Have you lost money to a scam?

Frequently asked questions

• Can scammed money be traced?

  Tracing scammed money can be difficult, especially if fraudsters move it quickly through multiple accounts or convert it into cryptocurrency. However, it’s not always lost. Wealth Recovery Solicitors uses advanced tracing software to track fraudulent transactions, identify where your money has gone, and take action to recover it. While every case is different, acting fast improves the chances of success—so if you’ve been scammed, get in touch as soon as possible. 

• How to identify a scam

  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.

• Common signs of a scam

  If someone contacts you over email or text message claiming to be from Revolut with any of the following information, it’s likely to be phishing:

  Asking for any kind of personal details or financial information
  Telling you there is an issue with your account or your money is in danger, and that you need to act quickly
  Asking you to move your money into a different account

• How to spot impersonation scams

  Impersonation scams share signs with many other types of investment fraud. One of the biggest signs of an impersonation scam is the sense of urgency in which the scammer has you believe that they need the money. If they are impersonating someone you know, or have dealt with recently, then you may be able to pick up on signs that they are not who they appear to be.

  Another sign is that they will often try to rush or panic you, scaring you into sending the money – it could be that they are in trouble and need money to get out of a difficult situation, or are threatening to suspend a service if you don’t pay.

  In some cases with impersonation fraud and scams, the fraudster can be impersonating someone you know, such as a friend or family member. There are two things you should look for if this is the case. Firstly, are they calling from an unknown number or have you received a message from a different number? If the impersonation scammer is calling/messaging from a number you don’t know, call the person it should be. If your friend or family member says it isn’t them, then you know it is an impersonation scam.

• What are the signs I’ve been scammed?

  We understand that realising you have fallen victim to fraud can be both shocking and upsetting. Once you know that it has happened, many victims feel like they should have spotted the signs earlier, but it’s important to understand that these schemes are highly sophisticated and trick even the most experienced of investors.

  There are many signs of fraudulent schemes that you must be aware of. We live in a digital age where scammers are rife and have become increasingly common with the use of artificial intelligence, impersonating celebrities and tempting victims into investing.

  The most common signs of a scam include the promise of large returns on your investment that sounds too good to be true and can be described as being once-in-a-lifetime, contacting you out of nowhere and pushy tactics.

  It is worth mentioning that even if a company is on the list of the FCA, it doesn’t necessarily mean that you are transferring money to that firm. It is one of the many tactics that fraudsters use to trick you into parting with your cash.

  Another common sign you’ve fallen victim is when the scammer gives you short deadlines. For example, the scammer will say you need to invest before a specific date or time before you miss it to get the most profit and/or best rates. They will also say that you will get your returns relatively quickly. If any of these are mentioned then it should be avoided.

• What types of scam are there?

  Investments are a very common type of fraud that comes in many forms. The most common type of fraudulent investment is when someone reaches out to you, claiming to be a regulated broker, financial advisor, fund manager, or financial service provider before demanding you transfer a large sum of money. In reality, this company doesn’t exist, meaning you are transferring money directly to them.

  More specifically, these are:

  Boiler room fraud
  Financial mis-selling
  Ponzi schemes (also known as pyramid schemes)
  Pension scams
  Binary scams
  Land banking fraud
  These schemes are set up and designed to specifically make a financial gain at the expense of the investor. As mentioned, victims will typically be contacted out of the blue and the schemes put forward are very sophisticated. They often involve elaborate advertising campaigns or professional websites, solely designed to deceive.

  There are some forms of scam which are more susceptible to fraud than other types, and these tend to be unregulated schemes, such as cryptocurrency or wine and fine art investments.

• What type of online scams are most common?

  As the complexity of the internet has progressed, so too have the various types of online and internet scams. The most common types of online scams are the ones which include bank fraud or ones in which the scammers gain something, such as personal information or sensitive details, so that they can attempt to blackmail or coerce victims into parting with money for the information to be returned.