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Did Someone Trick You Into a Banking Scam? Get An Expert's Opinion Right Now!

Category: Banking Scam
Length: 16 Pages
Reading Time: 30 Minute

Excerpt: Bank scams are the easiest way for criminals to access our personal and private information. Scammers basically attempt to illegally acquire access to the funds and assets of the customers through deception, because of which this particular scam is considered a criminal offense in many jurisdictions.

April 21, 2022


Scams today are flourishing when it comes to banks. In fact, the current pandemic has played a significant role in creating perfect conditions for banking scams to increase over the past two years. Perhaps it is due to the change in the everyday behavior of people after Covid 19, such as the shift to remote working, increased home deliveries in the world of e-commerce, and especially, the sudden shift of banking transactions onto digital channels as branches closed and banks switched to digital media to provide their services. According to the report published by the 2018 BBB Scam Tracker Annual Risk, more than 50,000 people filed scam reports with the Better Business Bureau in 2018.

Victims were out thousands of dollars, with a median loss of around $152. Woah! Later in 2020, 2.1 million scam reports were reported by people to the Federal Trade Commission. Also, as mentioned earlier, the pandemic social distancing led to a significant increase in online shopping, which caused consumer spending to increase to $105 billion in 2020. Scammers took advantage and stole millions with the help of false information, unauthorized credit cards, gifts cards, and digital wallets to make fake purchases. When the payments ultimately got rejected and returned, businesses got stuck with the bills. How unfortunate is that!?

Apart from this, have you heard about the ever famous Madoff Scheme? It is the largest documented Ponzi scheme in history and the first to be conducted on an international scale. The system ended up wiping out nearly $65 billion in fictitious wealth. It is said to be one of the most significant losses experienced by the bank market! Actually, Madoff was an American financier, known professionally as “Bernie,” who perpetrated the largest Ponzi scheme in history, scamming thousands of investors out of tens of billions of dollars for at least 17 years. He was skilled in electronic trading and served as chairman of the Nasdaq in the early 1990s, among other positions.

Only about 13% of scam victims actually report the scam. It's discovered that in 2020 Australians lost over $634 million.


If you’re someone who wants to protect your financial data, then you’re definitely at the right place. We can give you the best practices in identifying red flags as well as help you in recovering your stolen money from scammers!

Table of Contents

Coming to the point, Bernie Madoff was a money manager who was implicated in one of the largest financial frauds in history, the Madoff Ponzi scheme. According to most estimates, as mentioned earlier, his Ponzi scheme defrauded thousands of investors out of tens of billions of dollars over decades. Many factors contributed to investors’ faith in Madoff, including his ability to present a credible front of respectability, his high but not astronomical returns, and his claim to be using a legitimate strategy. As of December 2018, the Madoff Victims Fund had distributed more than $2.7 billion to 37,011 Ponzi scheme victims throughout the United States and other parts of the world. Still can’t believe it? Well, this really happened! 

Bank scams are the easiest way for criminals to access our personal and private information. Scammers basically attempt to illegally acquire access to the funds and assets of the customers through deception, because of which this particular scam is considered a criminal offense in many jurisdictions. Also, when someone seeks to obtain dollars or other assets from a financial institution or consumers of that financial institution by impersonating a bank official, it’s no wonder it’s a scam. 

Although some people say that there is no such protection for bank scams as people themselves are responsible for any deposits made to their account, we should know that numerous funds retrieval companies are out there who can help you get your money back. Want to learn more about these companies and different banking scams happening today? Don’t worry; we’ve got you!

CHAPTER 1: How Essential It Is To Watch Out For Bank Scams in 2022?

atm machine

After their peak in 1990, electronic forms of payment replaced checks, although people still use them. However, scammers adapt their techniques and find new ways to steal as the world evolves with advancements in technology. Over the past two years, the pandemic has created ideal conditions for any banking scam to proliferate. It is perhaps the result of a change in the everyday behavior of people, such as the shift to remote working, increased home deliveries in the world of e-commerce, and especially, the sudden shift of banking transactions onto digital channels as branches closed and banks switched to digital media to provide their services. According to Synovus, social distancing led to a significant increase in online shopping, which caused consumer spending to increase to $105 billion in 2020.

Scammers took advantage and stole millions with the help of false information, unauthorized credit cards, gifts cards, and digital wallets to make fake purchases. When the payments ultimately got rejected and returned, businesses got stuck with the bills. In the fraud report published in December 2020, the Association Of Certified Fraud Examiners found that 80% of respondents had seen rising scams. Either they were the victims, or they knew someone who became a victim. 90% said they expected a further increase in the coming year. Hence, bank scams rose by 72% by the end of 2021. Although today we are facing a time full of challenges for the global banking sector, perhaps due to the onset of covid 19 pandemic, it was way before that the banking institutions started to face the problem of growing online scams. These problems have only worsened.

money roll

In addition to the type of banking scams mentioned above, Automated teller machines (ATMs) scams have become ubiquitous in recent decades, from bank lobbies to shopping malls to gas stations. As of 2022, there are more than 2.2 million ATMs around the world. People use these virtual currency dispensers without thinking because of their widespread availability. They never consider the possibility of things going wrong. 

Unfortunately, things at the ATM are not always as they appear. The majority of ATM scams involve criminals stealing debit card details and personal identification numbers (PINs) from unwitting ATM users. This confidence system has various varieties, but they all rely on the cardholders’ uninformed cooperation. When a bank customer swipes their debit card in the gadget that opens the door to the ATM vestibule, which is commonly placed in a bank’s inner doorway, one frequent scheme begins.

Fraudsters can recognize a counterfeit device that reads and duplicates card numbers on the exterior door without being caught by clients because most people are ignorant of exactly what this magnetic reader should look like. To prevent con artists like these, pay attention to the warning voices in your head and be cautious when something doesn’t feel right. 

Even if the situation appears regular, use your other hand to protect the keyboard when entering your PIN—no, it’s fun to be moved to tears by a crime you could have avoided. Of course, if you see a scam in progress, don’t try to catch the perpetrators yourself; leave that to the cops. Apart from this, people can also be subjected to tax scams in 2022 as they say three things in life are certain; death, taxes, and tax scams. Scammers are on the hunt for new victims, and calling you to arrest them for not paying taxes is one of the most common ways they use.

atm withdraw

In 2021, taxpayers lost more than $4 million to scammers, with a median loss being $515 per complaint. However, the actual amount today may be higher. We are likely to become victims of tax scams for many reasons: a lack of awareness, knowledge, and education about taxes. Many of us are unfamiliar with the tax code, which makes us worried that we will perform something wrong. However, stay safe from tax scams this season by following some tips such as scrutinizing letters from scammers, researching taxes and tax preparation, getting an identity protection pin, and trusting your gut which is the most important.

Apart from this, people usually donate around holidays which the scammers take advantage of. As it might be the holiday season, they pressure you to contribute, and if you don’t, you feel guilty. They may thank you for a donation in the past even if you don’t remember doing it to seem legit. 

However, please remember that real charities accept donations all year round, and if you don’t remember giving any, you probably have not. In addition to this, scammers may sometimes say they are collecting donations for your local firefighters, veterans, or police. They can emotionally trap you into believing that they are sending care packages to service members. Nevertheless, whatever the situation may be, do not just give; instead, call your local police or fire department and ask them if they are collecting money or not.

CHAPTER 2: Banking Scam Vs. Loss Recovery - The Checklist for Victims

losing money

All banks around the globe must protect their financial assets no matter what. Unfortunately, they sometimes fail to do so; therefore, it is always recommended to do a reality check considering the massive rise in bank scams. An ounce of prevention is worth a pound of cure, a stitch in time saves nine, and you can’t put Humpty Dumpty back together again. There are countless sayings about the importance of proactive, preventative measures, and they often underscore how repairing damage is more time-consuming and challenging than preventing it. 

Hence, today these sayings apply to the real world of scams more than ever. Fraud is inevitable, and financial institutions have to spend money on it. Still, you have a choice: you can either spend money upfront on fraud prevention or after to recover your loss. However, we recommend focusing on fraud prevention as it’s always better. Hence, If you or someone close to you ever becomes a victim of such scams, here’s what to do!

Freezing, Returning, and Recovering - Contact Your Bank ASAP!

As your bank accounts serve as the conduit via which you access and interact with so many elements of your financial life, scammers are ready to take advantage of any opportunities to exploit any vulnerabilities associated with your financial transactions. Now, suppose you have become a part of this unfortunate situation. In that case, it is always recommended to notify your bank immediately if you have handed over your account details or made a payment out of your account that you believe is a scam.

Report The Scammer To The Authorities

police station
The agencies that might be of assistance depending on the nature of your complaint include the Federal Trade Commission (FTC), your local FBI office, your state attorney general, and your state’s securities regulators. You can find contact information for that last group on the North American Securities Administrators Association (NASAA) website. However, if your loss is substantial, you might also want to consult a private attorney. Moreover, If you even feel scammed, contact the financial regulator and attorney general of your state as soon as you can. State authorities may choose to bring actions in state court. Also, if the scam occurs in your local community, you could report the matter to the police and your district attorney; you may need to file a police report if you plan to file an insurance claim for scam losses. Lodging a complaint will enter the fraud into the Consumer Sentinel Network so that law enforcement can stop ongoing fraud and track these crimes. This process, however, will not initiate a criminal investigation of your case.

What To Do If You’ve Used Your Credit Card?

visa card

Using your credit card means you have provided payment information to the scammers, thus, you need to take the steps necessary to block access to your accounts and protect against identity theft. For example, contact your card issuers immediately to make a scam report. As part of the process, you may be required to get a new account number. Also, if you gave the scammer your bank account number or routing number, contact your bank or credit union immediately. You may need to close the account and open a new one. 

Moreover, consider using a scam alert and a credit freeze. Unless you request it, the bank will not lift a security freeze. And a scam alert will notify potential creditors to verify your identity before extending additional credit in your name. Be on guard for scams that claim your social security number is linked to back taxes or other debts, and independently verify claims with the creditors before paying any money. Then, change your passwords! If you registered for access to a scammer’s website using usernames or passwords that you use elsewhere, update accounts with new log-ins as soon as possible.

Time to Bring in The Big Guns - Contact Lawyers!


Reporting the banking scam to law enforcement is vital to begin the recovery process as a professional will know how to get your money back! They will ensure the responsible parties are investigated and how they can prevent further damage to other victims. You can report to any local law enforcement office to file a police report or contact your local District Attorney’s Office and your state’s Attorney General’s Consumer Protection Unit!

Also, you may want to create an investigation file for yourself that may even help the lawyers when providing them with the pieces of evidence and proof. For example, as the events may still be fresh in your memory, develop a timeline and collect documents and information that could help when it comes time to report or investigate the fraud. Start by gathering all relevant documentation concerning the scam in one file kept in a secure location. Begin by writing down conversations you had with the scammer, their contact sheet, including name, title, positions used by the scammer, purported regulatory registration numbers, social media profiles, conversations, screenshots, and any email addresses. Your file should also include the police report and any call notes or relevant documentation about the fraud.

CHAPTER 3: Proactive Measures to Take Before Becoming a Victim

work from home

A wise man once said, ‘getting scammed once is a mistake, but twice may be a choice!’ Hence, don’t fool yourself again. Scammers are constantly thinking of new ways to scam people through banking as the world evolves. It is safe to assume that you are being scammed if anyone asks for your bank or personal details. The most effective method of avoiding having your bank account or other personal information compromised is to be proactive in controlling who has access to your information. Scammers today are so clever; they maliciously target educated and successful people. 

However, you may want to consider the events or actions that led to the scam. Routine activities can often lead people to become victims, and returning to those activities could start over again. These everyday activities could include being active in investor social media groups or chat rooms, commenting on videos, signing up for trading courses, special offers, free giveaways, or investor newsletters. Be Alert!

Before signing up with a scammer through your bank details, always conduct thorough and detailed research. Basically, start with small deposits and money transfers first and continue if the process goes smoothly. Do not make the mistake of committing all your money right away. Go to their website; although some of these may have sources that may have the persons you’re investing with recommendations, you should be aware of the ratings because the site is most likely funded through affiliates. 

Also, search for affiliate connections leading from the review page to the scammers’ website. It implies that the person who wrote the review will be compensated if you click on the link. It is acceptable if the reader is aware of the relationship; therefore, the site is transparent about its affiliation. Furthermore, don’t forget to look into the discussion boards. Look for any posters endorsing a specific broker on message boards.


Scammers can create complex scams that can trap even the most cautious of people. But it’s not too late because we can help you track the damage done by scammers. We can help you get your money back!

The sign may be genuine, but if you check back and see that they only support one investor or broker, they’re indeed affiliated with that person, and you should treat what they say with caution. You might want to make sure and see if your comments have been posted on forums. If a forum or website is solely dedicated to promoting specific brokers, the administrator may choose not to post or delete your message. 

These websites, as well as their suggestions, should be treated with caution.Lastly, look for their unfavorable reviews. It would be best to get a comprehensive picture of any person you’re investing with, so look for negative ratings and positive reviews. You can locate these by adding the word ‘scam, bad’ to your search. One person’s terrible experience does not necessarily imply that you will have a negative experience, but it will give you a fuller picture.

And most importantly, look out for other customer complaints about not being able to withdraw money. It is a red flag for a scam, but try to reach out to the user and inquire about their experience before passing judgment. Scammers will continue to come up with creative ways to get into people’s bank accounts, which often involves victims pulling cash out to hand over to the criminals. They mostly look for people who are searching for jobs, dating, selling products, and even do-gooders looking to help someone in need. A common tip to avoid getting yourself scammed is to not pay something (you didn’t initiate) over the phone. Just don’t do it!

CHAPTER 4: How Recovery Firms May Help You Bounce Back from a Banking Scam

Theclaimers Logo

Banking scams require immediate help from a funds recovery firm no matter what the situation you might be in. In fact, even if you think your case is ‘small’ you need to report it as quickly as possible because these ‘small’ losses can add up to a significant number damaging the whole industry to a great degree. What’s there to hide? There’s no shame in being scammed, and the complaint is necessary to stop the scammer from continuing to do the same to others. This way you’re helping others which is great! If you’ve been scammed by a website, reporting is necessary as the supervisory authority is the entity able to initiate shutting down the site to prevent the scam from continuing. A report should be done as soon as possible, both because, in the immediacy of the crime, you have the opportunity to collect the most significant amount of information relative to your case.

Also, if you are still communicating with the scammer, the authorities are better positioned to stop them before they cut contact, and finding them proves more difficult. Hence, recovery firms are a lifesaver. They are always ready to take action on your behalf. Safeguard yourself against banking scams and reach out to them for assistance in recovering lost funds no matter big or small. These firms specialize in carrying out extensive and complex investigations. They develop unique software that identifies links within entities and their comprehensive and integrative recovery process. 

Their intelligence team creates effective documents and reports that have been proven and utilized in judicial proceedings in the past. They can be of great help in court too! Also, their security team specializes in detecting malicious message transmission. Lastly, with the help of third parties such as police or financial services agencies, they make sure to help you recover your funds.

money puzzle

Most of the firms have this motive behind them, ‘Getting your money back is important to you, so it’s important to us. We can’t get money back in every case, and we can’t always get every dollar that people lost. But we do our best.’ They encourage people to report a scam as soon as they notice it. These firms use these reports to go after companies that defrauded consumers and sometimes identify people who lost money to businesses they sued. 

       Hence, you might be able to get your money back after being scammed, but what you should do and whether you’ll get a refund depends on whether you’ve chosen a recovery firm for your scam. Recovery firms nowadays come with many rules, and well-informed customers will not be shy to sue if their rights are abused. These agencies are aware of this, so they are knowledgeable about the legislation.

They are well-versed in federal collection regulations and the state laws they are licensed in. Allowing a scam collection firm to recover payments on your behalf reduces the legal hazards of trying to recover funds on your own. Also, hiring a third party may save you time and money. Scam recovery may drain an organization’s time and resources, even at a basic level. It’s a nuisance and a distraction that you don’t need. As a result, one of the most significant advantages of enlisting the help of specialists is the speed and simplicity with which the procedure may be completed. All while allowing you to concentrate on what matters: operating your company. Although professional scam recovery services are not always free, they can still be the most cost-effective option. Lastly, don’t forget to search and explore a wide range of recovery firms so that you can spread the word to your loved ones to keep them safe in this world full of scams.

man into atm

Alternatively, recovery firms can cost a lot sometimes so it is better to protect yourself from even falling a victim in the first place. Therefore, we also recommend you take time to research and look for warning signs as the authentic banks won’t pressure you to invest immediately. Identify the payment methods and be aware of wire transfers, cash, and gift cards because protecting your personal information is so essential. Please get rid of emails with attachments! These attachments often contain viruses and malware that can infect your computer. Stay safe!!

One on One Consultancy Based on Common Banking Scams

Overpayment Scams

With online shopping on a rise, overpayment scams are indeed increasing massively. These scams are initiated by someone sending you a counterfeit check or money order for a sum more than the amount outstanding on your account. After that, they will ask you to deposit the money in a bank and pay the difference back to you using a wire transfer. Unfortunately, because the check was forged, you may be liable for a returned check fee from the bank. You’ll not only lose any payments you transferred to them, but any items you shipped to them as well. 

An overpayment scam may target you if you sell something online, as a business, or through classified advertisements. In most cases, the scammer will contact you, make you an offer that is frequently reasonably attractive, and then demand money via credit card or check.

paying dollars

They will be for a sum more considerable than the price that has been agreed upon. The scammer will contact you to express regret for the overpayment and provide a fictitious explanation. You can be told that the additional money was provided to pay the agent’s fees or extra shipping expenses by the con artist. Alternatively, they might claim they made a clerical error when writing the cheque. 

The fraudster will then ask you to refund the excess amount, or they will ask you to transfer the sum to a third-party account on your behalf. They will ask for this in the form of an online banking transfer, a preloaded money card, or a wire transfer such as one made through Western Union. When you check their bank account, you learn that their cheque has bounced or their credit card stolen or forged. 

Additionally, with overpayment scams, fake checks are also at a spike, accounting for nearly a third of complaints in the National Consumers League and other agencies. Even if the accounts have funds available, you may have been paid with a counterfeit check. In fact, with today’s technology, it is easy to copy a real check and print a fake one that looks authentic. Basically, you are instructed to deposit the check and then forward some portion of the deposit elsewhere as advance fees that will allow you to collect a jackpot. 

However, by the time your bank discovers the check is fake, which can take two to three weeks, the scammers have done their part! You may even face criminal charges or have your bank account frozen. Hence, scammers are getting more skilled every day as the world evolves to get hands-on your dollars. Follow steps like shopping on secure websites, avoiding public WiFi, and using strong passwords to prevent them from happening in the first place!

Check Cashing Scams

check signing

The check-cashing scam is yet another type of banking scam. It involves attacking the sympathy and kindness of others. How do these work? Actually, upon leaving a bank or other financial institution, a stranger approaches you and asks if you would be willing to cash their check for them. They may state that they do not have a bank account with this institution but require the funds. You can deposit the check and withdraw cash from your account to give the individual their money. The clearing process, on the other hand, can take many days. Therefore, the funds are held against your account if the cheque is not cleared properly. 

In fact, today such scams work because fake checks look just like real checks, even to banks. As they are printed with the names and addresses of legitimate financial institutions, it can take weeks or months for the bank to identify whether the check is real or fake. These cheques often run together with job-search scams. You may hear that you have been hired and instructed to deposit a check in your bank account,  then withdraw most of the money and transfer it to someone else. 

Victims are told to keep several hundred dollars of the money as payment, and when checks are later discovered to be faulty, the banks reverse the deposit, and the victims are left liable for the funds withdrawn. Moreover, even if you are not asked to forward, unexpected checks can still be scams. You might be responsible for the amount of the counterfeit check, your endorsement might give account information to scammers, or you could receive follow-up attempts to phish for financial information.

check sample

Once a client shared her experience on the internet with others. She said that she and her husband received a check for $1950, but they were expecting a warranty rebate check from trading cars. They got the check with an auto log on the envelope and deposited some cast part of the check. She says that she had some bills to pay off a few days later. When she went to the bank, she found out that her account had been overdrawn. Her account got frozen, and they had to pay all that amount back. She sums up her experience of the cash check scam in the following words, ‘I thought these pennies were from heaven when in reality they came straight from hell.’ 

To avoid cash checking scams in the first place, notice the small details in the cheque. For example, apart from edges, bank logos, and address, notice the amount mentioned on the check. Usually, it is less than $5000 because of federal rules. Checks of $5000 or more are subject to more extended holding periods. Also, fake checks are often lighter than the paper used for authentic checks. They also may seem slippery. Lastly, the bottom of every check has a series of digits in an unusual font, representing the bank routing number, the account number, and the check number. That distinctive and unique font is called MICR, and specialized check-sorting machines can read that. Fake MICR numbers, on the contrary, are often shiny. That’s all!

Unsolicited Check Fraud

Did you ever receive a check that you were not expecting? As tempting as it may sound, these unsolicited checks can be a scam. It could be in the form of a rebate cheque or a refund for the excess payment. Unsolicited checks can look very realistic, and the scams are sophisticated. According to the Federal Trade Commission, Unsolicited check frauds cheated Americans out of more than $28 million in 2019, and most of them were young adults. According to the American Bankers Association, In 2018,the total amount of unsolicited check scams rose to $15.1 billion, accounting for nearly half of bank deposit scams that year. Though the banks blocked more than 90% of attempted check fraud that year and blacklisted many banks, Americans still lose more than a billion dollars to scams every year.

bank check

An example of unsolicited check scams is explained in the following words; imagine that an unknown customer submitted a cashier’s check for more than the price of the goods and asked that you transfer the money as soon as possible. The buyer will get your goods, usually shipped on the check receipt if you accept this request. The repercussions of knowingly participating in check scams are more severe. It is a federal crime that can lead to a fine of about $1 million or a prison sentence of more than 30 years. 

However, don’t be scared, some of the easiest ways of not falling into unsolicited check scams are simply to not accept a check from someone you don’t know, don’t send money to strangers, whether they are individuals or companies, don’t cash a check you were never expecting, and don’t forget to verify if a cashier’s check is valid before depositing it. Also, examine the check from top to bottom, paying particular attention to any fine print on the front or back of the document.

By signing and paying the check, there is a possibility that you are entering into a legally binding contract. Scammers employ deceptive tactics to obtain authorization for memberships, loans, and other longer-term commitments that could cost you a lot of money. Scammers are banking on you to take the cheque as free money and cash it without questioning your actions. And as mentioned earlier, If you receive a rebate or return check that you weren’t anticipating, don’t cash it. Some fake and unsolicited checks are carried out so well that they move between banks for several weeks before the scam is even discovered. It provides the scammer with plenty of time to run away. How unfortunate!?

Automatic Withdrawal Scams


Apart from an overpayment, check-cashing, and unsolicited check scams, fraudulent telemarketers have found other ways to steal your money, such as automatic withdrawals, this time from your checking account. Consumers worldwide are raising their complaints regarding the unauthorized debits from their checking accounts. Automatic withdrawals can be a legitimate payment method; these are convenient to automate your savings, bill payment, and other financial tasks. 

As it is so popular, many people pay mortgages or car payments this way.Automatic withdrawals are also popular with scammers, but for different reasons. How do these work? It is possible to fall victim to this hoax by receiving a phone call or a postcard informing them that they have won a prize or qualified for a special offer. The idea is to get you to read the numbers at the bottom of your checks off of your checkbook.

They frequently justify this to ensure that you are eligible for the offer. Having obtained your checking and banking information, the scammer places it on-demand draught, which is processed similarly to a check but does not necessitate the use of a signature. When your bank receives the draught, it will move money from your checking account to the scammer’s account to pay him. If you do not pay close attention to your regular bank activities, you may overlook the fraud until it’s too late. Don’t forget, if you give your checking account number to a stranger over the phone for verification, that person could take advantage by misusing it to make money from your checking account.

dark while withdrawing

Moreover, towards the end of the sales pitch, the scammer may ask you to get one of your checks and read off the numbers at the bottom. Some clever scammers may not tell you why this information is needed. Although others may tell you the account information will help ensure that you qualify for the offer. And in some cases, the legitimate scammer will honestly explain that this information will allow them to debit your checking account. How clever!? Now, once they have your checking account information, it is put on a “demand draft,” which is processed much like a check. 

That has your name, account number, and amount. However, unlike a check, the draft does not require your signature. When your bank receives the draft, it takes the amount on the draft from your checking account and pays the scammers bank. You may not know that your bank has paid the draft until you receive your bank statement. Insane!

Phishing Scams

In its literal meaning, phishing is an example of social engineering attack often used to steal user data such as login credentials and credit card numbers. The scammer often masquerades themselves as a trusted entity and traps the victim into opening an email or a text. Phishers frequently use emotions like fear, urgency, curiosity and are constantly innovating to seem more sophisticated than ever, According to the FBI’s Internet Crime Complaint Center Report, phishing is an ongoing fraud that caused victims more than $48 million in losses in 2018. 

How does it work? Basically, the scammer will send you an email message that appears to be from a reputable source, such as a bank, social networking site, or online store, for example. You should not respond to the email message. The communication attempts to trick you into disclosing important and sensitive personal data, such as passwords, credit card numbers, and bank account information, to the message’s sender.

social media

For example, you can be sent to a website that appears to be authentic but was created solely to collect your personal information. Fake emails are frequently written in a hurry and with a sense of urgency. Watch out for red flags such as misspelled words, poor grammar, urgent requests, threatening financial consequences, and logos that don’t seem right. To determine if an email is authentic, open a new tab and navigate directly to the company’s official website; without clicking on any of the links contained within the suspected email. 

As a general rule, never click on links in these emails, react to them, seek to unsubscribe from them, and never provide personal information. Scammers are continuously taking advantage of the rise of technology and ease of access to private information using social media and other methods to identify their targets.

They can quickly get to know their victim’s relatives’ names, birth dates, addresses, phone numbers, and locations and use this information to develop a detailed, personalized phishing scam. Recently, a madison couple lost $80,000 to a scammer who pretended to be their grandson. Another common way to phish friends and family members is to use social media. In 2018, there was a case of a woman who became a victim of a Facebook grant scam and lost $8,000. 

In this scam, the hacker claimed to be the victim’s wife and told her that she was eligible for a grant of $120,000 but would have to pay an amount of $8,000 in advance through a gift card. After the verification via a channel other than Facebook, she found that her wife knew nothing about this, and the whole story was a scam. Crazy!

Government Imposter Scams

bank building

A government impersonator scam usually begins with a call, email, or text from someone who claims they are from a government agency. They might give you their employee ID number to sound official, and they might have information about you, like your name or home address which can manipulate you a lot. As mentioned earlier, they often say they work for the Social Security Administration, the IRS, or Medicare, but sometimes they give you fake agency names, like the non-existent National Sweepstakes Bureau. This shows how important it is to research the name before you continue listening to them. They will also give you some reason why you need to send money or give them your personal information immediately. Thus, if you get a call like this, hang up asap. No wonder it’s a scammer. 

Also, remember that a government agency won’t call, email, or text you and ask for money or personal information; only a scammer can have the audacity to do that. You can even get an email or a direct message on social media saying they are from the Social Security Administration and blackmail that your Social Security benefits would end, or the social security number could be suspended unless you pay immediately. 

They might say that you have to pay with a wire transfer, gift cards, cryptocurrency, or by mailing cash. In extreme cases, you could be threatened to be arrested if you refuse to pay. But now, it is not the social security administration calling, and your benefits would not be suspended, nor do you owe anything. It’s just a scammer trying to get your money or your personal and private information in an attempt to steal your identity.


With how easy it is for scammers to acquire your data, it’s reasonable to be alarmed. Protect yourself and your loved ones by getting advice from experts. We will guide and even help you get your money back from scammers.

You can detect fake documents efficiently and effectively in many ways. For example;

  1. Use of microscope scanners for texture analysis 
  2. Spotting apparent errors such as spelling errors and inconsistencies between the typefaces
  3. Verification of documents against databases maintained by the government
  4. Check for the unusual style of formatting
  5. Use of advanced visual authentication techniques 

If you get an unexpected call from someone claiming to be the Social Security Administration, hang up, don’t call back the number the caller gives you, and don’t use the one that shows up on your caller ID. Ignore any calls, emails, text messages, and direct messages that claim to come from the Social Security Administration and ask you to pay or confirm your Social Security number or other information. The actual agency will never call, email, text, or send direct messages on social media to demand money or information. Call the local office directly if you need to talk to the administration. It is not even difficult to find as it is always on the agency’s website.

Charity Scams

giving money

Americans contributed more than $470 billion to charity in 2020, considering the covid 19 pandemic. They still contribute millions, and generosity supports many organizations that provide health care, education, and numerous other cases. Unfortunately, scammers often like taking advantage of people’s generosity by posing as charitable organizations giving rise to what is known as Charity Scams. They call people and ask them to donate to a charity or a cause they believe in. Some scammers go to the extent of masking the phone number to appear as a local area code on your caller ID when you answer the phone. Charity scams can sometimes be identified by the vague statements they make and the lack of specific ways your gifts are put to use. Scammers often enjoy creating fictitious names that sound similar to the names of actual charities.

Charity fraud scams can come to you in many forms: emails, social media posts, crowdfunding platforms, cold calls, etc. Always use caution and do your research when you plan to donate to charitable causes. After a natural disaster or another emergency, unethical contractors and other scammers may commit insurance fraud, re-victimizing people whose homes or businesses have been damaged. Sometimes these scammers even pretend to be affiliated with the government when they are not. 

Charity scammers often ask for donations on the phone, by email, by mail, or on the internet. They can ask for assistance from individuals or organizations, and their website looks too real to be not true. In fact, in current times, Charity Scams in Ukraine are at a spike! Recently, the cybersecurity group Bitdefender has identified thousands of hacked social media pages mainly set up for scams.

They were formerly actual pages until criminals took over and started running phony fundraising efforts purporting to help Ukrainians in these challenging situations. Weisman says that Tiktok, in particular, has been used massively during the war. For example, one of the videos showed a street lined with cars while screams of sound and guns fired were in the background. That video claimed to be from Ukraine asking for donations when it was actually a scam as the car’s license plates were from the UK. The schemes these scammers use have always been so devastating. 

After gaining control of an innocent person’s social media account, these scammers start working on how to reach that person’s friends and family members. They pressure them into donating as soon as possible. So, if you ever receive a message from one of your acquaintances, be aware! Michael Coleman has a service agency located in Chicago’s River North neighborhood, and he was raising money for people in Ukraine through it. However, he says that he was not very successful as all these counterfeit campaigns on social media have made people, including his friends, hesitant before they donate. He encourages everyone to do their homework before they donate as he himself video chats with people in Ukraine. 


Unbelievable! Even donating has become scary in today’s world.

Hence, follow some essential steps to protect yourself. For example, always verify if the website is grammatically correct, check if it has at the end, and whether it holds an HTTPS rather than an HTTP somewhere at the beginning of its address. People often make mistakes when donating for the first time. They may donate with a debit card as they see it as a more straightforward transfer method of transferring money, considering it is directly linked to their bank account. However, they should go for credit cards as it is the safest method. If a charity asks you to pay with anything else, know it’s a scam. Moreover, you can use the IRS’s Tax Exempt Business Lookup to double-check a nonprofit’s validity. According to the Federal Communications Commission, charity donations to certified organizations are refundable, but gifts to people aren’t.

In addition to this, an article was published by that encourages people to never donate to any organization or individual through third-party payment apps such as Venmo as one of the biggest scams rising in the wake of the Ukraine crisis is VenmoTheft. Thus,  while choosing an organization to donate to, look for discrepancies in features, including the institution’s title, contact information, user id, and the terminology seen on the web page. Remember that whatever content you examine on the internet is not authentic.  Scammers attack innocent victims through malicious links and software, fake Instagram, and Facebook pages. Thus, download anti-malware on your smartphones and other devices. Antivirus software, such as Lookout, can continuously detect and discover fraud URLs within emails, texting, and the internet and prevent you from potentially harmful risks. Lastly, NEVER donate by your debit card!

CHAPTER 5: Recovery Plan Followed By The Claimers For Banking Scams

Things were extremely different a few years ago. It was impossible to get in touch with any company for help in retrieving your payments. However, today, there are so many recovery agencies like Chargeback Way, Chargebacking, or Funds Trace that may help you recover your lost amounts. They provide you with the opportunity to regain control of your situation and create the best possible outcome by recovering your funds. They assist you in reclaiming the funds you’ve misplaced by employing complete and integrated recovery techniques. The company always responds quickly and consistently, maintains complete openness, and keeps its clients informed throughout the process. They’ll guide you through getting your money back while keeping the same concept in mind. Hence, the company follows four steps to recover funds; reviewing your request, evidence collection, building the case, and finally, recovering the money. Let’s dive into their details!

1. Review Your Request

As soon as you report your banking scam, investigative specialists will begin evaluating and working on your case as soon as you figure it out and alert them via their website’s online contact form. They recognize that banking fraud is a time-sensitive issue; thus, the faster they recover your money, the sooner they will have to begin investigating it. According to studies, the scammer is caught 85 percent if the fraud is reported within two days of the incident. Following the case review, a team member will contact you to discuss your position further and offer advice tailored to your unique situation.

2. Evidence Collection

men on computer

Evidence is vital in swinging the case in your favor, just like any other criminal case, so they’ll start gathering evidence and evaluating scammers right away. Their team members will trace your steps back to the scammer, collecting any necessary evidence. Calls, messages, emails, screenshots, billings, bills, and the entire digital footprint are all part of the package. You’ll be working closely with digital analysts to ensure that all relevant evidence is recovered and your case is as strong as feasible.

3. Building Your Case

Many individuals believe that everything will be alright once the evidence is recovered. That is not the case, however. From here, team members will begin the paperwork for your case. It is arranged efficiently, effectively, and viable to ensure that the data is not rejected by the financial institutions concerned. It requires a thorough understanding of legal documents, which is why recovery companies exist!

4. Recover Your Money

It is the last phase in the rehabilitation process. At this point, its recovery specialists design a customized approach for resolving the matter, which may include going directly to the fraudster or enlisting the assistance of third parties. They attempt to approach the fraudster directly at first, stating the facts and warning them of the risks. Most of the time, they are compelled to pay back the money. However, if that fails, their team has a backup strategy, including financial institutions. They also team up with payment processors like Transferwise, Paypal, and others to help you recover your funds! They are then successful in recovering your payments since they have extensive experience in this industry, and this is not the first instance they have approached a fraudulent organization. Asset recovery specialists are no less than angels! By the time people begin their investigation by spotting scams, they have already faced these scammers.

1 dollar

As a result, they’re progressing toward the goals clients have set for themselves. When you give the identity of the person who scammed you to the company, they instantly know who is to blame. It allows them to contact the right people in the first place. However, when you speak with the cops in your neighborhood, you will be bombarded with inquiries since the officers are unclear about where to begin. You don’t want to be in that situation when you’re already frustrated and devastated over your loss. 

A lack of power is one of the problems prohibiting customers and dealers like you from pursuing these matters on your own. You are just another person to these internet con artists. When you contact them and ask for your money back, they rarely take you seriously. After a few calls, they’ll take down your phone number and never call you again. They’re busy deceiving someone else while you’re attempting to contact them.

On the other hand, agencies can completely turn the tables. You may be confident that if you call these fraudsters and inform them how they might be discovered using a professional fund recovery company, they will answer and cooperate. Scams are all over the internet, which is an unfortunate reality. It’s clear that evil people are targeting our personal information and money, whether for forex and crypto scams, romance scams or credit card theft. Thousands of adverts bombard the typical individual every day, many of which are fake. It might be challenging to differentiate between what is genuine and what is a scam.

money suitcase

People who want to commit fraud from their homes’ comfort and privacy will be able to verify themselves as legitimate brokers or financing professionals as contemporary technology becomes more widely available. Scammers now have more victims to attack, thanks to the rising use of social media. It is almost necessary that you do not fall prey to these con artists. Despite everything, a recovery agency is to help you restore control of your finances to live your everyday life, and can do the job for you. Even though complete success is rare, financial recovery organizations refund millions of dollars to customers every year. A banking scam is a complex issue to investigate, and even many law enforcement officers have difficulty locating con artists. If you use our services, you will almost certainly have a much better chance of getting your money back than if you go it alone.

CHAPTER 6: The Best Banking Recovery Advice One Can Get!

Banking scams have taken an emotional toll on victims to a great extent. According to a report by the Financial Industry Regulatory Authority Foundation, almost two-thirds of fraud victims experience at least one severe emotional consequence, including stress, insomnia, anxiety, and depression. It not only affects you financially but emotionally and mentally as well. Fortunately, in current times, after being scammed, you might be able to get your money back with the legal and emotional support available through the recovery firms.


We have encountered victims who were mentally and emotionally drained when they were scammed out of their money. We can help you with your legal and technical concerns. We can help you get your money back.

We know that with the advancement of technology, investment fraud, and online banking scams are very common. Thus, recovery agencies today help you in locating the scammer and, in most cases, guarantee that you will receive your money back. They work diligently with their skilled staff and technology to prepare legal papers to reclaim your monies. Your money is just stolen by the scam artist rather than invested in anything in most cases. Here, we’ve put together a five-step recovery guide on how these firms help you recover your money back.

1. Contact your Bank

Reporting the scam to your bank is the first essential step to recovery. Firms notify your bank immediately as knowing about any recent transactions through your account can help you a lot in this situation. If you have provided payment information to the scammers, they will need to take the steps necessary to block access to your accounts and protect against identity theft. For example, if you have used credit card information, contacting your card issuers immediately to make a scam report is essential. Also, if you gave the scammer your bank account number or routing number, you may need to close the account and open a new one. Scam alerts and a credit freeze help a lot!

2. Analyze your Documents

Analyze Data

Once you have submitted your documents, you will have to answer a series of questions about the scam. They may even send your reports to the National Fraud Intelligence Bureau (NFIB) for assessment. During this assessment, experts will review the data from your report to decide whether there is sufficient information to send to the police for further investigation. From the police investigation, you will receive a crime number. In some instances, as soon as you report (online contact form on their website), your case will come under review. 

As said earlier, time is the key! So don’t worry; working on your case will start instantly. Perhaps, one of the company’s expert team members would arrange a meeting with you where you can tell them everything in complete detail. It would create fewer problems and enable them to ask you whatever unclear questions. Once they know the request is valid, the refund process will begin! In this stage, they may look at details concerning your case, the story of how the scammer reached out to you, which medium you were using, and were any other platforms involved.

3. File All Scam Documentation and Evidence

When it comes to recovering from banking scams, it’s essential to collect as much evidence and information as possible. This information will help to support your claim. A case is nothing without facts and evidence; thus, team members of firms will dive into the scammer in their footsteps to retain any information that could help strengthen your case. Any phone calls, images, screenshots, billings, conversations, invoices, and overall a digital footprint would be collected to make your case as strong as possible. In this stage, they will look for details specific to your cases, such as the scammer’s name, email and postal address, telephone number, website address, a timeline of events and contact, the police report and a crime number, and bank statements with evidence of the investment.

4. Entrance Of A Third Party

man on call

Evidence collection is not enough; in fact, it is the starting point. It is where the paperwork starts, and your information is structured in such a coherent and effective manner that it leaves zero chance of being objective by the financial institutions. It would require legal expertise from firm members, and that is what they love to do! Here they will compile all the details concerning your case, starting with the story of how you met your scammer, a detailed narrative of the tactics they used to form an emotional bond with you, and get into the nitty-gritty of how much he stole from you. Additionally, they will compile the legal documents concerning this case too. It’s essential to be aware of your legal rights while recovering from investment scams. Therefore, a lawyer would be chosen who specializes in banking fraud.

5. Decide How To Proceed

Once they have heard back from your banks, Action Fraud, and spoken with a fraud lawyer, they will be more equipped to decide how to proceed with the recovery. It might be that the bank or credit card company was able to recover the funds, but if the process proves to be more difficult, their team of experienced fraud barristers would be there to help. Also, they will decide whether to go to the scammers ourselves or perhaps involve third parties. Their team members and partners worldwide would include intelligence analysts and people with exceptional expertise and knowledge in providing solutions to fraud within the ethical framework. Today, recovery firms have partnered up with some fantastic payment providers such as Paypal and transfers that can help them recover your amount to a great extent!

If you need to get in contact with a reliable fund recovery firm, then contact us to help you out!

CHAPTER 7: 100% Guarantee of Full Recovery!


It is a horrible moment when you realize you’ve been scammed but resists the temptation to hide in a darkened room – instead, immediately contact a recovery firm. Banking scams come with a lot of repercussions such as stolen identities, ruined credit, financial loss, and a spectrum of emotional feelings, including anger, anxiety, and frustration. Therefore, while complete economic recovery may be impossible, you must report the crime as soon as possible to avoid these absurd feelings! No matter how minor, notifying any financial fraud assists law enforcement, regulators, and government agencies in ending the fraud, preventing future people from becoming victims, and pursuing the criminals responsible. 

As much as recovery firms work like an angel for you, there are some things you need to think about before employing them to avoid further problems. For example, look clearly into their fee. Can you even afford it? Some companies demand an upfront fee going to $10,000, while others employ a sliding scale in which they charge you depending on the size of the initial investment. Also, look into their reviews, positive and negative both. Research a lot because a recovery firm can be a scam, too, and that is the worst that could happen to someone. However, apart from this, you have to realize that when it comes to cash recovery professionals, they can do a lot for you that no one else can.

Tips for Identifying a Legitimate Bank Scam Recovery Company


Recovery firms from banking scams can be a lifesaver. Unfortunately, some scammers pose as even recovery agencies. Therefore, our tips below will help ensure that you work with a legitimate company!

1. Has Many Positive Reviews

Polls show that over 70% of people trust a business more if they have positive reviews. However, good reviews are one of several factors you should consider when choosing a scam recovery company.  Other items include checking that the reviews come from trusted sources (third-party websites and the company’s site) and ensuring recent reviews. Furthermore, it’s important to note if and how the company responds to any negative reviews.

2. Avoids Making Promises

shake hands

These recovery companies are often influential. However, they can’t promise that they’ll get your money or belongings back, although they do provide you with the hope that they are trying their best! Therefore, you should avoid working with any business that guarantees they will. If it does, you’re likely facing another scam.

3. Provides a Free Consultation

As you’ll soon learn that bank scams come in many shapes and forms such as overpayment scams and unsolicited check scams, you must arrange a meeting with these firms to share your story. By doing so, the company will give you an idea of whether you’re a good fit for each other. They also might share examples of success stories with similar clients.

Protect Yourself From The Hideous Effects Of Banking Scams - Contact Any Recovery Firm Today!

Be it the shady story of Tinder Swindler or the Madoff Scheme, scamming has been all around us in many forms. Although banking scams haven’t been around forever, do you ever wonder how we got to this point? In fact, banks have been fighting against these scams for a hundred years, and the struggle continues! Some say that there have been checks as long as there have been check scams. Scammers forge checks, impersonate account holders to cash checks, steal them, trap people into giving them to them, and so much more. Bank Scammers are upping their game all the time. But with a little help from customers and high-tech solutions, banks are hoping to keep pace and keep people’s money safe. For example, algorithms, artificial intelligence, and biometrics have saved millions of dollars while ensuring account holders maintain convenient access to their funds.

For example, financial institutions have traditionally used passwords and PINs to protect account data. In recent years, two-factor authentication has been encouraged to ensure the person logging in can verify their identity using a code sent via text, phone call, or email. However, none of these may be as secure as using biometric data. As you will have realized by now, recovery firms can be of great help. In the case of high losses, it can be worth the investment, and armed with a Cyber trace investigation report; it can lead to the recovery of some or all of your funds. Nevertheless, always watch out for red flags! Begin by upgrading the security features on all of the computers you use to access financial accounts and adopting basic network security. Nobody should ever compel you to buy something or donate, and you should never invest on impulse. Never give out personal or financial information to a stranger on the phone.

Don’t respond to emails or messages on social media providing financial advice or shopping opportunities; instead, hang up or disregard the communication. To keep your credentials safe, change your passwords. To keep your friends and family safe, spread the news. Be aware that scams can take numerous forms and impact any sort of payment! By now, you must be aware of different kinds of payment scams and how to avoid falling victim to them. However, if you or your loved ones ever become a part of such frauds, come to recovery agencies as soon as possible. Please don’t be disheartened and take their help; they also guide you on protecting yourself from scams and what steps to take. Your mental health should be your number one priority; please don’t be hard on yourself. You deserve the best of everything!

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