Recovery Scam: Refund scam rips off victims again

Watchlist Internet warns of recovery services whose providers offer money refunds to victims of fraudulent investment platforms.

Scammers are currently using the recovery scam scam. Disguised as reputable companies such as the FMA or the stock exchange supervisory authority, they offer victims of dubious trading platforms the opportunity to regain the money they thought was lost. Of course, those affected must first pay for the promised services in advance. However, it quickly turns out that the former victims were caught by criminals again.

Watchlist Internet specifically warns of providers such as börsenaufsicht.net, finanzmarktaufsicht.net and payback-ltd.com. These would be fraudulent services offering help in recovering funds lost through fraud for an upfront payment. So caution is advised here. Such auspicious promises only turn out to be another scam attempt, the recovery scam, to trick people out of even more money. In such cases, one scam immediately leads to another.

In the previous investment scam, on the other hand, scammers often suggest potential investors quick and high imaginary profits in the cryptocurrency space. The first crypto investments are usually followed by telephone terror. Supposedly highly professional consultants are pushing for more and more money deposits in talks. As a result, victims can lose a lot of money. This is exactly where the recovery scam comes in. Fed by the hope of getting the money back, criminals “take the last bit of money out of the victims’ pockets”.

Different ways of contact lead recovery scam scammers to victims

  • “The victims will be actively contacted. E-mail addresses or phone numbers are owned by the criminals from the previous crypto scam.
  • The criminals write comments on review sites where victims share their experiences with fraudulent investment portals.
  • Criminals run Google ads hoping victims will search the internet for ways to get their money back.”

Danger detected – danger averted

Watchlist Internet provides information on how to recognize recovery scams as such:

  • “Missing information: boersenaufsicht.net and finanzmarktaufsicht.net advertise with reputable-sounding names and a professional designed website. The logo of the Austrian FMA is even used on finanzmartkaufsicht.net in order to appear as trustworthy as possible. But the imprint is fictitious, information about the contact persons cannot be found on the website.
  • Internet search: After a quick search on payback-ltd.com we found many positive reviews on Trustpilot. Don’t be fooled by this and do your research carefully: the positive ratings for payback-ltd.com are probably bought, many of those affected tell of the fraudulent intent of the platform. Sometimes they have transferred thousands of euros, money that is lost in addition to the investment losses.
  • Lack of regulation: payback-ltd.com states on their website that they operate under a “legal exclusion”. This means that the website does not have to be authorized and regulated by financial market authorities. This notice at the bottom of the website should set off all alarm bells. It clearly indicates that this is a dubious and fraudulent offer!”

Advice for victims of the scam

Watchlist Internet advises those who have already been hit by investment fraud or recovery scams:

  • Do not make any more deposits! Do not let yourself be put under pressure by supposed advisors.
  • Report this to the police.
  • Contact your bank or credit card company. It may be possible to get the money back.
  • Report the platform of the Financial Market Authority and the Internet Watchlist.
  • Invisibility.info

    About Antonia Frank

    Antonia has been with us since January 2016 Author at the Invisibility Cloak. She started out with book reviews. In the meantime, she prefers to write about legal topics, such as P2P cases, but she also takes up other Internet topics, such as cybercrime. Her interests are mainly related to literature.

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