Recovery fraud is a predatory "second strike" tactic where scammers target individuals who have already fallen victim to previous fraudulent schemes. By exploiting a victim's desperation to recover lost assets, particularly cryptocurrency, criminals promise successful fund retrieval in exchange for upfront "processing" or "administrative" fees. These scammers often use "sucker lists"—databases containing contact information of previous victims—to identify and re-victimizing targets.
To identify these scams, users should watch for red flags such as unsolicited contact, impersonation of government agencies, and demands for untraceable payment methods like gift cards or crypto. Protecting oneself requires a high level of skepticism toward unsolicited recovery offers and a refusal to pay any upfront fees. If victimized, it is essential to contact your financial institution immediately and report the incident to authorities like the FTC or local law enforcement.
Top comments (0)