Avoid a Recovery / Get-Your-Money-Back Scam

It’s awful to be scammed. You’re vulnerable, and unfortunately, scammers know it. They might even try to scam you again, pretending to help you ‘recover’ money you’ve lost. But here’s how to spot a real helper from a fraudster.

Recognise the Recovery Scam Approach

Often, these scams begin with an unsolicited contact. Someone might email, call, or message you claiming to be a ‘recovery agent’, ‘asset recovery specialist’, or even a ‘government official’. They’ll already know you’ve been scammed before, which makes their claims seem more believable.

They gain your trust by talking about the details of your previous scam, perhaps even mentioning the scammer’s name or company. This information might have been bought from other scammers or gathered from publicly available scam reports.

• Unsolicited contact: Did they reach out to you first?
• Knowledge of your previous scam: Do they know details they shouldn't?
• Sense of urgency: Are they pressuring you to act quickly?

The Fees and Promises

A key characteristic of a recovery scam is the demand for an upfront fee. They’ll tell you this fee is for legal costs, taxes, administrative charges, or even ‘unlocking’ your funds. They’ll promise a large return, often more than you originally lost, and guarantee success.

Once you pay the fee, they might disappear, or they might ask for more fees. This cycle can continue until you run out of money or realise it’s a scam.

• Asked for an upfront fee: Even a small one is a warning sign.
• Guaranteed success: This is rarely possible in legitimate recovery efforts.
• Promises of large returns: Be wary of promises that sound too good to be true.

How to Verify if They Are Legitimate

Before you engage with anyone claiming to recover lost funds, do your own research. A legitimate professional or agency will have a verifiable online presence, clear contact details, and a track record that isn't just testimonials on their own website.

Look for independent reviews, check if they are registered with any relevant regulatory bodies (like a financial complaints authority), and contact those regulators directly to confirm their claims.

• Search their company name and the word 'scam' online.
• Check their registration with relevant government or industry bodies.
• Call the regulatory body yourself, using contact details from their official website – not from the recovery agent.

What to Do Instead

If you’ve been scammed, the best thing to do is report it to the proper authorities. This won't guarantee your money back, but it's the official pathway to help and can prevent others from falling victim. Your bank is also a key contact, as they may have processes in place to reverse transactions or offer advice.

Remember, genuine help won’t cost you more money upfront.

• Report the scam to ReportCyber (ACSC) or Scamwatch (ACCC).
• Contact your bank immediately to report the fraudulent transactions.
• Change any compromised passwords or PINs.

Key takeaway

It’s understandable to want your money back after a scam, but be incredibly cautious of anyone who approaches you offering recovery services. Always question their legitimacy and never pay an upfront fee. Your quickest and safest path to action is always through official reporting channels and your bank.