How to trace and recover lost funds
First, losing money online can come in two distinct ways: fraud and scams.
Did you lose money to an online scammer? If so, there are ways that you can work to recover the lost funds. There are many tools and resources available on the internet to help with the how to trace and recover lost funds process.
The best way for people who haven’t been scammed is usually not to give away their personal information in the first place. But if it has happened, don’t worry!
Read on for tips about how you can go about recovering your lost funds online.
This blog post provides helpful strategies and resources for those who have had their money stolen or misplaced online, due to fraud or other circumstances.
We created this resource to help empower people who have been victimized. While the internet has made it incredibly easy for scammers to reach you (and vice versa), there are many safeguards that you can put into place if your money goes missing. Learn how to trace and recover lost funds if you’re caught up in
What is a fraud?
Fraud is an unauthorized transaction. If someone stole your credit card and used it to make purchases, that’s fraud. In that case, you’re not responsible for the transaction, since the bank that issued the card is supposed to check to make sure it was your signature on the receipt.
Likewise, if someone installed a camera at an ATM you used to withdraw cash and, in so doing, was able to copy your credit card number and PIN to do the same, you’re not responsible for the loss. In situations such as these, the bank should reimburse you through a chargeback.
What is a scam?
A scam, however, is the result of an authorized transaction. But one in which you didn’t get the goods or services you ordered. If you bought a diamond ring online with your credit card but were sent a fake one, that’s a scam. Since you (presumably) have a receipt for the real thing as well as the fake merchandise you were sent, the scam is pretty easy to prove and once again the bank should provide you with a chargeback.
What to do to successfully chargeback a fraudulent transaction
What’s more difficult to prove is a service-related scam.
One of the most common ones is binary options. The internet is littered with sites that claim to enable you to trade this particular type of investment but, in fact, they’re just video games meant to seduce you into handing over increasing amounts of money. Once you stop, the operators will either freeze your account or empty it and claim it’s due to a bad trade you (or they) made.
Even if you transferred money to the fake binary options brokerage with your credit card, your bank will probably claim you’re not entitled to a chargeback since there are no chargebacks for bad investments. That’s true but irrelevant. Even though you signed up to make investments, no investments were able to be made, since the binary options site wasn’t plugged into a real market. In other words, the service you contracted wasn’t provided. Only In that case you are ARE entitled to what is called a service-related chargeback.
As one result, fear of a horrible first date is just one of the things a would-be online dater has to worry about. According to a recent Consumer Reports Online Dating Survey, out of more than 114,000 subscribers, among the respondents who were considering online dating but were hesitant, 46 percent said they were concerned about being scammed. Their worry is not overstated. Romance scams really can happen to anyone.
Avoiding the plague
A little online stalking can go a long way. Type the name of the person you met online into Google or Bing and see what comes up. You might not be able to surface information like criminal records, but from their social media profiles, LinkedIn pages, and other information you find, you should be able to get a sense of whether what they are telling you comports with the facts.
Sometimes, it may be wise to dig deeper. For example, if a person you met online claims to run a business abroad, try to confirm that the business exists.
If you are asked to send money and feel so inclined, run the whole scenario by someone you trust. Choose a friend or someone from your church or community who is less emotionally invested than you are. Be open to their perspective. And remember: If the request for funds is indeed a scam, it may be difficult, but not impossible, to ever recover the money.
On 31 May 2021, I saw a WhatsApp message regarding on loan and they state they are licenced moneylender. I msg the guy named Franky that I needed a loan and his company is Kim eng finance moneylender.
At first, I want to borrow 3k but he suggested 10k and say that they have a black and white contract. I believe it and said ok.
The loan was approved and he says his company will transfer $400 into my bank and I needed to transfer $600 back to them to show that I can payback. I did was I was told but he said he cannot, and He said it was because the company system software is very strict.
After that, he sent me a contract stating all the terms and conditions and ask me to look through and sign. 10min later, He said the stamping and lawyer fee needed $4k for that, ask me to pay first and he said that all the money I paid would be repaid to me. He said that the company cannot pay first, the client has to pay first but all the money will be refunded and I did what I was told again.
It took me 2 hours to send the money so he said that the system closed cos the OTP is for 30min and I was late, I transfer again, in the end, the system closed again. After I transferred another $4k and it succeeded
Then he said u have to send 2x $8,800 to take back all your money can be taken out the company said I have to upgrade the limit to $50k or more.
Then I keep listening to him and transferring more and more money in the end I didn’t get back my money and it sums up to $36,000. So I reported it to the police. Please help me recover my money back