Fraud Recovery Inc claims to be “an experienced and expert online fraud recovery company” but is in fact perpetrating a follow-on-fraud. Any investor which uses this company is going to lose their money.
The company claims it can recover investments in binary options trading, forex and stocks trading, romance scams, cryptocurrency trading schemes, fake online shopping sites and “all round finnacial [their spelling] Asset Recovery”. The company is popping up all over the web on various consumer websites offering its services. Quite often it is a fake post by a person pretending to have used their services telling investors “You should use Fraud Recovery Inc – they got my money back !”
If you contact Fraud Recovery Inc they have a very interesting sales technique. They will tell you they know a lot about your particular scam even if you have just made it up. “I lost $100,000 investing with a company called Grabbit & Runn” – “Yes, we know all about that investment and we have recovered money for investors from that investment”.
They will explain that the scammers you were involved with have turned your cash into bitcoins so that the money is untraceable. They’ll talk a lot about how bitcoin is a favourite way of scammers stealing money from investors. Thank God for Fraud Recovery Inc because these guys aren’t just top investigators. Their speciality is in being able to produce “back-door algorithms”. Wow – I like the sound of that.
Apparently, their boffins have developed special software which enables them to hack into the bitcoin accounts of scammers and confiscate their bitcoins. Fantastic ! They must be amazingly bright guys because the company was only established at the end of 2019.
How much does it cost to use the services of Fraud Recovery Inc ? Well, here’s the good part. It is absolutely free ! Yes, they will not charge you a cent.
They will tell you the reason why they don’t charge is because they don’t actually know if they can get your money back. You will have to give them some very basic information and then they will check and come back to you.
Guess what – when they come back it’s great news. They have managed to recover the bitcoins that the scammer bought with your investment money. They have seized the bitcoins and transferred them into their own secure bitcoin vault. Now all they have to do is convert the bitcoins into cash so that it can be paid to you.
But….. they have a problem. It costs money to convert the scammers’ bitcoins back into cash. So you, the investor, will have to pay the conversion fee. It’s not a fee that they are charging of course. It’s a fee that the financial institutions charge. Fraud Recovery Inc would never charge you a fee !
OK, I’ll go along with it. How can I make payment to Fraud Recovery Inc ? Their response is that I have to pay them in bitcoins. Remember at the start when they spent quite some time explaining that bitcoins are a scammer’s favourite way of stealing money from investors ? So now I have a problem because I don’t have any bitcoins and wouldn’t know how to get them. It seems that this is not a problem for Fraud Recovery Inc. I can do a cash transfer direct into their bitcoin account. That would be a bitcoin account held with a company in Estonia or Ukraine or Romania or Bulgaria.
Please don’t pay any money to Fraud Recovery Inc. You will never see it again.