There are numerous scams taking place every minute of every day, such as cryptocurrency scams, credit card scams, forex scams, and much more. As per the Federal Trade Commission’s (FTC) report, there was a 1,800% surge in social media scams alone in the past four years. This means 95,000 people (twice the number of people who got scammed in 2020) lost money to social media scams in 2021. Out of which, only 4.5% of people reported being scammed as per FTC.
According to the FTC, investment, romance, and internet shopping scams accounted for 70% of all scams in 2021. Unfortunately, this means that the remaining 30% of frauds were social media scams containing newer scam ideas that are now surfacing. But, you need not worry now because you can get your money back through fund recovery.
What is Fund Recovery?
Fund Recovery is a service that helps scam victims get their money back after a fraudulent scheme has duped them.
Unlike banks, there is no regulatory agency that oversees cryptocurrency. As a result, no one will account for an individual’s loss against the crypto industry. But in the past few years, some firms have been established who offer fund recovery services.
Fund recovery services mean giving solutions to individuals who lost their money to different scams. The firms use their expertise, sources, and information to contact the scammer and refund the money back to the individuals.
A person who has been a scam victim finds it hard to trust another firm that confirms that they will recover their money. So, people must learn how Fund Recovery Companies works.
Fund Recovery Process
Based on the severity of the case, the fund recovery process can be long or short. First, fund recovery firms offer assistance and recommendations to clients, examine their causes, and provide an assessment of the probability of winning. Then they begin preparing fund recovery reports and investigating the case.
To uncover the scammers, they will initiate a fund recovery investigation. The experts will then use their business insight, expertise, contacts, and connections with regulatory agencies to recover the clients’ funds.
Investigation
Fund recovery investigations are necessary when the broker has committed fraud and continues to loot people of their money. If you get scammed, you have to provide them with a complete picture of what exactly happened. Like the First Investigation Report (FIR) with the cops, this copy of the information is called the Fund Recovery Report, is required and is the first step towards the case. You have to give them all the necessary information such as – the number you received calls from, the name (if any) of the scammer, the account you made transactions into, the amount of money you invested, and such. This information will help the officials to track down the scammer.
Following are the ways the firms go about the case:
Knowledge of brokers
In the trading industry, it is critical for a fund recovery organization to know which firms are legitimate and not and be able to recognize individual scammers. It is their responsibility to be informed about this so that if somebody approaches them about a scam and provides the necessary facts, they will know who to pursue and how to persuade them to restore the customer’s money.
Strategy
After gathering all relevant facts on the scam, the fund recovery experts devise a strategy for recovering your funds. This strategy includes conducting quick research on the database containing information on various scammers, which makes apprehending the scammer easier. Lawyers, legal consultants, compliance officers, private investigators, and financial professionals assist the firms in making strategies.
Psychology
The scammers use mind games to get innocent people into giving up their information by themselves. But, the fund recovery specialists teach themselves human psychology to make the scammers hand over your money by themselves. And they also know how to mentally agitate the scammer and get them to reveal whatever they are attempting to conceal.
Wrapping up
Do not be discouraged if you have lost money intending to get more. Don’t be disappointed if the broker you trusted turned out to be a con artist. There’s no cause to be gloomy when you’ve got fund recovery experts on your side. When you contact the appropriate persons, every cash you have lost unjustly will be returned to you. It will take these fund recovery experts very little time to persuade the scammer or bogus broker to restore your money.
