What Is Fund Recovery?
The number of scams has never been higher. In 2020, The FTC received 2.2 million complaints. Taking into consideration that most people who are targeted by scams never file a complaint, this is a staggering statistic.
One of the reasons for the rising number of crypto scams, forex trading scams, and other types of fraud is that many scammers believe their victims will give up on fund recovery. They will often coax consumers into participating in high-risk trades, such as forex and cryptocurrencies. They may believe that, since the people knew it was risky, they may be less likely to pursue the scammers.
Another reason for the increase is that many scammers find it easier to hide on the internet than ever. Creating a false identity on social media and laundering money on the blockchain seems like a foolproof way of covering their tracks. However, fund recovery methods are also becoming more refined with a greater level of success.
Crypto scams are out to take your money, but Scam Survivor will protect you and help you make a successful claim. Our professionals consult with people who have been affected by crypto scams and forex trading scams. We have the solutions that will help you succeed in your case.
What Is Fund Recovery?
Fund recovery is the process of getting money back from crypto scam a forex trading scam or a complaint involving a broker or a merchant. The complexity of the fund recovery process depends on uncovering the people behind the scam and finding the funds.
Fund recovery from a merchant dispute or a broker dispute can be as simple as working out an agreement between the parties. If the identity of the other party is known, they are not part of a scam and may be willing to make a compromise, then the chances of fund recovery for at least a portion of the amount are fairly high.
However, many cases of fund recovery do not involve legitimate parties but forex trading scams and crypto scams. In many of these situations, the other party has disappeared and has assumed a false identity. They may have various alternate identities and may be involved in laundering funds.
The prognosis for many of these cases is uncertain, but fund recovery professionals are becoming more skilled at unmasking these scams and discovering who is behind them. Even though many people believe that the identities behind transactions recorded on the blockchain remain hidden, tech experts work with law enforcement agencies regularly to uncover identities in crypto scams.
Types of Fund Recovery
The types of fund recovery often relate to the payment method used. This is the way the funds are usually returned. The main types of fund recovery include:
- Wire Recalls
- Crypto Complaints
- Broker Complaints
- Intelligence Reports
Chargebacks involve a return of charges on a credit card. When you ask for a refund from a merchant, they will credit your card with the amount that was originally taken in the transaction. This will simply restore your credit.
Wire recalls are the interruption of a bank transfer. This can occur when you have authorized a transaction but realize the recipient is a fraud. In some cases, the bank will stop the transaction through a “fraud freeze.” They will only agree to this if it is proven that the other party is a scammer. Once the wire transfer has been made, money can only be recalled through an additional wire transfer.
Tracking down cryptocurrency can be tricky since there is a lot of money laundering on the blockchain. It often must involve the authorities, and the best tool in this type of fund recovery is a crypto complaint.
This also involves a crypto report, which is an in-depth description of the case including any research available about the suspected fraud. The intelligence report gives authorities the information they need to take the investigation to the next level.
Broker complaints can be an efficient method of fund recovery. If a broker is registered, contacting the regulator will a full complaint detailing what happened can spur on action. The regulator does not want a broker to reflect badly on them and will likely threaten disciplinary action if the money is not returned.
Difficulties can arise with brokers who are not regulated. In that case, it is necessary to create an intelligence report to track the broker down and try to discover who is behind the forex trading scam or any other type of broker fraud.
Things to Keep in Mind for During the Fund Recovery Process
Fund recovery requires patience, cooperation, and attention to detail. It begins with a consultation with a fund recovery service, filing a complaint, and drafting a report. The company and authorities will then launch an investigation to try to locate the culprits and resolve the matter. Fund recovery is not usually a quick process, although some issues can be resolved in a matter of weeks. It is important to play the long game when it comes to fund recovery. Since cybercriminals are often involved in a number of illegal operations at once, they may get caught after their third or fourth racket rather than their first or second. Although you must be patient when going through fund recovery, that is once it has been started. Prior to that, haste is essential. Do not delay, but report a crypto scam or a forex scam as soon as you suspect it. You do not have to be certain it is a scam. Have a fund recovery company or regulators check out the situation if you feel you have a good reason to think it is a scam.
Are You Looking for a Reliable Fund Recovery Service? Talk to Scam Survivor
If you have been affected by a crypto scam or a forex trading scam, talk to us. The Scam Survivor team has vast experience investigating fraud and aiding clients with their complaints. Our strong working relationship with regulators, authorities and financial services gives you a decisive advantage and helps you in your pursuit of fund recovery.