After losing money, you may be contacted by someone who says they can recover it, release a balance or arrange a refund. They may claim to work for a regulator, bank, exchange, police service, law firm or recovery company. An unexpected contact asking for an advance fee or account access deserves particular caution.
How a recovery scam may work
The person may refer to the earlier fraud in detail and say that funds have been located or are being held. They might request a “tax”, “release fee”, “retainer”, “verification payment” or a payment in crypto before they can act. Some request bank details, identity documents, passwords or remote access to a device instead.
The contact may be connected to the original fraud or may be a separate person. Information about people who have reported losses can be reused to make a later approach sound credible.
Warning signs to consider
- Someone contacts you unexpectedly and guarantees a refund or recovery.
- You must pay a fee, tax or deposit before the money can be released.
- The caller claims to be a regulator, bank or investigator but directs you to a number, website or wallet they supplied.
- They ask for passwords, one-time codes, wallet recovery phrases or remote access to your device.
- They pressure you to keep the contact secret or act before a deadline.
- They claim that paying more is the only way to avoid losing funds already “found”.
Do not rely on logos, documents, caller ID or transaction screenshots sent by the contact. Verify an organisation and its contact details using a source you locate yourself.
If you have responded or paid
Stop sending money or information. Contact your bank, card provider or payment service through a trusted contact route and explain what happened. If you shared a password or code, secure the affected account and any account that reused the same password. If you installed remote-access software, disconnect the device from the internet and seek trusted technical support.
Preserve messages, email addresses, phone numbers, payment references, wallet addresses and files the person sent. Report the contact to the relevant platform and to the official fraud-reporting service for your country. Do not confront the person or pay another service that promises to reverse the new payment.
What legitimate enquiries can and cannot promise
An investigation can review information within an agreed scope and explain what is supported, uncertain or outside its reach. It cannot guarantee that money will be found, frozen or returned. No outside contact can establish a right to funds merely by showing a document or naming a regulator.
If the original loss involved an investment platform, see Investment fraud. If it involved cryptocurrency, see Crypto fraud.
Further reading
- Refund and recovery scams — US Federal Trade Commission consumer guidance on advance-fee and impersonation approaches.
- Forex trading scams — the UK FCA notes that people who have already invested may be targeted again with a recovery offer.