitimate Private Investigator

While authorities are handling the broader case, they may not be able to focus on your individual situation. A private investigator, on the other hand, will dedicate their time and resources specifically to your case. They can dig deeper into the details of your particular situation, potentially revealing important evidence or leads that could help in your recovery efforts. Unlike law enforcement agencies juggling numerous cases, a PI works directly for you, ensuring your case gets the focused attention it deserves.

  • Contact your Bank 

If you paid MyChargeBack by credit card or bank transfer, talk to your bank immediately. They might be able to help you get some money back through chargebacks or fraud claims.

  • Join Support Groups

Finally, look for online forums or groups for MyChargeBack victims. You can share information, get support from others in the same boat, and stay updated on any developments in the case.

Remember, it’s not your fault. Scammers are clever, and anyone can fall victim. The most important thing now is to protect yourself from further loss and take steps to recover what you can.

Contact Us

If you believe you’ve been scammed by MyChargeBack, please reach out to Cybertrace immediately. Our team at Cybertrace is here to help. 

Question For The Readers

How did you first come across MyChargeBack, and what made you decide to use their services?

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  • Cotardo 1 day ago

    Ho versato 1000€ a mychargeback per il recupero dei miei fondi persi in in precedenza tramite truffa on line. Tutto questo perché la giustizia Italiana non funziona in quanto ha chiesto l’archiviazione del mio caso senza fare nulla

    • Enquiries 5 hours ago

      Hi Cotardo,

      Our team have reached out via email.

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