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Fraud recovery fraud

When someone faces a scam, they can be contacted by the criminals again, who may pretend to be from the government or the regulatory, and they may offer help to recover the lost funds for a small fee. Most victims have been called by a recovery team who seek fees to help get back the previously invested money. 

However, such impersonators may never contact the victim after getting the funds. Sometimes they ask to pay, and in cases, they seek information like bank details which they can exploit to commit other forms of crimes. 

If you get any such call, you should end all contact and ask them how they found out you are the victim. You can report such calls to the police and enforcement agencies. 

How Does It Happen?

If you have been a victim, the scammer has all your information, and they use it to contact you again. They lure the victim to get back the lost funds, and they may convince that they have the authority to arrest the crooks who committed the crime. But they seek an advance fee to solve the case.

For example, in a land banking scam, the seller promised huge returns that they would give in the future when the land is sold to a major developer. 

Later they claim adverse media actions led to losses, but the project was on the verge of gaining and had only a few plots left. So instead, all buyers got worthless small plots of agricultural land.

The investors are later contacted to get an insurance policy for the investment plan, and the perpetrators had hired a private investigator who guaranteed to recover funds. 

Some investors were contacted by imposters who posed as investigating police officers, and he asked to pay a fee to the court to get the money back.

Tips To Protect Yourself

  • If you do not pay, they will not contact you. 

  • They will ask you to pay for related costs like travel or administration or other fees if you pay. For example, they tell the money is with the court and can be recovered by paying a small fee. 

  • Sometimes, they tell you they will get all the fees back once the case is resolved. They seek details about the bank account to send money into it, only to extract extra funds. 

  • Check the websites, addresses and phone numbers and do not rely only on the emails or numbers provided by the seller.

  • No government agency will ever make a phone call to tell about the recovery of the victim. If you get a call from a recovery agent, you can ignore it.

How To Identify It?

  • If you have been contacted out of the blue and the other person knows all about the scam you suffered. Also, they seek money transfers to solve your problem. However, no authorised offices will ask for a fee to solve a legal case or recover lost money.

  • Their messages may look genuine but have the address @yahoo or @hotmail. Authorities will never use webmail to contact the public. Their emails lack logos and graphics, and they may have many spelling / grammatical errors.

  • If you suspect a fraud, report it to the regulatory agencies.

Date Published: Feb 09, 2022

Types of fraud

A-Z of fraud

To help understand which fraud you've been affected by, we've categorised them into an alphabetical list.

What is fraud and cyber crime?

Cybercrimes can be of two types. First, it can be cyber dependent, where the fraudsters use online devices to convince the victim to accept their offers.

Advance fee fraud

If you are trying to get a loan for a house or a car, they ask to meet the provider to get the financing arrangement and pay the finder's fee in advance.

Corporate fraud

Corporate frauds can be complicated, committed either by the firm or an individual. Nevertheless, it mostly involves cheating where the employee or the firm.

Individual fraud

There are many types of individual frauds related to advance fees, investments, insurance brokers, bogus tradespeople, Ponzi schemes, pension liberation.

Online fraud

Hence the number of cases of online fraud is increasing each year, and most such cases include – account takeover, direct frauds, or scams related domain names.

Identity fraud and identity theft

The criminal uses the stolen identity of another person living or deceased to conduct unlawful activities like obtaining goods or services in another's name.

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