One of the first concerns for cybercrime victims is whether they can recover scammed money. The answer to whether you can recover the lost funds? Possibly. Your success depends on many factors: the payment method, how quickly you act, and if the scammer is anonymous.
In some cases, funds can be recovered by different financial institutions so long as the victim takes swift action. Less traceable payments significantly reduce your potential for success recovery. These variables and where you can seek assistance are what we’ll explore in this guide on recovering scammed money.
Can You Get Your Money Back?
That depends on the way in which the victim was scammed and the manner in which money was transferred. Regardless, acting quickly is the most important aspect in improving your chances of getting your money back. Our experts recommend that you immediately collect evidence that specifically pertains to the time and method of payment. You should also file a report when the scam is happening to improve the likelihood of a successful recovery.
Types of Currency and Their Recoverability
The method in which you paid the scammer plays a role in the possible recovery of lost funds. Each form of currency transfer operates differently and possesses varying levels of difficulty in the recovery process.
- Bank Transfers. These transactions in which the victim willingly sent funds are typically difficult to reverse. It’s advised that you contact your bank and report the transfer. Additionally, you should close or freeze the account and stop any pending transfers to avoid additional losses.
- Credit Card Payments. Contact the provider of the credit card and report the transaction as fraudulent. Many credit card suppliers have policies in place that protect users from fraudulent transactions. There are also some credit card companies that will reverse the charges immediately while their internal fraud department investigates the issue.
- Cryptocurrencies. Cryptocurrencies are a common payment method used by scammers due to the difficulty of reversing these transactions. It’s unlikely you will be able to recover the scammed money you sent. However, you can contact the platform where you made the transaction and work with them to reverse the charge. It’s a long shot, but it’s possible in certain cases.
- Gift Cards and Prepaid Debit Cards. These types of payments are nearly impossible to trace and recover. This is due to the scammer’s ability to quickly access and relocate the funds. It’s best to instead file a report with the Federal Trade Commission (FTC). They can help you understand if there is potential for you to recover scammed money.
- Payment Applications. Your bank is unlikely to reverse any transactions made through payment apps. However, many of these applications offer methods to cancel or reverse transactions through their systems. Look into the app’s support policy and report the transfer accordingly.
- Cash Payments. Unfortunately, cash payments are virtually impossible to recover once they reach the scammer. In some cases, you may be able to contact your postal inspection agency to intercept the package. However, once the cash is out of your hands, the chances for getting it back are slim.
What Steps Should You Take If You’ve Paid a Cybercriminal?
In an ideal world, you should never pay someone who is attempting to blackmail you online. This will only result in further requests for money. Your best approach is to work with the right professionals who can fight against these criminals on your behalf. If you are concerned with potential exposure and the time it takes to file the right reports, we suggest you deploy delay tactics, such as needing time to collect the funds.
If you’ve already paid the scammer, it is important that you report the case immediately to the proper authorities.
- Law Enforcement: You should file a police report as soon as you realize that you have been threatened or scammed. Collect evidence such as messages between you and the perpetrator, accounts, and contact information of the criminal.
In cases of cybercrime, you may be advised to file additional reports with the FBI and FTC. This will depend on the nature of your scam and the amount which you’ve been extorted. - Cyber Security: Professionals in cyber security can help you to not only avoid potential internet scams, but also aid in potentially recovering lost funds. Cybersecurity firms like Digital Forensics Corp. specialize in tracking online data points. This includes data points in financial transactions, which can identify criminals and discover where the money was sent.
In addition to these resources, you should contact your bank as quickly as possible. The sooner you report fraud to your bank or financial institution, the better they will be able to assist.
Why Time Matters When Trying to Recover Scammed Money
As previously mentioned, timing is the most important factor if you want to recover scammed money. The quicker you take action to resolve the matter, the more likely you will be able to recover stolen funds.
Many banks send fraud detection alerts for suspicious transactions made using your account. It’s important to regularly verify alerts sent to you from financial institutions, such as your bank statements. Doing your due diligence allows you to quickly detect and report potentially fraudulent transactions.
Will Your Bank Reverse the Charges?
The answer to this question isn’t so cut-and-dried. There are many factors at play that will determine whether your bank will be able to reverse a transaction. It’s important to make a fraud claim quickly as this could help you recover scammed money successfully. With laws like the Electronic Fund Transfer Act, you won’t be liable for unauthorized transactions reported within two days.
Under the EFTA, banks must accept and investigate charge disputes. However, they have different timetables depending on the method of payment used for the transaction being disputed. If the bank determines the transaction was fraudulent, they must issue you a refund. If not, you can dispute their investigation’s decision with the aid of organizations such as the Consumer Financial Protection Bureau.
The Role of Law Enforcement and Legal Action
Law enforcement agencies in 196 countries are members of an inter-governmental organization called the International Criminal Police Organization (INTERPOL). This group helps police communicate across borders through a system called I-24/7. The communication system helps with the limitations that arise from jurisdiction restrictions. INTERPOL can’t guarantee that they will recover scammed money. However, they can help you combat your scammer in the event that they are working out of another country.
Each year, INTERPOL conducts an annual operation titled First Light. These operations target social engineering scams including phishing, investment fraud, fake online stores, romance scams, and impersonation scams. Through Operation First Light in 2024, INTERPOL arrested 3,950 scammers and identified an additional 14,643 potential suspects. The operation successfully intercepted $137 million in fiat currency and cryptocurrency. An additional $120 million worth of assets was also seized.
Realistic Expectations and Moving Forward
When trying to recover scammed money, it’s important to have a practical mindset. Unfortunately, each case will not receive the resources of an operation like First Light. While it’s possible to recover scammed money, it may be more beneficial to invest effort into preventing further damage.
If you or somebody you know has been affected by a cybercrime, do not waste another minute. Get the help you need today by reaching out to Digital Forensics Corp.’s 24/7 Blackmail Helpline or Sextortion Helpline.
