NEW YORK, July 18, 2018 /PRNewswire/ --
MyChargeBack, the international service that assists scam victims recover their fund, has released the findings of a major study it has undertaken that question some common assumptions about several high-profile steps that have recently been taken to fight illicit binary options, forex and contracts for difference (CFDs) trading.
"The good news is that there is a growing awareness that something has to be done to address this problem, which has scammed billions of dollars from investors worldwide," states Alan Tepfer, Vice President of Client Strategies and Fund Recovery at MyChargeBack. "The bad news is that the scammers are already one step ahead of everyone else."
The "growing awareness" of which Tepfer speaks can be said to have begun in January, when Facebook banned advertisements for binary options, cryptocurrencies and initial coin offerings (ICOs). In March, Google announced its intention to ban ads for binary options, unregulated CFDs, cryptocurrency, financial spread betting, and forex.
Then, on June 1, the European Securities and Markets Authority (ESMA) decided to prohibit binary options sales to retail customers in the European Union (EU), a decision that came into effect on July 2. Restrictions on the sale, marketing and distribution of CFDs will take effect on August 1. The new regulations have been widely hailed by consumer advocates, although they will remain in force for only three months, during which time ESMA will review their efficacy in order to determine if they will be extended for an additional period of time.
Sneaking Past Facebook and Google
"Our research shows that most notorious binary options brokers, however, have prepared themselves to evade these restrictions," Tepfer reveals. "They have assiduously purged the term 'binary options' from their web sites and have re-branded themselves as generic brokerages offering stocks, commodities and indices in order to sneak through on Facebook and appear on Google searches," he explains.
"Moreover, the steps that Facebook, Google and ESMA have taken will not prohibit scammers from advertising phony high-return generic investments," Tepfer concludes. "Where there's a will there's a way, and scammers have the will and know the way."
MyChargeBack.com is owned and operated by Cactil LLC, an American dispute resolution consultancy firm registered in Delaware and headquartered in New York, with a global focus and an international client base throughout North and South America, Europe, Africa, Asia, and Oceania. The MyChargeBack team is comprised of professionals with extensive financial, legal and regulatory backgrounds who assist victims of online fraud retrieve their money after having been scammed. MyChargeBack is able to accomplish that because it knows how chargebacks work and how to ensure that each client's case will be presented effectively to the bank.