Being a victim of investment fraud is not limited to financial devastation, but it disturbs you emotionally too. It is not easy to get back to your life with ease. The Financial Regulatory Authority (FINRA) Foundation did a study in which they found out that nearly two-third of the scam victims have a negative emotional effect.
Emotional consequences include depression, anxiety, insomnia, and stress. Fortunately, you are not the only individual in this; assistance is available for you both emotionally and legally.
As we witness advancement in technology, digital banking scams and fraudulent investment news have become common. According to Financial Times, the industry has seen the victim’s total loss of USD 400 million from investment fraud in 2019 alone.
The best alternative that you have is to get in touch with an Investment Fraud Recovery Company. They are experts in helping you get your funds from investment fraud. The advantage with them is that they know how the entire industry works . That gives them the edge to extend you the help you need.
Here, we go with five steps – a guide to recovering your money from investment fraud, along with a guide to reporting the fraud.
Table of Contents
Step to Recover Your Money from Investment Fraud
Step 1: Reporting of the Investment Scam
The first step towards recovering your money from an Investment Scam is by reporting it to the Financial Conduct and Action Fraud Authority. You need to contact these authorities on priority once you realize you have been scammed. The reporting related to investment scams is possible online with the help of website tools. You need to provide answers to several questions related to fraud in the process of reporting.
On the submission of your report, it gets forwarded to the bureau of fraud intelligence for assessment. The fraud intelligence bureau goes through the reports submitted by you. They check if sufficient information is available to report it to the police to go ahead with the investigation. Usually, you get a crime number from the police investigation. For any future reference, you will require this number.
All legitimate businesses providing any set of financial services need to get registered with the Financial Authority. These authorities regulate the financial companies also. You are authorized to report the scam online through a form to the Financial Authorities if you become the victim of an Investment Scam.
Step 2: Connect with Your Bank
The next step as a victim of investment fraud is to get in touch with your bank. Your claim will depend upon the medium you used to deposit in the investment fraud.
Credit Card – There is no guarantee that you will get your funds back. Still, the credit card mode carries the highest degree of security and liability when compared to other alternate payments. Therefore, getting in touch with your credit card service provider is crucial, but do it as soon as you realize getting scammed.
Debit Card – Few Banks opt for the chargeback scheme. Still, you cannot expect your bank to get back your money through chargeback. Nonetheless, you let your bank be aware of the investment scam on priority to increase the odds of getting your funds back.
Bank Transfer – When you fall into the trap of investment fraud by initiating a bank transfer, get in touch with your bank as soon as possible. Your bank might recall the transfer and get your funds back.
Unauthorized Payment – If funds get debited without your authorization from your bank account, you can claim the amount by contacting your bank immediately.
Step 3: Filing the Entire Fraud Documentation
- Recovering your money from the investment scam would need the effort of collecting information and all the possible evidence. Your claim needs the support of the information and pieces of evidence. You will have to collect the following information and keep it ready for your claim.
- Name of the scammer or fraudulent company,
- The postal and email address of the scammer,
- Contact number and all the contact details of the scammer,
- The website address of the scammer,
- Crime number along with the Police report,
- Bank Statement showing the investment amount.
Step 4: Speak to an Investment Fraud Recovery Specialist
It is crucial to know your legal right to get your money back from investment fraud. Investment and trading fraud recovery companies like PayBack-ltd.com could prove to be your best bet in the recovery process. An Investment Fraud Recovery Specialist gives you robust advice about how to recover your money. The Fraud Recovery Specialist is committed to working in your favor. They possess the necessary skill sets and relevant experience to fight for your rights.
They provide services to the corporation, government agencies, individuals, and solicitors also. They deal with these situations regularly and know exactly how to tackle different fraud issues. Getting help from a fraud recovery specialist is the best bet to get a satisfactory recovery from the fraud.
Step 5: Deciding on Road Ahead
Once you receive the response from your bank, Action Fraud Authority, and collected guidance from the Fraud Recovery Specialist, you get prepared to move on the road to get your funds back. There is the possibility of recovery of funds from your bank or the credit card company. But if your bank fails to recover your funds, you always have an experienced team of Recovery specialists to do your required job.
Recovery is a Gradual Progression
In the world of digitization, the possibility of you becoming a victim of an investment scam is common. But remain calm in situations like these as it might give you an emotional imbalance. Health is your true wealth. Therefore, you need to think beyond money and give importance to your health.
Never press your panic button immediately once you get scammed. Instead, take the necessary steps to recover your funds. You need to understand the funds never come back if you get emotional. It will take your effort and time to strategize for the recovery of your money from the scammer. So have patience and involve the stakeholder who can help you to come out of this situation.