Wealth Recovery

We are no longer safe. At every turn, unscrupulous individuals are plotting to steal money from innocent victims. A new scam you may not be familiar with is scam recovery. Yes, if you have been scammed, you can be scammed again by individuals or agencies claiming to specialize in recovering funds. We refer to this bunch of scammers as the bottom of the barrel because they target people who have already lost their money to fraudsters. They will approach victims with the offer of helping them to get their money, prize, or item back, but first, you will have to pay them to help you. Once you do, they disappear.

How Recovery Scams May Lure You

Almost all recovery scams follow the same pattern;

They target people who have been victims of a scam and then approach you with the juicy offer to recover your funds. How do they know you have been scammed? It is because you are on the scammer’s “sucker list.” Believe it or not, it is a list scammers compile of their victims. Then, they sell this list to other scammers, namely scam recovery agencies. The “sucker list” may contain your name, address, phone number, the type of scam you feel for, and the money you paid. Why do they do this? Well, because they believe you can fall victim, the second time if you have been scammed before.

Using the information obtained on the “suckers list,” scam recovery agencies contact you by phone, email, or social media. They tell you that they are willing to help you by tracking down the scammers and retrieving what belongs to you. If you did not know you were scammed, they would pose as concerned parties who have seen the injustice and want to help correct it. They leverage the information they bought to make them sound credible and legitimate.

They will do everything to earn your trust.

The scammers will try to gain your confidence by posing as an agency or individuals affiliated with the government, a consumer advocacy group, or a charity. They can even go far as claiming to be reps of the fake company that stole your money and are addressing the concerns and giving refunds to disgruntled customers. They will tell you that your money is safe and will be released to you. All you need to do is file and sign complaint paperwork, and for this to be processed quickly, you have to pay a small fee. Or make claims that you will have to compensate them to get your name on top of the reimbursement list. Do not fall for these lies because they will disappear just like the previous scammers once you pay anything to them.

Pay for their service.

Their services do not come free or cheap. They will ask you to pay before they even divulge information to you. They refer to the fee as “a retainer fee,” “processing fee,” “administrative charge,” “tax,” “shipment and handling charge.” After which, they request your bank account information and other financial details t deposit the refund in your account. Do not fall for it because they can withdraw large amounts without your permission once they access your account.

How to identify a funds recovery scam

Here are signs that will help you to recognize a recovery scam quickly.

• If the individual/agency asks for a fee before assisting you, know that they are scammers. Never pay money to strangers, especially strangers online. Another thing you should know is that the law requires telemarketers selling recovery services only to accept payment after they deliver on their promise.
• Another tip is when the scammer claims to be a rep of a government agency, charity, firm, etc. They will ask for both your personal and financial information to “help” you. Charities and government agencies do not ask for payments before assisting, neither do they require your personal or financial information. Scammers always demand money before they deliver any goods/services they claim to sell. 

How to protect yourself

• Don’t blindly trust calls or social media ads claiming they can recover the money you lost in a scam for a fee. They are scammers looking to defraud you again.
• Never pay upfront for a refund or give out your personal/bank account information to strangers. 
• Scammers will tell you to pay by gift card, cryptocurrency, or wire transfer through companies like Western Union because they know these transfers and transactions are irreversible.