ScamsNOW!
The SCARS Institute Magazine about Scam Victims-Survivors, Scams, Fraud & Cybercrime
Cryptocurrency Recovery Alert from the FBI
By U.S. Federal Bureau of Investigation and SCARS Editorial Team – Society of Citizens Against Relationship Scams Inc.
Increase in Companies Falsely Claiming an Ability to Recover Funds Lost in Cryptocurrency Investment Scams
The FBI warns of an increase in cryptocurrency recovery schemes, which exploit victims who lost cryptocurrency to fraud, scams, and theft
Never hire or pay a private/for-profit company to trace and recover your cryptocurrency. Only law enforcement can effectively do it and they do it for free!
According to the FBI:
In 2022, victims reported losing more than $2.5 billion in cryptocurrency investment frauds1 alone, according to the FBI Internet Crime Complaint Center (IC3). But then victims were contacted by Cryptocurrency recovery scammers!
Representatives of fraudulent businesses claiming to provide cryptocurrency recovery & tracing and promising an ability to recover lost funds may contact victims directly on social media or messaging platforms. Victims may also encounter advertisements for fraudulent cryptocurrency recovery services in the comment sections of online news articles and videos about cryptocurrency; among online search results for cryptocurrency; or on social media.
Recovery scheme fraudsters charge an up-front fee and either cease communication with the victim after receiving an initial deposit or produce an incomplete or inaccurate tracing report and request additional fees to recover funds. Fraudsters may claim affiliation with law enforcement or legal services to appear legitimate.
Private sector recovery companies cannot issue seizure orders to recover cryptocurrency. Cryptocurrency exchanges only freeze accounts based on internal processes or in response to legal process. Victims can also choose to pursue civil litigation to seek recovery of their funds.
Tips To Protect Yourself
- Understand that only law enforcement, government prosecutors, and the courts can recover your cryptocurrency.
- Never pay any for-profit cryptocurrency tracing company, they can give you a piece of paper and charge you thousands for it, but the police still have to do the analysis and recover and they do it for free!
- Be wary of advertisements for cryptocurrency recovery services. Research the advertised company and beware if the company uses vague language, has a minimal online presence, and makes promises regarding an ability to recover funds.
- If an unknown individual contacts you and claims to be able to recover stolen cryptocurrency, do not release any financial or personal identifying information, and do not send any money.
- Law enforcement does not charge victims a fee for investigating crimes. If someone claims an affiliation with the FBI, contact your local FBI field office to confirm.
- Provide transaction details when reporting cryptocurrency investment fraud to law enforcement. Include information about your interactions with individuals claiming to offer cryptocurrency recovery services.
Report It
The FBI requests victims report these types of fraudulent or suspicious activities to their local FBI field office and the FBI IC3 at www.ic3.gov. Additionally, there are more reporting resources on reporting.AgainstScams.org
Resources:
- Sign up for SCARS professional support & recovery groups, visit support.AgainstScams.org
- Find competent trauma counselors or therapists, visit counseling.AgainstScams.org
- Become a SCARS Member and get free counseling benefits, visit membership.AgainstScams.org
- Report each and every crime, learn how to at reporting.AgainstScams.org
- Learn more about Scams & Scammers at RomanceScamsNOW.com and ScamsNOW.com
- Self-Help Books for Scam Victims are at shop.AgainsstScams.org
- Donate to SCARS and help us help others at donate.AgainstScams.org
More:
- Can The Police Trace Cryptocurrency & Recover It? (romancescamsnow.com)
- 2023 BIG Cryptocurrency Investigator’s Handbook (romancescamsnow.com)
- Money Recovery Room Scams (romancescamsnow.com)
- SCARS Quick Guide To Money Recovery (romancescamsnow.com)
- Recovery Scams/Frauds – Don’t be Re-Victimized (romancescamsnow.com)
- Money Refund and Recovery Scams (romancescamsnow.com)
- In Japan – Secondary Victimization by Law Firms (scamsnow.com)
- Cryptocurrency Money Laundering – Cybercrime/Scam Basics (romancescamsnow.com)
- Chasing The Money After A Scam (romancescamsnow.com)
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SCARS LINKS: AgainstScams.org RomanceScamsNOW.com ContraEstafas.org ScammerPhotos.com Anyscam.com ScamsNOW.com
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ARTICLE RATING
TABLE OF CONTENTS
- Increase in Companies Falsely Claiming an Ability to Recover Funds Lost in Cryptocurrency Investment Scams
- According to the FBI:
- Tips To Protect Yourself
- Report It
- Resources:
- More:
- Important Information for New Scam Victims
- Statement About Victim Blaming
- SCARS INSTITUTE RESOURCES:
- Psychology Disclaimer:
- More ScamsNOW.com Articles
- A Question of Trust
- SCARS Institute™ ScamsNOW Magazine
Society of Citizens Against Relationship Scams Inc. [SCARS]
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Important Information for New Scam Victims
Please visit www.ScamVictimsSupport.org – a SCARS Website for New Scam Victims & Sextortion Victims
SCARS Institute now offers a free recovery program at www.SCARSeducation.org
Please visit www.ScamPsychology.org – to more fully understand the psychological concepts involved in scams and scam victim recovery
If you are looking for local trauma counselors, please visit counseling.AgainstScams.org
If you need to speak with someone now, you can dial 988 or find phone numbers for crisis hotlines all around the world here: www.opencounseling.com/suicide-hotlines
Statement About Victim Blaming
Some of our articles discuss various aspects of victims. This is both about better understanding victims (the science of victimology) and their behaviors and psychology. This helps us to educate victims/survivors about why these crimes happened and not to blame themselves, better develop recovery programs, and help victims avoid scams in the future. At times, this may sound like blaming the victim, but it does not blame scam victims; we are simply explaining the hows and whys of the experience victims have.
These articles, about the Psychology of Scams or Victim Psychology – meaning that all humans have psychological or cognitive characteristics in common that can either be exploited or work against us – help us all to understand the unique challenges victims face before, during, and after scams, fraud, or cybercrimes. These sometimes talk about some of the vulnerabilities the scammers exploit. Victims rarely have control of them or are even aware of them, until something like a scam happens, and then they can learn how their mind works and how to overcome these mechanisms.
Articles like these help victims and others understand these processes and how to help prevent them from being exploited again or to help them recover more easily by understanding their post-scam behaviors. Learn more about the Psychology of Scams at www.ScamPsychology.org
SCARS INSTITUTE RESOURCES:
IF YOU HAVE BEEN VICTIMIZED BY A SCAM OR CYBERCRIME
♦ If you are a victim of scams, go to www.ScamVictimsSupport.org for real knowledge and help
♦ Enroll in SCARS Scam Survivor’s School now at www.SCARSeducation.org
♦ To report criminals, visit https://reporting.AgainstScams.org – we will NEVER give your data to money recovery companies like some do!
♦ Follow us and find our podcasts, webinars, and helpful videos on YouTube: https://www.youtube.com/@RomancescamsNowcom
♦ Learn about the Psychology of Scams at www.ScamPsychology.org
♦ Dig deeper into the reality of scams, fraud, and cybercrime at www.ScamsNOW.com and www.RomanceScamsNOW.com
♦ Scam Survivor’s Stories: www.ScamSurvivorStories.org
♦ For Scam Victim Advocates visit www.ScamVictimsAdvocates.org
♦ See more scammer photos on www.ScammerPhotos.com
You can also find the SCARS Institute on Facebook, Instagram, X, LinkedIn, and TruthSocial
Psychology Disclaimer:
All articles about psychology and the human brain on this website are for information & education only
The information provided in this and other SCARS articles are intended for educational and self-help purposes only and should not be construed as a substitute for professional therapy or counseling.
Note about Mindfulness: Mindfulness practices have the potential to create psychological distress for some individuals. Please consult a mental health professional or experienced meditation instructor for guidance should you encounter difficulties.
While any self-help techniques outlined herein may be beneficial for scam victims seeking to recover from their experience and move towards recovery, it is important to consult with a qualified mental health professional before initiating any course of action. Each individual’s experience and needs are unique, and what works for one person may not be suitable for another.
Additionally, any approach may not be appropriate for individuals with certain pre-existing mental health conditions or trauma histories. It is advisable to seek guidance from a licensed therapist or counselor who can provide personalized support, guidance, and treatment tailored to your specific needs.
If you are experiencing significant distress or emotional difficulties related to a scam or other traumatic event, please consult your doctor or mental health provider for appropriate care and support.
Also read our SCARS Institute Statement about Professional Care for Scam Victims – click here
If you are in crisis, feeling desperate, or in despair, please call 988 or your local crisis hotline.
More ScamsNOW.com Articles
A Question of Trust
At the SCARS Institute, we invite you to do your own research on the topics we speak about and publish. Our team investigates the subject being discussed, especially when it comes to understanding the scam victims-survivors’ experience. You can do Google searches, but in many cases, you will have to wade through scientific papers and studies. However, remember that biases and perspectives matter and influence the outcome. Regardless, we encourage you to explore these topics as thoroughly as you can for your own awareness.
