How To Get Your Money Back After Being Scammed

Falling victim to a scam is the worst thing that can happen to anyone. Unfortunately, a growing number of scammers out there are getting sophisticated because the world has become more connected thanks to the internet. It is a violation of your trust and pretty hard for anyone to recover from. So if you have been scammed, know that it is not your fault, so do not feel embarrassed or keep it to yourself but report the incident because you are a victim of a crime. 

Scams happen to real people with real stories. A notable one is the story of Frederick Felix Turbide, a Canadian who committed suicide after losing over 200,000 Canadian dollars (US$152,000) to an Israeli-run binary options firm.

What Is A Scam

It is a term describing any fraudulent business venture that steals money or goods from an unsuspecting person. It is also a situation where an individual is deceived into making payments of any kind for something that does not exist.

Types Of Scam

Financial Scam

A financial scam, otherwise known as financial fraud, is when someone swindles you out of your money through misleading and other illegal practices. For example, many scammers use methods like identity theft and investment fraud to deceive victims. Recovering funds after a scam is a whole ball game altogether, and you will need the help of expert advisors who can appeal your case on your behalf.

Financial crimes can come in the form of:

Identity Theft: It occurs when someone steals your personal financial information, such as your credit card number, to make unapproved withdrawals from your account. There are cases where the scammer uses the information to open credit or bank accounts, making the victim liable for all charges.

Investment Fraud: Here, the scammer sells investments or securities under false pretense and misleading information. Mortgage and Lending Fraud A third party uses your information to go for a mortgage or loan. Or cases where lenders sell mortgage/loans with inaccurate information.

Mass Marketing Fraud  As the name suggests, this is fraud on a grand scale. It is committed through mass mailings, telephone calls, or spam emails. It also features fake checks, charities, lotteries, etc. The goal is to steal personal financial information or to raise contributions to fraudulent organizations.

Cryptocurrency scam

Scammers are on the hunt for ways to steal your money, and one way they do it is through cryptocurrency. Cryptocurrency scams include financial crimes, scam initial coin offeringsPump and Dump schemes, market manipulationPonzi schemes. Unfortunately, many people fall victim to cryptocurrency scams because many so-called experts are parading on social media claiming to have made millions on cryptocurrency and want to teach others. 

How cryptocurrency scammers operate

Fake cryptocurrency companies promise that you will make loads of money in no time and be financially free.

Some scammers will ask for payments in cryptocurrency for the sole right of recruiting others into a program. If you recruit others, they say, you’ll get rewards paid in cryptocurrency. The more cryptocurrency you spend, the more money they promise you’ll make. But these are all lies and false guarantees to scam you of your money.

Another method cryptocurrency scammers use is unsolicited offers from supposed “finance directors.” These scammers promise to grow your investment if you entrust them with your cryptocurrency. But sign up to their “investment account,” you’ll find that you can’t withdraw your money unless you pay fees.

Some scammers use fake job offers as an approach to recruiting unsuspecting cryptocurrency investors. They scam these victims by stealing their cryptocurrency, mine cryptocurrency, or promise to help convert cash to bitcoin and vice versa.

Some scammers list fake jobs on job websites. They’ll demand a fee before employing you but end up taking your money or personal information. Unfortunately, it is challenging to recover your money after a forex scam, and the banks and financial institutions are often not willing to help victims recover funds. So you will need help from expert advisors who can communicate and appeal to your bank on your behalf.

Forex scam

Forex scams are prevalent because of the lack of restrictions and accountability in the market. Forex scammers defraud victims by convincing traders to expect a high profit by trading in the foreign exchange market.

How forex scammers operate

Scammers claim they have contacts with a company with insider trading information and claim that the data is based on expert forecasts confirmed to make enormous profits for the inexperienced trader. They usually ask for daily/weekly, or monthly fees for this service but do not fulfill their promise. Instead, they will show you testimonials from allegedly legitimate sources to gain your trust yet, in reality, do nothing to forecast profitable trades. 

Scammers will also disguise Ponzi schemes as high-yield investment programs. They promise high returns for a small initial investment. In reality, your money is used to pay current investors and keep the cash flow they need to continuously find new investors.

What To Do When You Have Been Scammed

Suppose you fell victim to a scam and gave out your personal or financial information. In that case, we advise you to change all your online passwords not linked to the fraud. Also, you use a different password for each account, and in case your laptop/phone has been hacked, let an authorized technician help you.  

Take time to learn the methods and approaches scammers use, so you do not fall for their schemes a second time.

What Happens Next

After being scammed, most people’s first instinct is to contact their bank or financial institution to make a complaint. We are here to tell you that going to the bank may not achieve the results you want if you do not follow the correct procedure. The reason is there is an over 90% chance the bank will refuse your request for a refund and most likely shift the blame on you. When this happens, it makes it pretty much impossible for Payback Complaints to have any form of dialogue and due process to recover your funds. You need proper guidance and assistance in such matters if you want your money back because an inaccurate strategy will affect your entire case. So before making that call to the bank, CALL US!

If you have already contacted the bank and have been refused, you must contact Payback Complaints ASAP to help you win your case.

Where Payback Complaints comes in

We are in the business of bringing hope to victims of scams, and we have the numbers to prove it. We have recovered over $845,941 to our clients in June with the help of our 16 renowned recovery specialists. And we want to help you too

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