What is the recovery fund used for?
At Report Scams, we help clients locate these fake brokers by examining their licensing claims, website layout and design, and customer feedback. A common red flag is the offer of guaranteed returns or the use of hard sales tactics to convince clients to deposit quickly. Unregulated brokers or unlicensed brokers usually only provide limited contact details at best in the terms or disclosures, possibly on a hidden page with the details. Regardless, our review team continues to do our due diligence in finding these brokers to prevent victims and try and recover as much of their money as we can.
Can I retrieve money sent to a scammer?
At Report Scams, we know how traumatic it can be when someone has been scammed, and just as importantly, we know that it can often be repaired if action is taken. Our trained experts take every case personally, and use all available legal and financial trails to locate the money taken, and will attempt to recover it. We cannot promise outcomes, as it can depend a lot on the payment method and other factors of when you made the payment, but we do hear many people report money recovery after we have conducted our investigations. To ensure the best chance for recovery, people should act fast and report the scam.
Will the bank refund money if scammed?
At Report Scams, we largely find that banks will refund money to victims if the affected party reports the scam immediately and provides that the payment meets the required standards. However, the banks do not guarantee reimbursement, especially when the payment has been authorized. That is why we support victims through the correct dispute and chargeback process so they can enhance their chances of success. The sooner the suited party acts and takes the time to provide credible evidence, the greater the chance of success when it comes to retrieving any money lost.
What to do if you’ve been scammed online in the UK?
If you have been a victim of online fraud in the UK ideal for you to do is document everything and do not respond to the scammer. Report the scam to Action Fraud. Inform your bank. Our specialist team of advisors can then help you work out what to do and what options are available to recover your loss. You need to act as quickly as possible to maximise your chances of recovering your money.
How to recover money from a fake website online?
The first step in recovering any money from a fraudulent website will require gathering and sharing any transaction records and communication with the scammer. At Report Scams, we investigate these incidents to track digital footprints and liaise with banks, financial institutions, and legal avenues to provide the best chance of recovery. Time is crucial in these cases, and the sooner we act, the better our chances. Rest assured, our expert team are here to support you and guide you through the process.
How to spot a fake broker?
To determine if a broker is fake will consist of confirming that they are appropriately regulated with licenses, confirming their contact information, and finally being wary of alluring promises of unrealistic profits. At Report Scams, we will investigate suspicious platforms and help users identify warning signs early on. If a broker is not forthcoming with documentation, avoids transparency, or delays withdrawals, these are all warning signs, and we can help you understand if you are being duped.
How to find a legit broker?
It is wise to be careful when looking for a reliable broker. Make sure they are licensed (FCA, NFA, CFTC, SEC). Prior to investing, Report Scams recommends checking reviews, transparency, and regulations. A good broker would never pressure clients or hide important information. We help investors check to see if a platform is a legitimate broker and avoid scams.