Don't get scammed twice: beware of money recovery scams

If you are reading this, you have probably realized you've fallen victim to an investment scammer, who has stolen your money. You’re devastated, angry, and desperate to get even a portion of your money back.

You start looking for solutions, and before long, you come across companies promising exactly what you’re hoping for—a way to recover your lost funds. They seem professional, sympathetic, and confident, assuring you that they can retrieve your money for a fee.

The painful truth is that many, if not most, of these so-called recovery firms are scams themselves, designed to prey on the vulnerable position of those already victimized. These fraudulent companies promise to help you recover money lost to crypto scams, binary options, forex fraud, or other financial cons—often in exchange for an upfront fee or a cut of the funds they claim to retrieve.

They make enticing promises of "100% recovery," but once they’re paid, they disappear, cutting off all communication and leaving you not only with your initial losses but an even deeper financial and emotional wound.

Bottom line? Don’t fall victim again. If you feel compelled to explore recovery options, proceed with extreme caution, do your research thoroughly, and keep your expectations in check—there are no guarantees, and promises of "100% recovery" are clear red flags. Protect yourself from being taken advantage of a second time.

To avoid these types of scams, watch for common red flags, including:

• Promising guaranteed recovery: No legitimate company can guarantee a 100% recovery of lost funds, especially in the realm of crypto or foreign investments.

• Upfront fees: Be wary if the company requests significant fees or deposits before delivering any results.

• Pressure tactics: Scammers often create a sense of urgency, claiming that you must act fast to recover your funds.

• Poor transparency: Genuine recovery services should be transparent about their methods and provide clear contracts. If information is vague, it's a red flag.

Read more about how to spot investment scams.

While the desire to recover lost funds is natural, there are safer ways to go about it than hiring a shady money recovery firm found in a routine google search.

• The first, and best option is to report the scam to authorities: start by reporting the initial scam to relevant authorities like your country’s financial regulatory body, police, or specialized anti-fraud agencies. You can find more details, including a comprehensive list of regulators complete with links, in our guide on where to report an investment scam.

• Consider hiring a legal service or law firm to handle the administrative legwork: Some reputable law firms can assist with collecting, organizing, and submitting the necessary documentation to the appropriate agencies. This can be a time-saving option for navigating the paperwork and procedural steps – but cost a lot. Keep in mind that while these firms can guide you through the process, they are unlikely to recover lost funds directly—manage your expectations accordingly.

Talking about your experience can be a powerful step toward healing and prevention after falling victim to an investment scam. By sharing your story, you’re not only helping yourself process the ordeal, but also offering guidance and a warning to others. Scammers target anyone—regardless of education or financial savvy—so remember, you’re not alone. Many victims include professionals, even CEOs and financial experts, who have been blindsided by these schemes.

Consider opening up about your experience on our Forum page, which provides a space to connect with others who understand. Even if you never recover your money, sharing can help you find strength and resilience, knowing you’re helping to protect others from falling victim to the same traps.