How to File a Complaint
If you have lost money to a crypto scam or a broker scam, don’t give up. Although millions are lost every year to frauds, the numbers are always much higher than reported. The reason? Many people simply don’t file a complaint or report crypto scams or broker scams.
Why do so few people file fraud complaints? They may be in denial that the other party is fraudulent, and when they start to realise it, the broker scam victims feel it’s too late. They should know that sometimes fund recovery efforts can bear fruit months or years later, although it’s equally important to be prompt in filing a complaint.
Then again, that doesn’t mean that if there has been a delay fund recovery isn’t possible. It’s always worthwhile to file a complaint, in the best case scenario, for fund recovery, but at the very least, to raise awareness about the fraud and to help protect others.
Hit by a Scam? You’re Not Alone!
Millions of people lose money each year to trading scams, merchant frauds, cryptocurrency schemes, and all types of shady deals. Sadly, many of these people simply give up. They don’t feel they have a chance of getting their money back.
Psychologists call behavior like this “learned helplessness.” Perhaps the sheer number of frauds or amount of times we are ripped off desensitises us to how bad it is. We may feel immobilised and frustrated. In the end, we may feel our losses are gone forever.
The other factor is shame. People often feel embarrassed about having fallen for a scam. In fact, they may insist the other party is legitimate because they are in denial that they have been cheated. However, looking at high-profile Ponzi schemes and frauds, from FTX to Theranos, should show us that even the most sophisticated investors and consumers can fall for fraud.
It’s important to be aware of fund recovery services and familiarise yourself with what you can do if you’ve lost money to fraud.
Types of Scam Complaints
How you file a complaint about a scam depends on the type of fraud and the payment method you used. For the following, you need to keep a few tips of mine and implement specific strategies for fund recovery success.
If you funded a transaction with a credit card and you feel that the other party is fraudulent, you may file a complaint with the issuing bank of your credit card. It’s important to keep in mind the distinction between a fraud complaint and a dispute.
When we speak of fraud, the general definition includes any kind of deceptive operation that is designed to take money from victims. However, for banks that issue credit cards and PayPal, the definition of fraud is limited to unauthorised transactions.
If someone hacks your PayPal account or uses your credit card and if you didn’t authorise the charge, that is a fraud according to every definition. However, if someone convinces you to send them money, you send it, and later you realise you are dealing with a broker scam or another type of fraud, that doesn’t meet the definition of fraud, according to credit card companies. Instead, this is a dispute.
It’s important to understand the distinction between “fraud” and “dispute” when you file a credit card or PayPal chargeback complaint. Unfortunately, customers who mistakenly file a dispute under the category of fraud may find that their claims are thrown out.
If you see unauthorised charges on your credit card, and you can prove you didn’t make them, issuing banks are usually amenable to approving a chargeback. However, if you are dealing with a dispute with a broker scam or a fraudulent merchant, the other side will be invited to present their case and the issuing bank will decide between the two sides.
Just as in a court case, you are more likely to achieve fund recovery success with a chargeback if you have the evidence to bolster your case that the other party is a fraud. That’s where Fundrecovery Australia experts play a vital role.
If you sent money to another party through a bank transfer, you’ll need to file a complaint with your bank and a SWIFT wire recall request. It’s important to act fast because once the funds have ended up in the other person’s account, it can be a challenge to get them back.
A wire recall involves many steps. Not only will you have to contact your bank, but the bank’s fraud department and the recipient’s bank. You’ll need to back up your claim that the other party is fraudulent with solid evidence. Fundrecovery Australia has worked closely with banks and can help you present your case to freeze funds before they are laundered.
Crypto exchanges in the past few years haven’t had the best reputation for taking responsibility for crypto scams that use their platforms to cheat people. However, this is changing. Proposed regulations in the EU, the UK, and the USA will hold exchanges responsible for dealing with crypto scams on their platforms, and it’s reasonable to expect that they will improve the way they deal with complaints.
In addition to filing a complaint with the crypto exchange, seek the experience of crypto recovery experts. Fundrecovery Australia experts have the tools, technology, and strategies that will track down your transactions through the blockchain and discover the identities of the people who stole your funds.
Need to File A Complaint? Fundrecovery Australia Will Help!
Fundrecovery Australia is staffed by crypto trace experts who use specialised technology and methods that are designed to uncover information about crypto transactions. We consult with clients, launch a cryptocurrency investigation and create investigation reports that can help you succeed in your crypto case.
