So you just noticed that your “best buddy” – a boiler room guy, who has told you that he is probably one of the most experienced online trader ever – is not longer reachable for you. Neither he nor anyone else from the fenzy online trading website reacts on your emails, noone has not called you back for several weeks and most important the promised refund of your money has not yet arrived.

Summarized you just realized that you got SCAMMED!

As we have heard the stories of more than 800 victims experiencing the same as you have, we advice as follows:

  1. Do not think that you are the one to blame and do not be ashamed! This kind of fraud you just experienced has been going on for more than 10 years in Europe. There are thousands of victims out there who have experienced the same as you do right now. By collecting so much money from unsuspecting consumers the scammers have got huge funds to establish multinational high professional criminal organisations – the boiler room guys (your best buddy – as long as he thought that your still have funds to invest) have got scripts- written by well-educated people – to track your into their fraud.
  2. Calm down, do not get desperate! Do not spend more money in engaging even more unscrupulous recovery companies, promising to get the stolen funds back and asking for considerable upfront payments. Believe us, they can not get your funds back.
  3. Accept that it is not possible to get your funds back easily and within a few days! Prepare yourself for a long-lasting and exhausting fight!
  4. In case you just did another deposit via bank transfer resp. with credit card/debit card to the scammers, pls contact your bank immediately, tell them to stop the transaction right now and promise to bring proof for the fraud.
  5. Establish proof! Collect all your data regarding your deposits and your communication with the scammers and establish a written summary of what happened.
  6. Take this written summary and file a criminal complaint with the adequate authority in your country. There are thousands of other people who experience the same fraud, by not telling the police and other people about what happened to you, you support the scammers, to go on with the fraud and you also allow the European authorities to tell everyone, that everything is fine with cybersecurity for consumers in Europe. Ask for a copy of the criminal complaint or for the reference no as well as the phone number and email address of the person in charge as you will have to bother this person during the next weeks and months if not years. If the person in charge of the police station will tell you that there is no change and that you are the one to blame, tell them that this is not true, you are the victim of a fraud and that you have a right for a criminal investigation (The purpose of the police is to support you – not vice versa)
  7. Take the copy of the criminal complaint and sent it to your bank and ask for a charge back of all your credit-card/debit card transactions as you are the victim of a fraud. Be prepared for a fight as they will refuse it – as they will tell your that you did online investments and so there is no possibility for a charge back… tell them that this is not true, ask for your case to be sent to the fraud department of your bank/credit card organization – you want your money back. Be persistent and get ready for many emails and calls you will have to do before getting back your money. But very often charge backs are possible if you transferred the money via credit card/debit cards.
  8. In case you did bank transfers, be prepared that there is no charge-back possibility. But nethertheless tell your bank to contact the bank they sent the money to and to try to freeze the account of the beneficiary. Sometimes – but not very often – some money is left on the beneficiary´s account, but at least the correspondence bank is legally obliged to investigate in the beneficiary´s account and very often the account is closed.
  9. Be persistent: Get aware that your bank is just a service provider and that your requests will bother them a lot and will most probably destroy your great relationship to them. But this is not your fault. They have some obligations as you are their customer. Be aware that you most probably are not the only customer who experienced this fraud. In the United States victims have filed a legal claim against their banks accusing them of getting information about the fraud going on and not warning their other customers.
  10. Warn other people about the fraud you experienced by writing bad reviews about the scammers on Trustpilot on Forex Peace Army and by writing to Fintelegram..
  11. Be persistent and do not get frustrated, be prepared to get the information from the prosecutor that they closed the case because of not being able to identify the scammers… call them and writte them that you do not accept this. Will not help – because they anyway will close the case, but they should be aware that you do not agree to this procedure.
  12. Join fraud fighter groups (like here on Facebook) and look for victims of the same scam you experienced. To fight together makes it a lot easier.
  13. Get active in alerting the supervisory authorities about the scam you experienced and their responsibility to protect you and to go after the fraudsters.
  14. Join us (EFRI) as we go against the banks and against the European supervisoy authority both organisatons are neglecting their duties in a lot of respects ( e.g. KYC-obligations,…)
  15. Please avoid any recovery scams… as soon as the scammers realize that you are “burned” (meaning no more money can be stolen from you), they sell your data to other scammers (recovery companies as well as alternative online trading websites), so you will be bothered by daily emails and/or phone calls from people promising you to regain your money. … They are lying, just do not bother to talk to them.

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