Recover Money Lost Through Phishing Scams

Phishing scams are a type of online scam where criminals impersonate a trusted person or legitimate company through text, email, advertisement or other means to steal sensitive information or funds. This form of social engineering attack is used to gain information such as login credentials, payment details or other sensitive information which is of importance to the victim. Phishing scams are one of the oldest forms of internet scams and they can affect anyone or any business, no matter the size. 

At Wealth Recovery Solicitors, we’ve helped our clients recover millions of pounds in lost funds through online and trading scams, including phishing scams. With phishing scams, as with other types of internet scams, it’s important to recognise the signs and know what to do next should you find that you’ve been the victim of such scams.

Call now on 0203 695 9239 or arrange a FREE consultation and start recovering your losses.

How Do Phishing Scams Work?

Phishing scams are reliant on tricking unsuspecting victims into taking action and sharing the requested information. There are numerous different types of phishing scams, some more common than others, but they all have the same outcome – getting victims to part with this information. 

Phishing scams try to create a sense of urgency for the victim to send the money or share important information, such as by threatening the closure of an account, losing out on a deal or promotion or even leading to the loss of their job. Often, those who fall for the scammer’s demands don’t take the time to stop and think about whether the demands could be part of a phishing scam.

No matter if a phishing scam campaign is targeted towards a specific group of individuals, or sent out to as many people as possible, they all tend to start the same way and that is with a malicious message, in a way that appears to be from a legitimate business or sends. The more aspects that a phishing scam message takes from a real person or business, then the more likely that the scam is going to be a success.

Why Are Phishing Scams A Problem?

Phishing scams are an issue because they are a cheap and effective scam for criminals to carry out. The tactics used are particularly basic, such as email and messages, which means that they require very little cost and effort to set up, but can cause widespread and devastating cyber attacks which lead to the loss of large amounts in some instances. 

Victims of phishing scams may find that they not only lose out financially, but also experience identity theft and loss of personal data and information, which can be equally as devastating.

Different Types Of Phishing Scam Attacks 

Phishing attacks come in different forms. All of them are deceiving, however, most are detectable with the correct knowledge of how they operate:

 

Email Phishing 

Posing as a trusted company such as your bank, credit card company or an e-commerce website to name a few, email phishing scams prompt you to click a link or download harmful malware. Creating a sense of urgency, they will often use time-sensitive prompts, stating ‘urgent’ in the email subject line, or request an action for your account that will have a negative outcome should the request be ignored. 

 

Spear Phishing

A more bespoke extension of email phishing, spear phishing involves gathering targeted information regarding a specific individual, and crafting emails based on their unique areas of interest such as emails from their employer, bank, and more. 

This type of phishing scam zooms in on victims and extracts as much information as possible to trick them into releasing sensitive data. For example, phishers may track details from your Twitter as to which trades you make regularly and find what crypto wallet you use. With this, they can replicate the emails from your broker and prompt you to type in your password, ultimately sharing access to your account.  

 

Smishing 

In recent years, smishing has become one of the most common phishing scams which can lead to mobile users having their information stolen. Using SMS texts, phishers will send out a large volume of texts posing as a reputable or recognisable organisation, prompting users to click open links that may infect their mobile with a virus, or even malware with the ability to steal sensitive information within the device.

Whaling

A step up from spear phishing scams, whaling targets high-level employees or business owners who work closest and have the most access with the most sensitive information of a company. Phishers will create profiles matching colleagues of the executives requesting wire transfers, confidential information, or possibly a meeting request with a ‘Zoom link’ which truly contains malware that comprises the company’s data. 

 

Vishing

Vishing attacks come in the form of a phone call from an individual impersonating a customer service representative. They will similarly create a sense of urgency like alternative phishing scams, suggesting a negative outcome should you refuse to cooperate effectively. Account details or financial transfers may be requested over the phone.

 

Clone Phishing

Clone phishing can go unnoticed until it’s too late. Using look-alike emails, almost identical to the legitimate email in most cases, phishers copy an email ( one you would be familiar with/ have interacted with in the past) with minor changes to the sender address, and as suspected prompt victims to click a link or share sensitive information. 

 

Pharming

Pharming is an intricate cyber attack invoking the attacker manipulating the internet address book (DNS) to send the online users to a fake website mimicking your intended website. This redirect can be a fake replica of your bank account, crypto wallet, or other personal websites in which a login will be prompted. Unlike traditional phishing scams, pharming scams are advanced and happen invisibly in the background. 



Can’t recommend  WRS enough, true lifesavers

I picked up WRS on a google search, read the reviews and decided to contact them to see if they could help me with a Crypto scam. Right from the start they’ve been helpful and thorough, I’m about a month into the case and they’ve already recovered some of my funds. Can’t recommend  WRS enough, true lifesavers.

H Harris

I recovered my funds in full

I recovered my funds in full. I was kept updated on the progress of the process at all times. A great outcome from a really unpleasant situation.

Anne Johnson

A big thank you to the guys at Wealth Recovery Solicitors

A big thank you to the guys at Wealth Recovery Solicitors, namely Josh and Thomas, who successfully fought my corner and got my bank, First Direct, to accept responsibility that they had been neglectful in their duty of care towards me when I was sending money to Hyperverse; FD refunded the full amount.

Diksha Chakravarti

How To Avoid Phishing Scams

There are hundreds, if not thousands, of different phishing scams in circulation and although scammers will regularly try to update their tactics to keep up with the latest trends and news, but there are still some common tactics that can be used in phishing scams. 

Use strong passwords. To keep your accounts secure, it is recommended that you use strong passwords, avoiding using the same one for multiple logins. You should also look to implement two-factor authentication on accounts where this is possible. Doing this then gives you an additional layer of protection when signing into accounts.

Always be cautious when opening unknown emails. Whenever you are opening emails from an unknown sender, you should exercise caution. Avoid clicking on links or downloading attachments, as these could be all you need to become a victim to a phishing scam. If an email looks legit, but there are some suspicious signs, such as misspelt words or bad grammar, then always check the sender’s address – if you’re still unsure, then you can search the email address and see if it is legitimate. 

Don’t ignore updates. Many people put off updating their devices and, whilst it can sometimes be time-consuming to update, this can be one of the best defences against phishing scams. Updates will contain important security measures and, if left for a long period of time, this can put you at risk. 

If You Are The Victim Of a Phishing Attack

Whilst seeking advice to prevent future phishing scams is wise, finding support once a phishing scam has taken place can prove difficult. Here at WRS, we have recovered millions for our clients who have lost their investments and lifetime savings as a result of unsuspecting phishing scams. 

We are an award-winning team of solicitors who are dedicated to tracing and recovering lost funds as a result of malicious financial scams. We offer free consultations for all of our clients, meaning we can tailor how we recover your funds depending on your unique circumstances. Contact us today for more information regarding our phishing scam recovery.

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