Fund Recovery Scams – Double Scamming the Victims
Overview
Losing money to a scam is already devastating — but falling victim again to a “fund recovery” scam is even worse. These fraudsters promise to help you get your lost money back in exchange for an upfront fee. Sadly, instead of recovering your funds, they disappear with even more of your hard-earned cash.
How These Scams Work
- The Vulnerability Exploiter: Fund recovery scammers often get victim lists from the very scam brokers who took your money. They then cold-call victims, promising to recover funds in exchange for thousands in “fees.”
- Charging for Free Services: Some scammers bill victims for tasks they can do themselves — like contacting a credit card company or filing a government complaint, which costs nothing.
- Fake Refund Checks: Victims may be sent checks for more than they lost. The scammer then asks them to return the “extra,” but the check later bounces.
How to Avoid Fund Recovery Scams
- Be cautious of unsolicited calls, emails, or texts offering recovery of lost funds.
- Never share personal or banking details with people claiming to be recovery agents.
- Legitimate companies will not demand payment via cryptocurrency, wire transfers, or gift cards.
- If a refund check seems suspiciously high, treat it as a red flag.
Remember: Scammers prey on your desperation to recover losses. Verify every claim, do your research, and never pay in advance for recovery services.