The double deception: Fake services that scam you to recover money after you’ve been frauded

ESET, a leading company in proactive threat detection, analyzes recovery scams, a type of money recovery fraud that operates as an umbrella term encompassing various predatory tactics, all aimed at the same goal: a second blow. Furthermore, it warns that if you take a moment to understand how they work, you’ll have a good chance of staying safe should you be contacted.

“Scammers only care about making money and take advantage of every opportunity to do so. If you’ve fallen for a scam, you shouldn’t let your guard down, as they won’t hesitate to revictimize you or exploit your desperation to recover stolen funds,” warns the ESET Latin America Cybersecurity Research Lab.

These scams begin when fraudsters buy lists of victims who have already fallen for fraud from other criminals, or they directly target victims of fraud they themselves have committed. Once identified, they contact them and impersonate recovery service providers, consumer protection agencies, government officials, law enforcement, regulators, and so on.

When exchanging information about the case, they promise to try to recover the funds in exchange for an advance payment, or they may claim that they already have the money and are redistributing it to affected customers. Another alternative is that they mention they only need to complete paperwork to release a refund supposedly managed by a government agency or entity.

“This is basically a form of advance fee scam, which in the United States in 2024 resulted in more than 7,000 reports and more than $102 million in losses. Even so, these numbers likely represent only the tip of the iceberg,” adds the ESET Lab.

ESET reports and details the warning signs to avoid a recovery scam

• Exaggerated claims: They say they already have funds or “guarantee” their recovery.
• Unsolicited contact: They arrive without being sought out, via email, social media, SMS, or phone call.
• Upfront payment: They request an initial fee, perhaps called a retainer fee, processing fee, administrative charge, or even a tax-related fee.
• Social engineering: They pressure you into making hasty decisions.
• Impersonation: They claim to be from an official agency, bank, or fraud team.
• Untraceable payment methods: They request crypto, gift cards, or payment apps that are difficult to reverse.
• Unprofessional emails: They use Gmail accounts or other webmail services instead of legitimate corporate addresses.

To avoid becoming a victim again, ESET shares and mentions some recommendations to keep in mind: never pay upfront fees to someone who contacts you out of the blue; always verify the identity of the person contacting you by looking up their information on official websites; And avoid posting stories online about how you were scammed, as criminals monitor the web for victims to target again.

If you have already been a victim of a money recovery scam, according to ESET, your options are limited. They advise reporting the incident to the relevant official authority in your country. This helps authorities map the fraud landscape and protect future victims. If you paid through a bank, notify them as soon as possible. Monitor your accounts and freeze any affected cards. If you provided personal information, change your passwords, activate MFA, and prepare for more convincing phishing attempts in the future.

ESET invites you to learn more about cybersecurity by visiting: https://www.welivesecurity.com/es/.

For other useful preventative information, you can also visit: https://www.eset.com/ve/, and their social media channels @eset_ve. They are also on Instagram (@esetla) and Facebook (ESET).

Information and image provided by ESET and Comstat Rowland

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