Just recently, we reported about the sad and brutal fund recovery business and the warnings against LegalFCA. Scam victims are desperate and therefore vulnerable to any offer of help, no matter how dubious. However, much more often than you think, the so-called fund recovery experts are just the end of a rip-off chain. Today, the UK Financial Conduct Authority (FCA) has issued a warning against the Scams Recovery scheme (www.scamsrecovery.com and www.scams-recovery.com). Stay far away.
The Scams Recovery scheme works with two different websites and different logos and data. Allegedly, the operator of www.scamsrecovery.com would be located in Florida, United States, whereas www.scams-recovery.com would be located in Liverpool, United Kingdom. Bullshit, of course. Both sites use identical word phrases and belong together. Behind them are the same boiler rooms that rip off scam victims as supposed saviors.
We know from our research that many fund recovery providers are either former scammers or run directly by scammers. They use the data of the victims they produced in the first place and offer respective fund recovery services. In doing so, they very often demand high down payments and, on top of that, commissions from any repatriated funds.