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Reversing a Financial Scam

If you’ve been scammed, the odds of ever getting your money back are not great. But experts say there are some things you can do to improve your chances of recovering the money that was stolen. Here are the 3 biggest areas for phone & online scams operating today:

1.) Peer-to-Peer Apps – Touted as being a “safe” way to pay for things using your cell phone, peer-to-peer (P2P) cash apps like Zelle are now one of the major ways fraudsters extract money from their unsuspecting marks. Recently, Zelle has stepped up their investigating and recovery efforts for users. If the scammer was impersonating a government official like the IRS or Social Security Administration or pretending to be a service provider like a utility company, you may be able to reclaim the scammed money. The key is to report the scam to the bank or financial institute where you have your Zelle account as soon as possible. You have 120 days to make a report, but the longer you wait, the less your chance of ever recovering anything.

Unfortunately, other cash apps like Venmo and CashApp do not offer similar recovery services.

2.) Gift Cards – In the first place, any time someone you don’t know is asking you to purchase and send them gift cards, should be a huge warning sign. If you keep your receipt(s) and report the fraud quickly, you stand a chance of recovering some if not all of the money.

3.) Cryptocurrency – Typically, this activity usually involves scam artists getting their victims to “invest” in cryptocurrency. If you feel you have been ripped off in such a scheme, contact the FBI’s Internet Crime Complaint Center (at ic3.com). It’s also recommended that you contact your local police.

Experts also warn you, NEVER trust offers from so-called asset recovery organizations. More often than not, these are also scammers who purchased details about you from the people who ripped you off in the first place. Never pay anything in advance to any group that promises to get you a refund.

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