This week MyChargeBack examines a touchy subject — for us at least. Many of our clients ask us how to choose a fund recovery firm and what the difference is between one fund recovery service and another, not to mention being wary of recovery scams. We lay it all out for you.
25 September 2019 | MyChargeBack – Did you get scammed? You’re not alone. Millions of people have lost billions of dollars in the last few years to a number of online investment brokers, as well as a hundred other common scams. Eventually, you wise up of course, but by then a lot of your hard-earned money has made its way into the pockets of scammers. Your problems, however, are just beginning. Perhaps you realized a little too late just how uncooperative your bank is in helping you navigate the labyrinth of rules and regulations that are ostensibly there to protect you.
So you decide to make use of the services of a fund recovery firm. Problem solved, right? Not so fast. Not all fund recovery services are created equal. Some are scams, and even among the ones that are not, you can expect radically different levels of service. in this article, we will tell you how to choose a fund recovery firm.
How to Avoid Recovery Scams?
Probably the worst thing about recovery scams is that they built a business model from the ground up literally to steal money from victims of theft. Just imagine: you’re minding your own business, licking your wounds after losing your life savings to a scam broker, when you’re contacted by someone curiously knowledgeable about your case and promising that you can get your money back. How do they know so much about you, including your contact information and who you lost money to? Either they bought your data from a “list” that your original scammer prepared, or else it could be even your original scammer in disguise.
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Other recovery scammers prefer to lay a trap and wait for you to find them. They’ll post reviews and talkbacks on popular online forums. The format is remarkably consistent: “These guys scammed me too! I was totally broke and hopeless. But [insert generic name here] got me all my money back! He’s such a pro! You can contact him at [fake_name]@gmail.com”.
One sure sign of a recovery scam is if they guarantee your money back. The reality might seem unfair, but even MyChargeBack can’t make such wildly unrealistic guarantees. We know that it’s an uphill battle, and sometimes the bad guys win. So remember: if someone guarantees victory, it could be another scam. You pay them for their non-existent services, and they disappear.
Another potential red flag for recovery scams is where they are located. If by chance, they are in an offshore jurisdiction, you should do extra research on them. The same is true if you have no way of knowing where they are. MyChargeBack, by comparison, doesn’t hide anything. Our headquarters are in New York, as is our bank, and we are registered in Delaware.
Experts vs. Braggarts
Consider that not all the legitimate fund recovery firms offer the same services. The disparity in professionalism, experience, expertise, and even the basic package of services from one company to another is an unbridgeable chasm.
Anyone can call themselves pros, but if all they do is send a threatening letter to the scammer, or tell you how to apply for a chargeback with your bank — even if they help you compile the documents, which is rare enough — are you really getting value for your money? Are you maximizing your chances of success?
MyChargeBack has recovered over $13 million dollars for our clients over the last three years alone. We have developed best practices for every single one of the more than 750 banks we’ve had to deal with. Our record speaks for itself, and it’s one that no one else can even come close to matching. If you think you’ve been the victim of an online scam, contact us today for a free fund recovery consultation.