FTC-Recovery Frauds (Sep. 2, 2024) Don’t be Re-Victimized by Recovery Frauds “We can get your money back.” If you recently lost a portion of your savings or retirement nest egg to a cryptocurrency, forex, or binary options scam, an offer to recover your lost funds may sound very appealing. Unfortunately, for many victims of fraud, […]
Recovery Frauds involve schemes where scammers exploit individuals who are seeking to recover losses from previous fraudulent activities or financial setbacks. These fraudsters promise to help victims reclaim lost funds or assets, often for an upfront fee or personal information. They may present themselves as legal experts, financial consultants, or recovery specialists. Once they’ve collected the fees or personal details, they either disappear or use the information for further fraudulent activities, leaving victims with additional financial loss and no recovery. This type of fraud preys on the desperation and hope of those who have already been financially harmed, making it particularly insidious.