Have you lost some of your hard-earned money or retirement savings to a cryptocurrency scam or a cryptocurrency investment scam? If you carry out an online search, you may come across tempting offers that claim they can help you recover your lost funds. In such a situation, this kind of offer “We can get your money back” will most likely sound very appealing.
In most cases however, this kind of offer is likely just another way to steal more from the victims. In other words, this is usually just another scheme to make an already bad situation go worse. Crypto recovery scams are now quite common, usually targeting victims that have already been scammed by other forms of crypto frauds.
How to Avoid Crypto Recovery Scam
As a victim of a crypto scam, you have to be aware and careful to take protective measures in order not to fall victim to any further scams/schemes. An emerging trend being employed by crypto recovery scammers is trying to gain access to news sites, where they publish online press releases and other related content in order to promising crypto scam victims that they would help them recover their scammed crypto. However, they just steal more from them. Here is how it works:
There are some fake websites that claim to be fraud recovery investigators and experts. These websites are used to receive crypto scam complaints, some of them even have “customer testimonials”, A-plus ratings, and excellent reviews.
In some cases, a press release is published about how to avoid and recover from fraud. It could talk about using the latest technology, or an incredible success record in returning money to victims.
They could also include links that link to the fake website that is embedded somewhere in the press release. These fraudsters are usually quoted as expert sources.
The press release is then sent to a network of subscribing news outlets for publishing.
Can Scammed Crypto be Recovered?
There are a lot of town newspapers or community news websites that subscribe to these services where these press releases are automatically posted, in addition to their locally written news. While on the other hand, some of the bigger news-aggregator websites subscribe to the automated services, usually in order to be able to have a wider and broader reach across business or industry news.
Whatever the case is, the scammer uses creative writing techniques to try to make readers believe them, give the scam victim some hope, just to appear legitimate. The recovery services promise to recover your funds, or could be described as a “fraud recovery experts,” or the “the best way to recover scammed cryptocurrency.”
How to Spot a Fake Crypto Recovery Service
The crypto recovery scam website is mostly used to receive details of the crypto scam victim. These details are usually the victim’s email addresses or phone numbers for assistance. The scammers either initiate the scam at this stage or just steal the victim’s contact details or personal information, which could lead to being targeted again in the future. Studies have shown that a lot of crypto scam victims are victimized more than once, there is also some data showing that former victims are usually targeted more than non-victims.
Some published press releases are indistinguishable from other articles on the news website. They will also sometimes make reference to some advisories, tips on how to avoid crypto investment scam, and or emphasizing the “superiority” of the recovery product/service.
How to Know a Legit Crypto Recovery Service or Government Agent
Crypto recovery scams are becoming more common. The scammers are aware of the fact that a lot of people are more likely to trust law enforcement or government officials, so they try to take advantage of that trust. If someone randomly reaches out to you claiming to be from a court or government agency, you should try to do these quick and simple tests:
Anybody that randomly calls you or sends an email claiming to be from the government, try to get all relevant information, but do not give out personal information about yourself, including your social security number.
If you receive such a call, end the call. Check for their phone number on their website, then put a call through to them.
If it comes in as an email, check the email domain or any web links that are provided. Check to see if the domain name makes sense, and the kind of domain extension that is used. This email/domain check is another way of finding out a legit crypto scam recovery agency.
A legit cryptocurrency investment scam recovery service will never use a random identity or web-based email account to contact you.
When dealing with a legit crypto recovery company to recover scammed crypto, they will be professional in their approach and sometimes attach official documents to the mail.
A legit crypto scam recovery agency will not demand you pay immediately, and they would also not ask you for donations.
Government agencies will not ask you to wire money, send prepaid credit or gift cards, use digital assets, or ask for any unconventional forms of payment.
Recover Scammed Crypto; Crypto Recovery Scam Red Flags
A common approach employed by a lot of crypto scam recovery scammers is to contact existing victim lists. Apart from the crypto lost/money lost to the crypto scammer, they also try to make as much money as possible from the victims’ by also using the victim’s information.
They could use it for identity theft, wait for sometime before returning to run another scam or by selling it on the dark web. Victim lists can include payment and contact information, personal details, the amount of money taken, and the type of scam that was used.
Another red flag is when a crypto scam victim receives a random phone call or email from anyone who claims to be a government official, an attorney, or asset recovery service representative. In some cases, the fraudsters claim to already have the money with them, or are working with the court or federal trade commission to distribute the funds.
Sometimes, the victims are told that the fraudsters who took their money have been tracked down and the caller is notifying victims to begin a civil court action or contact their credit card issuer for a chargeback.
The crypto scam victims may also be told that most or all their money will assuredly be returned. But it could come with certain conditions first, such as making a donation, retainer, or overdue taxes. However, after making the first payment, requests for more funds often follow.
How a Crypto Scam Victim Recovered His Scammed Crypto from Scammer
Frank is one of the few victims of the crypto scam who was lucky enough to recover all the crypto he lost to a fraudulent crypto investment scheme. He shares his experience;
I ended my relationship with my long term girlfriend a few months back. Although I was never really into the whole idea of online dating, I decided to give it a shot, since post-covid19 restrictions seem to be limiting physical/social interactions. I joined one of the popular dating apps, and instantly clicked with a particular girl. She was beautiful, smart and we had common interests.
We became quite close and started interacting through phone and social media. She introduced me to crypto investment, and even helped me set up my digital wallet. She then advised me to invest with a particular crypto investment company. I was initially reluctant but she was persistent and eventually convinced me to invest almost three hundred thousand dollars.
I watched my money increase, and I was excited. An urgent expense came up, so I decided to withdraw part of my profit from the investment since I had put the bulk of my money into it. My withdrawal request was not honored, and my new online girlfriend that introduced me also suddenly got out of reach. It was at this point, I realized I had been scammed.
Frank Recovered His Scammed Crypto by Reporting the Crypto Scam
I sought help online to see if it was possible to recover my scammed crypto. Luckily for me, I found and filed a complaint with Broker Complaint Alert, and they were able to help follow up on my case till all my funds were recovered and returned to me.
Frank is one of the lucky crypto scam victims that was able to recover his scammed cryptocurrency. He has advice for other victims of crypto scam and crypto investment scam to report cryptocurrency scam to recover scammed cryptocurrency. Visit: www.brokercomplaintalert.com
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