Financial fraudsters have become more advanced with their approach. But thanks to companies like OrbitResolve that are helping people recover their lost money. The truth is that fraudsters now use more sophisticated and efficient tactics to steal money from people. Although this blog post article provides solutions people need to recover money lost to an investment scam, we believe it is also important to equally talk about how to easily spot and avoid these scams in the first place. Just like the popular saying; prevention is better than cure. Here are five steps you can take to help you spot an investment scam;
Verified credentials: Don’t be swayed by a fancy title or other trappings of success. Fraudsters believe that if they are able to paint an image of success for themselves, you won’t bother checking their credentials. Investment professionals must be registered with FINRA, the Securities and Exchange Commission, or the state securities or insurance regulator. There are a lot of useful online resources and tools to get information on brokers and investment advisers.
Don’t be deceived by unrealistic expectations: Be skeptical of investment pitches that guarantee a certain return or promise spectacular profits. These are what fraud-fighters call “phantom riches” that you will never see. No salesperson can make those kinds of promises. The truth they fail to tell you is that every investment actually involves risk.
Avoid the temptation to follow the “crowd”: Don’t believe claims that “everyone” is in on the deal. Social media makes it possible to easily paint images they want to use to convince people. So you need to be wary of a sales pitch that is focused on how many people are investing, without telling you why the investment is sound. Remember, affinity frauds are scams that prey upon members of the same social circle, religious group, or ethnic background.
Don’t let anyone rush you: If the salesperson tells you that the offer is for a limited time only, or that investment opportunities are limited, consider it a red flag. A legitimate investment will still be there tomorrow.
Never feel obligated: Don’t invest because the seller gives you a “special offer.” Salespeople count on those freebies to guilt you into buying what they are selling.
How Mike Lost Over $200,000 to an Investment Scam
Mike is a 43-year-old who lives with his family in England.
Not long after the Covid19 pandemic began, he received an unexpected call about an investment opportunity. The callers sounded very professional and seemed to have a very good knowledge of finance and investment. They answered all of Steve’s questions and their initial contact was followed up with calls from ‘senior advisors’.
Mike’s business wasn’t doing so well because of the lockdown, so he decided to explore this special investment opportunity. He did not think about discussing investment opportunities with anyone else.
Over the next few months, Mike made a number of transfers to the ‘investment professionals’, initially starting with $15,000. He was referred to a very professional-looking website, so he set up an account, which showed his money increasing in value as the market went up and the trading system was doing well. Since he was not convinced that the system was working, he decided to invest more money, to a total of over $200,000.
How Mike Recovered from Cryptocurrency Investment Scam
By the time Mike realized that the investment scheme was a scam, the website had gone down and he could no longer access his account or contact the offshore group by phone.
At this point, he decided to do some research and discovered the company was fake and not registered with the Securities Investment Commission (SIC) but he was too embarrassed to tell anyone or even make a report. He eventually learned about the possibilities of funds recovery companies when his best friend advised him to contact OrbitResolve for assistance. This was when he eventually decided to open up to his best friend.
The funds’ recovery process was initiated by OrbitResolve. OrbitResolve was able to trace the entire transfer from when it was made from Mike’s bitcoin wallet to the final digital wallet that was storing cryptocurrencies that were stolen from Mike. They were also able to trace bank transfers and the other payments made to known fraudsters through credit cards.
How OrbitResolve Works
OrbitResolve.com only takes up cases of losses of $50,000 (fifty thousand us dollars) and above. Digital currency, cryptocurrency scam,s, and financial investments scams have become so popular nowadays. Mike was just one out of many people who keep losing their money and digital assets to the investment scams on a daily basis.
Mike said he was able to regain his confidence due to the assurance he got from OrbitResolve that his money would be recovered. OrbitResolve makes use of the best financial forensic technology, technological know-how, and resources to trace and recover money lost to scammers. They are able to trace and recover all kinds of transactions including digital money (including all types of cryptocurrency) and money sent to the bank account.
Putting their expertise to work, they were able to help Mike get back all the money he lost to the original investment. This time Steve contacted police, who explained this was a ‘follow up scam’ and warned him to expect more calls like this as his name was most likely passed on to other criminals