All investment scams out there show a similar pattern. The victim´s trading account shows massive gains and growing balances during the initial phase. When the victims start to request the withdrawal of the funds, communication with trading people gets complicated. No email communication is possible any longer. Unagreed trades result in negative trading account balances.
When victims start to realize that they get defrauded, they desperately try to find someone for help to get their money back.
But be aware signing up with fraudulent recovery organizations results in 99% of all cases again in a total loss of the fixed fee paid. So the victims are revictimized again. In the worst cases, many victims who already have lost everything are encouraged to take out a loan through false promises and assurances. So pls strictly avoid recovery scammers!
Victims get revictimized!
As soon as it gets evident that nothing more can be “earned” from a scam victim, the scammers sell the customer data to partner organizations. These partner organizations are funds recovery scams and other fraudulent online trading platforms, operators.
A new journey of harassment by email and telephone starts. Countless spam emails and cold callers continue to harass the victims for months and years.
The online trading platforms call the victims and try to convince them that signing up with them and investing with them will allow them to regain the lost funds within a short period.
The recovery organizations also promise to get the lost funds back by approaching the banks, other involved organizations, and the original scammers.
Scammers do not care about data protection rules!
Most recovery schemes know the actual scammers as they buy the customers’ data, and very often, their offices are close to the offices of the scammers (in Israel). Some of them have developed “standard letters” sent to shell companies or banks. The recovery organizations as well as their lawyers – mainly Israelis – know very well that the addresses are pure shell companies and that the banks do not react to such claim letters. To pretend to be able to bring back the lost funds is a blatant lie and to request substantial down payments although they know that a refund is not possible is pure fraud. The recovery scams want to intake the down payments and will vanish afterwards. In 99 per cent, it does not work out for the victims.
Pls also do not trust positive Trustpilot reviews about these recovery organizations. Like the investment scammers, recovery scammers know how to establish a fake good reputation.
As far back as 2016, the United States Security and Exchange Commission (SEC) has issued ‘Investor Alerts’ urging investors and fraud victims to think carefully before paying money for asset recovery services that may prove fruitless. In the United Kingdom, the Financial Conduct Authority (FCA), on 12/12/2019, published a warning on their website concerning Pay Back Ltd, a recovering service proving fruitless.
Some Recovery Scams identified
Based on information received from our members, we could identify the following recovery scammers:
- FUNDS RECOVERY
- SCAM WATCHER
- SCAM ONLINE
- SCAM RECOVERY
- MY CHARGE BACK
- MONEY BACK
- ACTION REFUND
- MY LOST RECOVERY
- WEALTH RECOVERY INTERNATIONAL
- BOWSTRING CAPITAL
- MY CHARGE BACK
- WIN CHARGE BACK
- PAYBACK INT
- PAYBACK Ltd
- FRAUD RECOVERY INTERNATIONAL
- MY WEALTH RESTORATION
- GLOBAL FTI
- SCAM INVESTIGATION
- MY PRINCIPAL CHARGED BACK
- EDGA RECOVERY
- FORTUNE CHARGE BACK
- WEALTH WATCHES
- GFN CHARGEBACK
- TIMES 4 ACTION
- BROKER DISPUTE
- ELLIS AND BURLINGTON
- HELP REFUND IT BACK
Pls avoid these recovery organizations and by no means pay money to them! (in case you know one we missed, pls give us a comment below, and we will include them in our warning listing).