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How to Win a Dispute with MoneyLion

The financial world has changed, with the shift from person-to-person transaction to person-to-online application transaction. Financial technology (fintech) companies offer various forms of financial applications in the market, which make financial transactions easy and fast, without queuing and all in real-time. 

Slowly closing are financial institutions housed in huge buildings, where everyone is ruled by limited office time and personnel availability. Today, with the presence of financial technology (fintech) companies and their online applications for easy access, time and space are compressed into a simple and immediate facility of the here and now. 

MoneyLion is a financial technology (fintech) company, which has empowered clients or consumers globally. Its services cut across different states and guide consumers to find financial transactions a pleasurable experience. 

What does MoneyLion offer its consumers? 

MoneyLion offers these financial products and services to those who are interested to download the application and avail of the following:

  1. Quick Cash or Short-Term Loans of USD 10 – 500 are availed without the cumbersome credit check and without interest charges or mandatory fees. Access to these loans is fast and immediate. However, like all loans, payment for quick cash transactions must be repaid the next payday. Hence, to ensure constant access to this service, the users must have a steady income to meet their payments punctually. 
  2. RoarMoney Mobile Banking is a comprehensive financial platform for users to provide them with modern banking experience.  It offers these services: two-day early payday, which you can access with direct deposit of your paycheck, mobile wallet for cashless transactions; Cashback Rewards on qualifying purchases, personal finance tools that show weekly expenditure report, and most importantly.an FDIC Insurance of your funds in RoarMoney up to USD250,000.
  3. Credit Building requires membership in the Credit Builder Plus Program. It tracks the members’ payment history of their loans where every repayment improves their credit scores. The consistency and punctuality of loan payments help bolster their financial discipline and eventually, they can appreciate an increase in their credit scores.
  4. Managed Investment is specifically created for the users’ personal financial objectives and their risk tolerance. Risks are present in any investment portfolio; however, managed investments ensure that the users do not have to participate more than they can afford. They are prodded to invest consistently the little they have set aside every month and eventually see the growth of their investments over time.
  5. High Yield Savings are for short-term financial goals or for an emergency fund build up. They offer the following benefits: higher interest rates, daily compounding interest, FDIC insurance up to USD250,000, and accessibility to transfer funds or to withdraw funds. Also, high yield savings have fewer fees compared to those offered by physical banks and with it comes easy online access to various financial transactions.

What are the four common fraudulent activities affecting MoneyLion and its users? 

Like all financial technology (fintech) companies, Money Lion has its share of online frauds or attempts thereof. The four common fraudulent activities that users of MoneyLion must be wary of are the following: (a) Social media impersonation; (b) Phishing; (c) Impostor Presence; and (d) Special offers and lottery winnings.

  1. Social media account impersonation often involves the fraudsters using a false account to mimic authorized representatives of legitimate financial institutions, commercial enterprises, and government entities. Most often impersonations come in the form of advertisements with hyperlinks, emails, direct messages, or calls ostensibly from banks, mobile phone companies and networks, quasi-public enterprises, and government offices. The impersonator’s goal is always to acquire your personal login information and your Personal Identity Number (PIN) to access your MoneyLion account. 
  2. Phishing emails, online messages, or phone messages have these fraudsters pretending to be from MoneyLion and asking the users to reveal confidential information or clicking hyperlinks to access your credit card or revealing your Card Verification Code (CVC) or Card Security Code (CSC) for credit card transactions. Most phishing scams include suspicious MoneyLion email addresses, urgent action demands, inconsistencies in hyperlinks, addresses, or domain names, and requests for login credentials or personal and confidential information.
  3. Impostor Presence happens when fraudsters pose as representatives of MoneyLion to trick the users to reveal their personal or financial information to gain access to their accounts. Impostors may also come in the form of charity or donations during natural calamities or man-made disasters, family or friend emergencies, and online dating or online romance. The primary goal is to gain your trust and access your funds. 
  4. Special offers and lottery winnings occur when fraudsters pretend to be from MoneyLion and send you special investment offers with return of investments (ROI) that are too-good-to-be-true. The only legitimate special offer from MoneyLion is Cashback Rewards on your daily purchases, which are communicated to you through the MoneyLion app and the registered email addresses of its members.

Lottery winnings happen when fraudsters communicate to you via mail, text messages, online messages, or calls that you won a lottery, which requires you to send money to them to facilitate the transfer of funds to your bank account. 

What are the five common reasons to dispute a transaction with MoneyLion? 

MoneyLion listens to dispute claims that users file and it promptly investigates and works on reaching a resolution to the complaint. The five common causes of transaction disputes are the following: (a) duplicate billing of the same transaction; (b) failure to receive the merchandise or service; (c) unsatisfactory quality of the merchandise or service; (d) cancellation of merchandise or service; (e) unauthorized transaction; and (f) failure to receive a refund of returned merchandise.

What is the process to dispute a transaction with MoneyLion? 

The five-step process in a transaction dispute with MoneyLion is as follows: (a) Reviewing the transaction details; (b) Accessing In-App MoneyLion dispute; (c) Investigating the dispute; (d) Safekeeping material and relevant documentation; and (e) Communicating the resolution.

  1. Reviewing the transaction details. Before you dispute a transaction, read, identify, and analyze carefully the specific transaction and identify the error. Juxtapose this transaction with the written or online notice and find out whether the transaction is erroneous or unauthorized.
  2. Accessing In-App MoneyLion dispute. Open the MoneyLion app on your smartphone. Go to the top right corner of the screen and select the conversation bubble. A chatbot conversation opens where you type how to file a dispute and the chatbot responds. Follow the steps that the chatbot provides. 
  3. Investigating the dispute. Once MoneyLion receives your dispute claim, it will start its investigation. Pending investigation, MoneyLion files a chargeback with the merchant for the latter to refund you the funds of the dispute transaction. The merchant has 30 days to reply to MoneyLion. Likewise, MoneyLion may send you temporary credit within 10 business days or 20 business days if you are a new account holder and the dispute happened within 30 days of funding the account.
  4. Safekeeping material and relevant documentation is important in dispute claims. Keep all receipts, notices, and correspondence in a safe place. Whenever possible, print all online communications and keep the printed copies in a folder specifically for this purpose. Also, do not delete any online correspondence from MoneyLion and from the merchants where the record of the dispute transactions appears.
  5. Communicating the resolution. MoneyLion will communicate with you concerning its resolution within 90 days from the filing date of your dispute claim. If the resolution is favorable to you, MoneyLion will refund you the funds taken from your account. However, if the resolution is favorable to the merchant, you will have to pay the amount of the transaction. 

How do you win a dispute claim with MoneyLion? 

Dispute claims may be resolved in your favor or it may not. However, if the presentation of your dispute is clear and persuasive and your evidence is true and relevant, then the dispute claim may be resolved in your favor. Here are the steps to remember to help you win a dispute claim with MoneyLion: (a) Review MoneyLion dispute process; (b) Identify your dispute transaction; (c) Recognize the reason of the dispute; (d) Get the evidence; (e) File the dispute punctually and correctly; (f) Provide clear and concise information of the dispute; (g) Track your dispute claim; and (h) Seek legal representation in case of appeal.

  1. Review MoneyLion dispute process to better understand it. Be familiar with the terms, conditions, and reasons of a dispute; also recognize the duration or the timeline of a dispute claim -from its filing to its resolution. Note that your dispute claim is not the only one that MoneyLion is investigating; hence, it is important to exercise patience and tact during the investigation phase. 
  2. Identify your dispute transaction and focus on it. After reviewing all your transactions, zero in on that specific transaction you intend to dispute. 
  3. Recognize the reason for the dispute and work around it. Point out if that dispute transaction is from a billing error, a product or service quality concern, non-delivery of the merchandise or service, or unauthorized charges. 
  4. Get the evidence on the dispute transaction. Collect all relevant information and documentation of this transaction, which may include receipts, online correspondence, and statements from merchants of the products or services.
  5. File the dispute punctually and correctly using the MoneyLion app. Follow the chatbot directions showing the procedure on dispute transaction claims. If the MoneyLion app is not convenient for you, call MoneyLion customer service and explain clearly and concisely your dispute transaction claim.
  6. Provide clear and concise information of the dispute to ensure that MoneyLion understands your concern. Substantiate your dispute claim with factual, relevant, and material evidence.
  7. Track your dispute claim patiently. The timeline of a dispute claim is neither fast nor slow. It uses ample time to provide a thorough investigation of your claim; it weighs your evidence against the evidence of the merchants to validate the accuracy of the purchase of the merchandise or service. However, during the pendency of the investigation, MoneyLion may file a chargeback with the merchant for the latter to refund you the funds of the dispute transaction or may send you temporary credit within 10 business days or 20 business days if you are a new account holder and the dispute occurred within 30 days of funding the account.
  8. Seek legal representation in case of appeal. If after its investigation, MoneyLion resolves your dispute claim in favor of the merchant and against you, you may appeal its resolution if you believe that you can reverse its resolution. However, in this case, it is best to consult a lawyer who can assist you on your best course of action. Choose a legal counsel who is an expert on financial services and consumer rights to warrant a favorable or better resolution on your dispute claim. However, if despite the appeal, the resolution remains, respect the process and accept this final resolution.

Financial technology or Fintech is here to stay. MoneyLion, like all the other financial applications in the market, has successfully integrated modern technology with online financial services which provide the consumer users an easy and smooth access to their finances without the need of going out and visiting physical financial institutions. 

Unfortunately, the speedy development in online financial mobile applications also has the strong and calculating presence of enterprising fraudsters fast tracking their activities to keep up or be a step ahead to get, albeit unlawfully, their share of the users’ funds with MoneyLion. You cannot claim ignorance or indifference to the fraudsters’ presence at the expense of your online financial accounts. Neither can you put the responsibility of these frauds with MoneyLion because identifying and reporting these rests on you. Hence, you must always be vigilant and safeguard your MoneyLion accounts. 

First, use strong, unique, and complex passwords and regularly change these to prevent unauthorized access to your accounts. In addition, activate the two-factor authentication to enhance the security of your account.

Second, verify all communications you receive. MoneyLion will never ask for your account login information.

Third, be alert for phishing attempts. Delete immediately mails or messages containing urgent messages demanding immediate action, donations, and special too-good-to-be-true offers, or hyperlinks to websites to enter your personal information.

Fourth, consistently monitor your MoneyLion account. Check all your transactions for any unauthorized ones or suspicious transactions or charges.

Finally, contact MoneyLion immediately if you suspect fraudulent or suspicious activity on your account. Access the In-App MoneyLion application on your smartphones to dispute a transaction or call its Customer Service.

As long as you remain aware of the existence of online fraudsters and you keep your financial information secure, you will ensure the safety of your online MoneyLion account.

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