Introduction
So can you ever get your money back from an online scam? The most common type of online scam right now are these so-called Pig Butchering scams. We’ve talked about this a lot before in other readings so we won’t get into the details of how they work. But we do want to talk about how to possibly get your money back. And here’s an example. This is on NPR: how a victim got their entire loss returned to them — $140,000. And the question was, how would you feel if all of your money was stolen and you never expected to get it back, and then you did?
Victim’s Emotional Response
It felt amazing. I’ve Overjoyed, also in shock. Among hundreds of thousands of dollars of cryptocurrency that were seized from a fraudulent operation. And this is a big deal, right? The scammers make fake investment companies, as you probably have been aware. They reach out to potential investors, telling them they’re going to win huge profits on their investments.
How Scammers Operate
They start out small, asking you for a few hundred or a few thousand dollars, and they gradually raise the stakes until you have thousands, tens of thousands, sometimes hundreds of thousands of dollars invested. They keep showing you these fake return statements, that you made all this money, you have all this profit. And then at some point, you want to get your money out. And of course, you find out it’s a scam.
Investigative Measures
Well now, this playbook has been infiltrated by investigators, by government agencies, by the SEC, and by fraud companies. These entities investigate, determine the actual identities of the parties, seize assets, and return assets to the victims in many cases. The source of the recovery often comes from third parties.
Role of Third Parties
Sometimes, there are other companies involved that weren’t directly in on the scam, but they did things that enabled the scam. They allowed the scam to get bigger, and allowed the fraudsters to do more. Maybe it’s a bank. Maybe it’s an accountant. So we always look for third parties in our investigations.
Hope for Victims
The takeaway from this is, there is some hope if you are a victim of a fraud scheme. It’s not that all hope is lost. Many victims have gotten their money back. We’re seeing more and more cases where the scammers are busted, money is seized, even if the scammer doesn’t have all the money. They seize it from third parties.
Encouragement for Victims
So, don’t be despondent that you lost your money. Also, don’t take it personally. It’s not you that did something stupid. These scammers know exactly what to say. They know how to structure the wording of their messages so that they make you give the money, even if you don’t want to. It’s like a Jedi mind trick.
Asset Recovery Options
If you’ve lost your money, look at what your options are for asset recovery or investigation. That way, you can at least make the effort to get your money back. It may take a while, but at least you’re not going to be at a total loss.
