The Federal Bureau of Investigation (FBI) San Diego Field Office has recently undertaken a significant operation to combat cryptocurrency recovery fraud. This initiative led to the seizure of websites associated with three fraudulent services alleged to help victims recover lost cryptocurrency funds. These sites include Mychargeback, Payback Ltd., and Claim Justice, designed to prey on people who have already been scammed by cryptocurrency frauds.

The FBI believes these companies deceived their targets into thinking they were experts in recovering lost cryptocurrency. While boasting of high success rates, the FBI pointed out that these services lacked evidence of their success in restoring lost funds. This was in addition to the high upfront fees that consumers were charged and other commissions in case the firm managed to recuperate supposed losses. In this regard, these services were fraudulent and were fueled by aggressive social media campaigns and fake reviews.

FBI Advises Public to Verify Claims and Avoid High Upfront Fees in Crypto Recovery Scams

The FBI investigation revealed that these fraudsters not only failed to deliver the promised results but also impersonated law enforcement or a financial institution. These strategies were intended to deceive the targets into believing their money would be refunded.

Other guidelines recommended by the FBI allow the public to avoid falling victim to similar scams. The public is encouraged to exercise caution and conduct due diligence with any company claiming to recover lost cryptocurrencies, free services, and those demanding high upfront fees. In addition, any relationship with the police or financial institutions should be confirmed by the latter before any personal or financial details are provided.

In the case of finding a possible scam, the FBI advises to try and report the case at the Internet Crime Complaint Center. People can always keep their guard up as well as their heads up by looking out for these schemes and methods and making sure that they recover their funds through the right channel.

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