Were you a target of a scammer? Well, you are not the only one. Investors around the world have lost billions of dollars to hundreds of common offline and online scams. The major chunk of it goes to online investment brokers. By the time you realize you are been scammed, your hard-earned money has already made its way to the pocket of scammers. You will also realize how uncooperative your banks are. They will navigate you unnecessarily through a maze of rules and regulations without any results and they are actually there to protect you.
Fund Recovery Services.
Ultimately you decide to take the help of a fund recovery company or firm. And you are assured that your problem is solved, Right? No, you are not right. All funds recovery firms are not the same. Some recovery services firms are a scam by themselves. Even among those who are not scammers, they offer a different degree of service.
How you can avoid fund recovery scams?
The worst thing about a fund recovery scam is that their business model is built from zero level or ground level upwards to steal money from the scam victim. Just think, you are minding your business, undergoing tension, and frustrated with your investment decision. In which you have lost your life savings to a scam.
Tactics used by scammer
Someone knowledgeable of your case contacts you and promises that he will help you recover funds. Well, have you ever thought about how did the recovery service provider come to know you have been scammed? Along with your contact information and whom you lost money to? Well, he can be the original scammer who scammed you, or he might have “bought” the list which the scammer too had.
In yet another tactic the recovery service provider lays a trap for you. And then anticipate you to find them. They post talkback and fake reviews on many popular online sites and forums. The feedback is more or less similar.
One of the red flags of recovery scammers is they promise or better guarantee for full fund recovery. It is very wildly unrealistic to recover full lost fund. It is a difficult task to recover your stolen funds back. And in some disputes, even the scammers win. If someone is giving you a full guarantee that you will recover full money then it is surely a scam. You are paying for the non-existent services. The moment you pay the firm disappears.
Another red flag is their location. If they are located off-shore you should be extra careful. Do extra research on those firms. You should know where their headquarters is, their telephone number, their address. The banker, bank account number, where they are registered, etc.
Fund Recovery Australia
Australia has come up to rescue its investor. They have set up the Australian Securities and Investments Commission (ASIC). It is an integrated government regulatory body for markets, corporate, consumer credit, and financial services. It is set up under the Act called ASIC Act 2001. Under this Fund Recovery Australia has become easy for the investor.
Fund Recovery UK
The Insolvency Service (IS) of the UK is conscious that scammers have been communicating with investors dishonestly. They claim to be working on behalf of the Insolvency Service (IS) or the Official Receiver (OR). They come up with a promise of recovering your lost funds and demand some amount of money as an up-front fee. The approaches are always fraudulent. The scammer imitates to be from a legitimate UK corporate entity and asserts that they are representative of the Insolvency Service. To stop scammers UK government has come up with Financial Conduct Authority (FCA). All the firms offering financial services anywhere in the country are to be registered and get authorization from FCA. Check for registered and authorized firms offering financial services at Financial Services Register. Many firms also offer Fund Recovery Services UK for an up-front fee.
Fund Recovery Netherlands
Netherlands Government has also come up with rules and regulations on how it will deal with financial fraudsters. For Fund Recovery Netherlands visit the official government website. On its website, the government provides information on Dutch Central Government policies. Information on all government policies, names of 11 government ministries, state secretaries, etc. is displayed.
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