Get your money back from Financial Scams
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Table of contents
You can get your money back
Overview
We at Reclaimbridge are experts at investigating frauds and scams of various types, but we’re also dedicated to educating people about them. We’re trying to avoid these kinds of scams altogether, so make sure you’re always vigilant and knowledgeable.
Commons Types of Financial and Online Scams
More frauds are appearing almost daily, so it’s more important than ever to be on guard and be safe online. Be mindful of these prevalent scams and frauds that are now in the news.
CFD Scams
CFD trading was formerly the sole domain of seasoned, wealthy traders, but as markets have opened up, a lot more people are now trading these intricate financial instruments.
“Contract for the difference” is what CFD stands for. Trading in CFDs entails the trader taking out a contract gambling on the difference in the valuation of an asset between the time this contract was taken out and its end date. In short, the buyer pays the seller if the stock price increases. The supplier reimburses the buyer if it falls.
CFD scams are on the rise, largely because con artists can take the opportunity, with this type of investment, to prey on those new to the markets and who therefore aren’t fully aware of what a risky proposition – and the large amounts of money – that can be lost in a CFD trade. Scammers make the most of the fact that CFDs can be leveraged, meaning that investors can bet more money than they put down.
Therefore, in CFD scams, it’s common practice for an unscrupulous broker to pressure the investor into taking out leveraged positions, essentially making extremely risky investments that they don’t necessarily understand the financial consequences of.
Ponzi Schemes
Ponzi schemes have been around for a while, but because they are always changing, it can be challenging to identify some of the most recent scams. In order to convince first investors that everything is legitimate, a Ponzi scheme will usually entice them to participate in a phony business and even make some small early payouts. Ponzi scams that pose as chances to invest in a Digital Currency business are common at the moment.
However, the only money coming into the fund is from new investors. Typically, the scammers will pile the pressure on for investors to make higher-value investments with more frequency until suspicions are raised and the money coming into the scheme dries up. At this point, the fake enterprise, along with its website, will disappear – along with the scammers and all the money remaining in the pot.
Social Media Scams
There are many different types of these scams. A post telling you that you have won a gift card or other prize can appear in your feed. However, the scammers will utilize your personal information and/or banking details to either raid your account or commit identity fraud if you provide them as the link requests in order to send your winnings.
Another common scam that uses various social media platforms is the Gossip Scam. In this case, an ad will appear that hints at some fascinating celebrity gossip – and all you need to do to read the full juicy story is click on the link. If you do so, you’ll be taken to a page asking that you download the latest version of Adobe Flash Player to read the article….doing this, though, will download malware onto your device, which the scammers will use to raid all your personal information and gain access to your credit cards, bank, and other accounts.
Stay vigilant, too, regarding the Healthcare Scam that’s also doing the rounds on Facebook and other social platforms. You may be sent a message or see an ad on your feed from a seemingly legit-looking company offering services such as replacing a lost social security card – these ads may even feature the Medicare logo and other details that make them seem entirely credible. However, these companies will charge a significant fee if you try to use their services – when Social Security will, in fact, replace lost cards or issue new ones that include your new married name, for example, free of charge.
Charity Scams
These scams exploit people’s good intentions and desire to change the world. You might get a cold call, unsolicited email, or online advertisement that appears to be from a legitimate charity or similar organization. Many people fall victim to these scams and only later learn that they have contributed money to a wholly fake organization. These scams are especially common during the holidays, so be especially on the lookout for them.
Warning signs of a charity scam include being pressured to make a donation immediately and/or a request to make your donation by cash, gift card, or wire transfer – these are scammers’ favored methods of receiving payment. Also, watch out for a message you receive thanking you for a previous donation that you don’t recall making. This is a commonly used trick to con unsuspecting victims into making further donations.
Money Muling
Avoiding this kind of scam is crucial because victims may become entangled in a broad criminal network from which they may be difficult and dangerous to escape. In a romance scam, the scammer targets a victim and gives the impression that they have developed a close relationship with them. The scammer will move illicit funds as a way to launder money by sending the victim money, phones, or valuable possessions and convincing them to send these items elsewhere.
Key points
- Financial and online scams are on the rise and take many forms.
- Types of imposter scams are the most common cons, and the average victim loses approximately $500 by getting caught up in one.
- Statistics show that millennials are the age group most likely to fall foul of a scam.
- Wire transfers are currently the most common form of payment made in a scam case, with over $300 million sent each year using this method.
- Fraudulent card payments are more likely to be made during the holiday season.
- Staying aware and being mindful of new types of scams as they arise is one of the best ways of staying safe.
Fell For a Scam? Here’s What You Should Do Next
If an online or financial scam left you in financial trouble, you’re one of many victims who’ve been through the same thing. At times like these, people feel vulnerable and sometimes even ashamed, especially since it feels like there’s nothing you can do. However, you can still get the justice you deserve. That’s why we’re here.
Here at Reclaimbridge, we’re a team of seasoned professionals who are passionate about helping financial fraud victims. At the end of the investigation, we’ll provide you with an Investigation Report and Action Plan which will be your most valuable tools as you work to get your money back from the scammers.
If you want to know what kind of service to expect, you can check out the reviews and testimonials of our satisfied clients. If you’ve been a victim of a scam, you can contact us for a free consultation, and once we take on your case, we’ll start the investigation.
At the end of our investigation, we’ll provide you with an Investigation Report Every with everything you need to build a strong case against the fraudster who took your money including a suggested Action Plan for retrieving your losses.
How to Avoid Financial and Online Scams
- Be mindful of new scams as they emerge.
- Never click on a link in an email or ad unless you are absolutely certain that it’s safe and legitimate.
- Be wary of what you post online that can be seen by members of the public – especially avoid posting any content that includes personal information.
- Never divulge your payment card PINs, account passwords, or bank details.
- Check out charities carefully before donating any money to ensure they’re legit. Have a look at their website to help ascertain this.
Financial Scams FAQ
What’s a Tax Scam?
This con is where a scammer will phone their mark masquerading as a representative of the IRS. They are likely to be extremely convincing and may demand money for overdue tax payments or ask you to give them personal information to verify your account. Avoid this type of scam by only working with a trusted tax professional.
What about the Family Emergency Scam?
This is a particularly cruel scam that involves con artists contacting the parents or grandparents of a child and telling them their relative is in trouble and needs money wiring urgently.
How much money is lost to internet scams and frauds every year?
Approximately $3 billion is lost to scammers every year operating online, and this number is increasing annually.
Are fake Facebook profiles common?
Much more so than you might think. Over eighty million Facebook profiles are thought to be fake.
