Despite positive action that has been taken by governments around the world to counter scam operations, the number and level of sophistication of scams are still increasing. Even in the 12 months from 2023 to 2024, we have seen a large change in the scam landscape. In 2023, there was a surge of fake job and SMS scams whereas in 2024, cryptocurrency investment scams and recovery scams appear to be more dominant. However, this may be purely due to the decline in fake jobs and SMS scams. If you’ve ever wanted to know, how to recover money from a scammer? Read on!
Is it Easy to Recover Money from a Scammer?
When it comes to recovering money from a scammer the key takeaway is that this is not an easy process and any company that implies that it is, is looking to scam you. The number of fake recovery companies has significantly risen over the past 3 years, and it is now very difficult to determine real from fake, the same as with other scams.
To consider a recovery of your money lost to a scam, you first need to know who has your money. This is where Cybertrace comes in. We are experts at scam-based cyber investigations and are physically located in Australia. We have operated since 2015 and if any company can find who scammed you, it’s Cybertrace.
First Step for Recovering Money Lost to a Scammer
From our perspective, there is no point in discussing a recovery operation unless the offender has been identified and located. Many fake and legitimate recovery companies will quote for the full service of recovery, however, they have no way of knowing what the costs and timeframe will be until after the offender is identified. We find the full-service quotations to be unreliable and they often have hidden costs added later when the budget dries up. At Cybertrace we will initially only quote for the investigation to identify the offender. Later investigative stages and costs will be discussed as they arise.
Does Cybertrace Recover Money?
In most cases, No. We are expert private investigators, and our primary focus is the identification of the offender and/or syndicate that was responsible for scamming you. Once the offender is identified, we can discuss options for locating the offender and performing a background check on them so that a recovery plan can be developed.
In some unique circumstances, we will assist with recovery. However, it is important to note that this is an uncommon situation, and, in most cases, we will refer you to a business partner who has been vetted by us or law enforcement. Other referral options may include a lawyer or an asset recovery specialist.
Below we will discuss actionable options for attempting recovery of your stolen money or cryptocurrency.
What Type of Scam is it?
Before considering a recovery option, you must know what type of scam you have been exposed to. There are various types, such as:
- Phishing scams
Phishing scams are very common and are generally performed via email or a messaging app. For these scams, the victim is tricked into clicking a link and providing sensitive data such as login credentials or bank account information.
- Investment scams
Investment scams include cryptocurrency, foreign exchange (forex), contracts for difference, and precious metals, among others. In most circumstances, scammers use fake trading/broker websites to attract victims and convince them that their platform is legitimate. However, everything is fake and there is no trading, just lies.
- Romance scams
In most cases, romance scams are conducted online as it’s a lot easier for the scammer to remain anonymous. They will manipulate the victim and make a lot of false statements about themselves. Once the timing is right, they will always create a situation where they need money urgently from the victim. These cases can go on for a long time and are designed to maximise the amount of money scammed.
- Cryptocurrency scams
This falls under the same category as an Investment scam. See point 2. For further information.
- Online shopping scams
This involves fake websites and sellers listed on a range of platforms from Google to Gumtree. Once payment is received from the victim, the scammer generally disappears.
Reporting a Scam
Although most government authorities won’t assist you with recovering your stolen money, it’s still important to report it to them. Your information assists with protecting others and ensuring that the government is allocating enough money to countering scams.
As Cybertrace often collaborates with the government, we will require a police report number and the details of the officer in charge of your case. We regularly refer clients back to government reporting bodies for this reason.
There are many government reporting bodies around the world. Your location will dictate which agency you need to report to. Common reporting agencies include the Federal Trade Commission (FTC) in the U.S., the Australian Competition and Consumer Commission (ACCC) in Australia, and Action Fraud in the U.K.
At Cybertrace we offer expert investigation services to track down scammers. Although Cybertrace does not do asset recovery directly, we specialises in identifying offenders and providing the evidence you need to pursue legal action or report them to authorities.
How is Money Recovered?
If the scammer or syndicate is identified and located, Cybertrace will determine the best course of action for money recovery as there are many variables and options including whether the asset is fiat money or cryptocurrency. However, keep in mind that this is a complex and expensive operation, and the police rarely help with this process.
As mentioned above, options include referral to a lawyer, asset recovery firm, or an alternative dispute resolution service.
Lawyers will represent you and contact the offender on your behalf. Some offenders will immediately wish to settle with you as they have been caught out, but just as many are willing to play the game and see how well-funded you are and your willingness to pursue them through the courts.
Conclusion
Although it is possible to recover money or cryptocurrency from a wide range of scams, It is tough and usually lengthy. As every case is different, we can’t give a blanket price for an investigation. However, get in contact with a member of our team by calling 1300 669 711 (Australia), or +61 2 9188 7896 and we will review your case for FREE. From there our staff will quote you based on the specifics of your case. Alternatively, send us a contact form by clicking on the below button.
