What happens on chargeback if provider runs away ?
What happens if you file for chargeback on transaction made through credit card but the company / provider actually ran away, ie. he/she had plan to commit fraud right from start once they amassed desired number of customers / amount.
Since they have taken out money from their bank account and are no where to been seen, will bank still entertain chargeback ?
What I have read so far that there is provision of chargeback (for consumer protection) if you don't receive desired service or goods promised by seller /provider. In normal scenario, bank deduct seller account and gives you money back if chargeback filed is deemed valid after investigation. However, if seller is absconding intentionally and bank can not recover money, what will then happen to customer, will he / she still gets money as its bank liability ?