If you lost money trading to a scam company and you transferred the funds into your account via wire transfer, you are the victim of a wire transfer scam. On the surface, you may think that you are the victim of a trading scam. However, if the company you traded with was unregulated, this means that you never actually traded. Instead, you transferred money to a scammer who in turn gave you access to a demo account where no real trading occurred.
So what can you do to recover your money as the victim of a wire transfer scam? The answer is, unfortunately: not much. However, there are a few things you may be able to do and I’ll do my best to lay them out here.
1) Wire transfer recall
To do this, call your bank and tell them you are the victim of a scam and that you want to recall your money. The process for this is pretty straightforward. However, having a good understanding of how the banks work, the exact departments to speak to, how to word your request etc are helpful. In fact, we offer a guide on how to recover money from a wire transfer scam as one of our products. Because the success rate is very low, we only charge £149 for this product. (you can request one by filling out the form here: https://www.moneybackhero.com)
Unfortunately, some of our competitors offer a similar service without disclosing the very low success rate. This enables them to charge a large up-front fee. If someone does offer you a wire recall service, do not pay a large fee for this.
2) A Lawsuit
If you are the victim of a wire transfer scam, a lawsuit is sometimes an option. Now, lawsuits are very expensive. It starts with private investigators who must pierce the corporate veil of the scam broker to find the correct individuals to hold responsible. Then, it must be determined that the scammer has accessible assets that can be seized in case of a win. If the scammers does, now a lawsuit can proceed.
As you can imagine, this is all very pricey. If your losses are north of 100k, it might be worth considering. If not, it may be possible to join a class action suit. At MoneyBack H
3) Scamming the scammers
One final way that you may be able to get your money back from a wire transfer scam is to try and scam the scammer. What do I mean? Think about it. the scammers want one thing. Your money. And once you give it to them, they won’t give it back unless they think that it will be more painful for them to keep it. You can try threatening them with leaving bad reviews, going to the police, regulatory authorities etc. From what I have read on various forums, this tactic will work sometimes so it is worth giving it a shot.
However, if you will be going this route, I urge you to speak to wealth recovery specialist first. The reason for this is that sometimes, a professional can assess an opportunity you missed. And once you start threatening the scammers, they may take actions to make it even more difficult to recover your money. That is why it best to speak to a specialist first, before taking this kind of drastic action.
I hope the information was helpful. And if you are the victim of a wire transfer scam, I really hope you get your money back!