Incomation - how you could get your money back
What happened?
Incomation operated as an advanced trading platform where they used AI technology in order to trade for them and promised large returns on investment. The idea involved robot controlled share dealing with high returns underwritten by a prop firm, where Incomation purported to provide an AI trading bot platform capable of passing all necessary trading evaluations and subsequently trade in funded accounts set up by a prop firm. Fees were paid by investors to pass a series of evaluations to satisfy the prop firm and then subsequently trade the funded accounts.
Investors were then asked to deposit payments in order to manage the trades themselves and complete a series of challenges, but were soon realising that their investments yielded no returns and withdrawals were not possible.
How do you get your money back?
If you paid via credit card
If you paid by credit card, you may have protection under Section 75 of the Consumer Credit Act 1974. This covers you as long as you paid £100 via credit card but it only covers you up to £30,000. If you paid a deposit via credit card and the rest via another method, you can still claim up to £30,000.
In simple terms, the protection applies if there is a breach of contract or misrepresentation by the retailer (in this case Incomation). Therefore, you need to contact your credit card provider and explain to them:
What you were told you were getting and what you got
Any misrepresentations or lies you were told when you invested
It helps if you have solid examples and clear documentary evidence
If your credit card provider denies your claim, that’s when Refundee usually steps in to help. You can also try to do a chargeback on your credit card but there are time limits from the date of the “presentment” (usually within a few days of making the transaction) to raise the chargeback. Generally you have 120 days but we believe this is an “ongoing service” so you should generally have 540 days. Each scheme has different rules (Mastercard, Visa, American Express) and the above timelines are a guide.
If you paid via UK bank transfer
In short, if you sent the money to or from a UK bank account or e-money account such as Revolut, it’s possible to get your money back through them. This is usually more realistic than getting the money back from the fraudsters who are often faceless, have disappeared or have already spent or laundered the money.
Industry standards for UK banks and Electronic Money Institutions dictate that they are supposed to protect you from fraud. Put simply, they should be on the lookout for unusual behaviour on your account and they should reach out to you and provide you with strong warnings if they think you are being scammed. If they fail to do this, or don’t do it to a sufficient standard, then you may be able to hold them to account and get your money back.
You do this by reporting the fraud to them and then complaining if you are unhappy with their response. If you remain unhappy, you need to take your case to the Financial Ombudsman Service.
What would be deemed as unusual behaviour?
This depends on your unique circumstances and how you usually manage the account you sent the money from. Things that denote unusual behaviour are things such as:
Spending/sending a lot more money than you usually would
Making payments to merchants that represent a higher risk of fraud such as cryptocurrency exchanges
Payments that are more frequent than usual
Sudden large spending on a new account
If your bank or EMI did speak to you on the phone, ask questions or provide warnings then it has deemed your behaviour as suspicious. Then you’d need to argue that the intervention wasn’t sufficient. For example, we frequently see EMIs implement poor digital interventions such as pop ups or in app chats that are often not effective at stopping scams.
How Refundee could do it for you
Firstly, it’s the right thing to acknowledge that you can do this process yourself. Of course, doing it yourself can avoid having to incur an eventual fee.
If you would like our help, then you can Start Your Claim on our website or call us on 0204 525 4600. We will then investigate your case, let you know whether we can help, put together your case, and manage the process from beginning to end. Our fees are fair, industry-lowest, and straightforward. We only charge a fee if we’re successful, and there are no hidden or upfront costs. We charge 15% + VAT on anything you get back up to a maximum of £10,000 + VAT. Read more about them here.
How would the process work?
Refundee manages everything for you. We begin with an investigation to understand what happened in your specific circumstances. After some paperwork, we handle your case from start to finish, working with your bank through to the Financial Ombudsman Service.
These cases can take around 6-12 months, although the process can vary in terms of duration.
Who are Refundee?
Refundee are fraud refund specialists, and you can read about what our previous customers have said about us on Trustpilot. We’ve recovered millions for fraud victims in the UK.
Refundee Ltd is a claims management company authorised and regulated by the Financial Conduct Authority in respect of regulated claims management activity FRN: 937096.
Registered with the Information Commissioner's Office; registration number: A8986071.
Registered office address: Refundee, 3rd Floor, 86-90 Paul Street, London, EC2A 4NE.
Registered as a company in England & Wales; number: 12855931.
