What You Need to Know About the Fund Recovery Process

What You Need to Know About the Fund Recovery Process

If you have lost money in a scam or are trying to get a refund, you may not be looking forward to the fund recovery process. Some people think they have to go it alone, but the best chance of success is to work with fund recovery service professionals, such as Trader Defense Advisory. Our experts will guide you every step of the way and will make the fund recovery process easier and more likely to yield a successful result.

Recovering Your Funds from Scams

In 2020, during the COVID-19 crisis, online frauds increased by 40% and cost people around the world $40 billion. Unfortunately, fraud is a major “industry” and it is important to use precautions online, because when it comes to being a victim of a scam, everyone has a target on their back. 

Once scam artists have your funds or your data, they can do incredible damage. However, there is no need to despair of getting your money back. Fund recovery services return millions of dollars to clients every year. It is also important to take action to prevent scam artists from trying to rob other people. By combating fraud,  you are not only helping yourself but improving society.

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Recovering Funds in Disputes

Scams aren’t the only reason you may need fund recovery services. You may feel that a merchant or a broker owes you a refund and they may dispute this claim. Many of these disputes are handled by banks and credit card companies. 

However, the issuing bank and merchant bank may deny a refund if the customer authorized the payment. This may mean nothing in a dispute because the customer is not claiming they didn’t authorize payment but didn’t receive the product or service as expected. Therefore, the complexity of these disputes may mean a more complex fund recovery process.

Hire a Reputable and Professional Fund Recovery Company

A fund recovery company provides many benefits. They make it easier to screen brokers before entrusting your money to them for trades. Trader Defense Advisory has many broker and regulator reviews to help prospective traders make the right choice before signing on. Consulting with a fund recovery company can mean the difference between seeing a return on your investment and losing all of your funds to a scam. 

If you suspect you are dealing with a fraudulent merchant or a scam broker, talking to fund recovery service professionals can help you clarify your situation and figure out what to do. They can help you get a chargeback with funds returned to your credit card or recover money from a fraudulent broker. 

Many people try to go it alone in situations like this, but it can involve a lot of arguments on the phone, back and forth as well as frustration and emotional upset. Having the support of fund recovery company will put you in a better position when trying to get a refund or a chargeback because dealing with credit card disputes and financial scams is their specialty, and their support and knowledge can increase your chances of success getting your money back.

Gather Evidence

The first step in the fund recovery process is to gather evidence about the fraudulent party and your communication with them. This means providing the fund recovery company with the name address and other contact information of the company or individual. This information may just be a cover and they may have another identity, but the fund recovery service can track down the accurate information. 

It is important to go back and find any emails, texts,  audio messages, and documents detailing your interaction with the broker or merchants. This may take some time, but it is important to find any clues you can so the fund recovery company can perform a thorough investigation. Along with the documents, it is useful to include a complete timeline of events to put the matter in perspective. 

When you present your documentation, include your credit report, any police complaints or regulator complaints that you may have made regarding the scam, and any information you may have about the fraudulent party that could provide additional hints. After you gather the evidence, the fund recovery company can go forward with an investigation.

File a Police Complaint

Making a police complaint is an important part of the fund recovery process. The police receive many complaints about internet fraud, but there are many cases in which they are successful in catching those responsible for these scams. There are several ways you can report a scam to law enforcement. 

  • Local law enforcement
  • District Attorney
  • Attorney General
  • Federal Law Enforcement

You can simply go to your local police department and file a report. This can be the first of several steps in the process. It may also be helpful to contact your District Attorney or contact the Consumer Protection Unit and Prosecution Unit to report the online fraud. Financial scams are a major concern for Consumer Protection Unit, so it is essential to involve these authorities. In some cases, federal authorities and the FBI get involved in investigating online scams.

Regulator Complaint

Regulators are highly motivated to ensure that brokers and merchants they oversee are not considered fraudulent. A regulator provides a stamp of approval and its credibility is on the line if there are brokers they have licensed that are fraudulent. This is why making a regulator complaint is essential and is likely to be successful. 

In addition to making a regulator complaint, work with a fund recovery company with connections and experience working with regulators. A professional understands the fund recovery process well and the parties involved. They can discuss the fraud with a regulator and remind them that their reputation is at stake. This will put pressure on the regulator to penalize the broker or merchant and can improve the chances of getting your money back. 

The ability to file a regulator complaint emphasizes the importance of working with regulated brokers. If your broker is not regulated, you have no recourse if they engage in fraudulent activity. That is one reason scam brokers are not licensed in the first place. If they do something wrong, they will feel like they can get away with it. However, many reputable fund recovery companies prove them wrong.

Will the Fund Recovery Process Be Successful?

Even though fund recovery services can be astonishingly successful at recovering client funds from scams, many factors can affect the result. Scam artists have become more skilled at hiding behind alternate identities. Using advanced technology, they can easily transform themselves and it can be a challenge to track them down. 

In many cases, the fund recovery process is successful, at other times, it may take a long time to catch up with the authors of the scam. Sometimes a client will give up hope only to have all of their funds returned unexpectedly when the scam was unhatched. It is important to file a report, get a fund recovery process in motion, and hope for the best. Many people are pleasantly surprised to receive all of their money back.

If You Have Lost Money in a Scam, Talk to Our Experts Today!

Trader Defense Advisory professionals come from many backgrounds and areas of expertise and will create a report that will help you retrieve your funds. We consult with each client, gather evidence, and help the client file a police complaint and regulator complaint. We uncover scams and pursue justice by cracking down on fraudulent behavior. 

Talk to a Trader Defense Advisor professional today and help us get started helping you retrieve your funds.