HOW TO RECOVER STOLEN FUNDS
HOW TO RECOVER STOLEN FUNDS: One major aspect of frauds or scams schemes is that it tends to follow the current social-economic situation. From Crypto scams to the different forms of investment scams and Forex exchange scams.
Taking a look at crypto scams for an instant, ranging from general hacks, ICOs scams and Identity scams. Fraudsters have been able to cart away victims’ funds using various methods.
ICOs scam; ICO stands for Initial Coin Offerings. These are popular methods used by Companies and startups to raise funds, it is the cryptocurrency equivalent to an IPO (Initial Public Offering), but the significant difference between the two is that IPO is usually for a well-off company, whereas ICO is generally for the young and risky. Several ICOs have yielded a massive profit for investors while several others have turn out to be scams.
Scammers have been able to exploit this option by posing to be a legitimate startup looking for funds to support their business vision and goal, and after people have invested in the startup, they abscond with the funds leaving their investors with nothing. The best way to avoid an ICO scam is simply by looking into the startup before investing your money in it, look into the founders and how reliable their track record is.
Exchange Wallet hack; hackers have been able to get into victims wallets using various malicious ways such as Phishing emails, cloned wallets, social media scams and many more. The best way to avoid this kind of scam is to never give out your Private key to a third party for whatever reason and be conversant with different forms of scams to protect yourself from them.
Investment scams are usually known for promises of high and quick returns, or “verified” hush-hush tips that will make you a tremendous amount of money. Although they have different schemes varying on how rich you will get and how high your return on investment (ROI) is, the major message will remain the same – augment your investment quickly and easily. Different methods are used in scamming people under investment scams, we have Ponzi schemes, pump and dumps and others.
Whichever method the criminal tries to pull, it usually starts by creating a line of communication, through social media ads, email or SMS. For the Ponzi scheme, most of the time the conman uses social media to create awareness about the program using various methods to trick people into trusting them. One thing always stands out in all investment scams, the promise of fast and easy money.
It’s prudent to know that there is no assured investment method that will make you easy money. If at all there is a method that seems easy and piques your interest, you should review it by looking into the proposal and the company connected with it.
Paraventure you get scammed of your funds, they are ways to go about recovering your funds:
- Contact the platform that scammed you: You will have to reach the trading platform that scammed you and stole your funds, be it in the form of Cryptocurrency or stock. Let it be known to them that, failure to return your funds will lead to you reporting them to the appropriate financial authority. This doesn’t necessarily assure that they will give you your money back, but it is a step in the right direction. Because your action could pay off if followed by action.
- Inform Your Crypto Wallet Provider: Reach out to your crypto wallet provider in the case of a crypto scam, and notify the administrator of your experience with the fraudster. This will raise awareness and ultimately expose any scams connected with the crypto wallet which may also help deter others from being scammed.
- Report to the Appropriate Financial Authorities: You can contact the appropriate authority about your stolen fund. Although most local authorities probably can’t do anything about your stolen crypto because of technical know-how, in the case of investment funds there are appropriate authorities that are in charge of such cases. So, when reporting to authority try to give the most amount of information you can, by doing this the authority will be able to create a proper case which in turn create awareness for the crypto-world at large.
- Contact a fund recovery expert: There are several fund recovery experts on the internet, Cybersploit seems to be one of the best. Cybersploits is a cryptocurrency firm recognised by Government, securities agencies, exchange wallets, traders etc. They have proved to be one of the best over the decade