Michael Cohen, an executive at Mychargeback, says Scammers now tend to use crypto for their fraudulent actions because of its irreversible nature.
In one of the mails received when he first started, Nakamoto avoided a complaint laid by a client who stated that BTC transactions are not finalized immediately. He explained that though BTC transactions don't have an immediate reversal mechanism and delivery is much faster than the existing systems.
Cohen stated that credit card chargeback is likely even after a year and a half and can be classified into two. The first is the unauthorized use, which is when a scammer can initiate a transaction using your credit card.
The second scenario is the authorized usage, when the card owner initiated the transaction but ended up not okay with the outcome.
He furthered that digital currency users might only retrace the unauthorized category trades, as some sectors have been excluded from the other category.
Michael Cohen explained a scenario of antics used by fraudsters that involve them pretending to be offering a service to an unsuspecting client and later manipulating the client to pay for the service rendered or demanding for a crypto payment. However, there's no need for the victim to panic as there may be some avenue to trace the transaction he affirmed.
Source: Cointelegrah.
