Funds Back Scam: Beware Of Funds Recovery Fraud!

Cybertrace analysts have carefully investigated the Funds Back LTD / funds-back.com scam and are issuing the strongest possible alert level. Do not trust these guys! Like other recovery scams, the Funds Back scammers pretend to help victims of fraud, only to swindle them out of even more money. Do not engage their services or give them your personal details – they will only use them against you! This article will go through some of the red flags our experienced investigators look for when examining fraudulent companies. But first, how does this type of scam work? Cybertrace has confirmed that Funds Back LTD is operated by well-known Israeli funds recovery company, Payback Ltd (payback-ltd.com) which is owned by Money Back Ltd. reg – 515711653. Cybertrace does not know why Payback Ltd does not transparently disclose that they are behind Funds Back LTD. We previously raised the lack of transparency with Amir, the co-beneficial owner of Payback Ltd, with no result.

What are funds recovery scams and how do they work?

With cyber fraud on the rise globally, more and more people find themselves losing money to scams. Whether it’s cryptocurrency, forex trading or romance scams, the internet provides an easy gateway for scammers directly into people’s lives. Of course, lockdowns, job losses and / or working from home due to the Covid pandemic have only accelerated this pre-existing trend. In 2021 thus far, Australians have already reported losing a staggering $211 million, almost doubling last year’s figures. In other words, you are not alone! There are a lot of scam victims out there anxious to get their money back! This is where the Funds Back scammers come in…

Suppose you realise that you have fallen victim to scammers and are desperate to recoup your losses. You search online for any way to help you get your money back, either through search engines or review fora. It is highly likely that sooner or later you will come across the Funds Back scam or other similar frauds. Lured in by their professional-looking website and promises of guaranteed funds recovery, you breathe a sigh of relief: it looks like you will get your money back after all! Instead, more misery awaits. Once the scammers have gotten your details and received payment, they simply delay communication or even cease contact altogether. It’s only now that you realise that the fraudsters have exploited your vulnerability and scammed you a second time. So, what should you look out for in order to avoid this?

Red flag #1: No website access

The first question ought to be whether you can even access the scammers’ website. If you have installed standard internet security software, it will likely block the Funds Back scam website. Furthermore, it will flag the site as dangerous and a scam. While these programs might not always be 100% accurate, this is a pretty strong indication not to trust this service!

Red flag #2: Does the company even exist?

Now, you might not have installed internet security software, or it didn’t flag this particular website (which can happen, occasionally). The next question is: what kind of information does the website provide about the company? At the bottom of its homepage, the Funds Back scammers provide the name Funds Back Ltd but no address. However, searches of international corporate databases do not reveal any records of such a company existing anywhere! If a company were legitimate, it would be possible to independently verify its existence. For example, you can easily search for (and find) Cybertrace on the Australian Securities and Investments Commission’s (ASIC) corporate register. Likewise, you are able to independently verify our private investigation license accreditation with the NSW Police Force. By contrast, fraudsters such as the Funds Back scammers don’t want you to find out who they really are!

Red flag #3: Faceless

This concealing of the Funds Back scammers’ true identity goes even further. Nowhere on the website is there any information provided on who owns, runs, or even works for the company! While there are social media icons on the company’s website, they simply re-route back to the homepage. In addition, searches of Facebook, Instagram, and LinkedIn reveal no such company, or any employees associated with it. It’s almost as if the company wasn’t real!

Red flag #4: Bad or fake reviews

Another key sign to look out for are negative assessments on independent customer review sites such as Trustpilot. As is clear from this and other review sites, fraud victims are strongly warning others against the Funds Back scammers! Please be aware, though, that scammers also use fake reviews to falsely boost their own ratings or delegitimise competitors. This kind of weaponization of the reputation economy is a key new tactic in the global disinformation battle. In fact, we know from our international partners that defaming others is a deliberate tactic Funds Back scammers employ, either directly or via third parties. Cybertrace is acutely aware that, by calling out such fraudulent operators, they might seek to manipulate our own up-to-this-point excellent customer reviews. However, staying silent in the face of fraud, scams, and other wrongdoing is not an option!

Indeed, since Cybertrace first exposed their unethical practices in October 2021, the Funds Back/Payback-ltd.com scammers have started falsely impersonating our business. Using fake Google ads that illegally use our good name, they seek to trick people searching for Cybertrace services. Imagine after seeing our founder Dan Halpin in one of his expert media appearances, you google “Cybertrace” to find help. At the top of the results, there is an ad proclaiming to be “Cybertrace Australia” offering “funds recovery”. Thinking you’ve found what you’re looking for, you click on it, only to land on the Funds Back/Payback-ltd.com scammers’ page instead. What despicable, unethical behaviour!

Red flag #5: False and misleading information

There is so much false, misleading information on the Funds Back scam website, it’s hard to know where to start! Firstly, even the scammers’ name is a cheap attempt to trade off the reputation of another, similar-sounding legitimate company. Fundsback.org is a serious German-based company that assists expats to access their dues in the complex German pension system. The Funds Back scammers, on the other hand, don’t offer anything legitimate! Secondly, Funds Back falsely claims to have multiple big-name corporate partners, from PayPal to Visa and Mastercard. As a quick search of those companies shows, this is the first that any of them are hearing about it! Finally, Funds Back claims to have helped “thousands” of people worldwide. However, domain records show it has only been in existence for just over a year. Knowing first-hand how time- and labour-intensive cyber fraud investigations are, this is simply not possible

I can see why Funds Back is a scam. But what do I do now?

Good on you for wading through these red flags with us, thus enhancing your cyber fraud-spotting capabilities! If you haven’t paid Funds Back scammers or other shady funds recovery operators, keep your money and disengage from them immediately. They spell nothing but trouble! Instead, go with a reputable and independently verifiable cyber fraud investigator such as Cybertrace. If Funds Back have already scammed you, contact our experienced investigators today to see how we can help. You can also leave a comment below to help warn others.

If you are a current or former staff member of the syndicate and would like to speak with us, you can contact us anonymously via [email protected]. We have successfully worked with conscientious insiders when investigating previous scams, thus bringing justice and relief to long-suffering victims. Your help can make a real difference!

Note: updated in April 2023