If you lost your personal savings in a fraudster scam, there are a few options you have at your disposal. First and foremost, you should contact your local law enforcement for guidance. Without them, you may never see your money again. You can also take advantage of a lawsuit such as a class-action lawsuit, but this will take time. Fortunately, there is another option to retrieve your funds.
How does a recovery company work?
An online scammer may actually own the funds that have been stolen. However, many victims don’t realize this, or their mind gets so caught up that they think their funds are really theirs. The main way to get your money back is to recover them from the criminals that stole it in the first place. By hiring a financial recovery service, the recovery companies go to court for you, where they argue that the person who stole your funds is not actually the rightful owner and that the money should go back to you. Most online scammers take their cut out of the recovery fee, too, so it is not uncommon to pay 10% or more of your money back. And even then, the recovery company may take other expenses before you get your money back.
Legality of Recovery Companies
While they may be doing the unethical, unscrupulous business in the name of recovery, the companies that offer fund recovery services are duly licensed in your state.
Paying them is as simple as picking up the phone. The recovery companies put you in touch with their police officers who respond to your report within the shortest time possible, using proper and professional documentation. After you provide the required details, the company will make their initial assessment based on the available details. It’s important to mention that the recovery company receives a share of the money as commission.
Keep in mind that, in addition to supporting the police force, these recovery companies provide adequate security, which helps put your mind at ease.
Be that as it may, the best solution that you have in your hand is to start preparing now for the scam that you will get and be wise enough to steer clear from the scam when it arises.