Our Services
Cryptocurrency
Getting To Know
What is a crypto scam?
Scammers are using both old and new techniques to steal funds. As always, where money is concerned, fraudsters will likely follow. Scammers often aim to gain private information, such as security codes or sensitive information, or trick an investor into sending money.
Fraudsters will often use fake trading platforms as a way of enticing traders to make investments in unusual ways, such as depositing large amounts or going for particularly big and expensive coins, such as Ethereum or Bitcoin. Although the trading platforms have been created by scammers and are fake, they encourage clients to buy legitimate crypto from legitimate exchanges. We use the Blockchain to unravel where the property has gone.
This is often where a lot of confusion is caused by other recovery agents, who will simply go to the bank and request a chargeback, however, as the losses have gone to a legitimate end destination, the banks don’t always have a duty of care in place. This means that often, they won’t grant a chargeback.
Prevention
How to identify a scam
Often the sooner you spot and identify that you have been a victim, the easier it is to recuperate any lost funds. There are some ways in which you can spot the signs of common scams and if you want to avoid falling victim to these again or in the future, learning more about the signs is the best approach you can take.
01.Asking for fees to release funds+
Another common identifiable trait of a scam is if you are asked to pay management or administrative fees, tax payments or “release funds” for the investor to release the funds back to your wallet. If someone you’ve traded with is asking for additional fees to release your funds back to you, then this is a red flag. Usually, in this case, the investor has used your investment to then go on and make their own, typically losing funds in the process, or just want to make additional funds on top of those they’ve already made.
02.Promises of high return+
A lot of scammers will promise you the world in terms of returns if you invest with them. If something seems too good to be true, then it usually is, so always do your research into the promise of high returns.
03.Making unusual trading requests+
If an investor is asking you to make unusual trades or investments, such as only investing in certain, large coins, or depositing big amounts at once, then this can also be a red flag.
Our Action
Not your average recovery company
At Wealth Recovery Solicitors, we operate differently from other recovery companies, with good processes in place. We don’t simply just speak to your bank on your behalf to request a chargeback of use CRM and APP codes and neither do we use free tracing technology to try and find the destination of the crypto lost.
Free platforms such as Blockchain Explorer or Etherscan which are used for free tracing are unreliable and won’t always provide you with the results required in order to trace the final destination of your funds. Instead, we use our dedicated technology and expertise, with the facility to trace over 100 different coins.
Our Support
Confidentiality
If you fall victim to a scammer, then we understand that you may feel embarrassed or have a lack of confidence in making investment decisions again. We’re here to reassure you that there is no embarrassment involved in being the victim of fraud, however, we offer confidential advice and consultations as part of our services.
The more investors who stay quiet about falling victim, the less that can be done about them for future investors, but that doesn’t have to be the case. With the support of a trusted and experienced solicitor, we may be able to help you recover your lost funds.
Victim of a Scam?
Get in touch
We understand that being scammed can be tough to handle, but we hope that our support, action and guidance can enable you to recover lost funds and regain a sense of confidence and security in making trades and investments online.
