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Beware of Recovery Scams

 
Be suspicious about offers to recover your money when you fallen victim to a scam.

 
December 19, 2023    2 minute read

 

"We can get your money back."

This is the line that everyone wants to hear after they have been scammed. Losing funds to a scammer can be devastating or even life-changing, and all too often the funds are gone forever. So, when someone tells you that they can recover the funds, it can be tempting to take them up on the offer.


Unfortunately, the offer is not real—it’s a recovery scam. Funds sent away to fraudsters tend to quickly leave the country and end up in the pockets of criminals in safe havens around the world. Once the funds are gone, they do not come back.


Recovery scams are a form of advance-fee fraud—where you pay up front for the chance of getting a much larger sum of money later. These scams target those who have already been harmed by other frauds. If you have recently been targeted by scammers, then you should be alert for these follow-up scams.


Recovery scams take two forms:

  • Fraudulent websites – fraudulent websites will appear in web searches for fraud recovery, claiming to belong to ‘Fraud Recovery Specialists’. These sites can appear legitimate and extremely convincing, especially to those who have recently suffered a fraud loss.
  • Sold personal information – Scammers will trade the personal information of people they have scammed among each other. A different fraudster will then use that info to reach out to you directly and promise to recover your funds.

Recovery scammers will ask for money and/or personal information upfront, and they will never recover your money. The best way to avoid a recovery scammer is to decline contact with anyone who offers funds recovery services.

Cut contact immediately if you believe that you are being targeted by scammers, then report the incident to your financial institution and law enforcement.