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MetaAshes
Severe risk Recovery fraud

Recovery room fraud targeting previous victims

People who have already lost money are being contacted by fraudsters posing as solicitors, law enforcement, regulators or recovery specialists who promise to recover the funds for an upfront fee.

How the scam works

  1. 01

    Some time after an investment fraud, the victim is contacted by someone claiming to be a solicitor, police officer, regulator or specialist recovery firm.

  2. 02

    The caller often knows details of the original loss, which makes the approach convincing. Those details frequently come from the original fraudsters.

  3. 03

    The victim is told that their money has been traced and can be returned once a fee, tax or legal cost has been paid.

  4. 04

    Once the fee is paid, further charges follow, and the victim loses money a second time.

Warning signs

  • An unsolicited offer to recover money you have lost.
  • Any request for an upfront fee, tax or charge before funds can be returned.
  • A caller claiming to act for the police, the FCA or a court and asking for payment.
  • Detailed knowledge of your previous loss from someone you have never dealt with.
  • A firm that cannot be verified on the FCA Register or appears on the FCA Warning List.

How MetaAshes helps you check

A MetaAshes assessment examines the details a firm has given you against the official record. For this type of fraud, the most relevant checks include:

  • Recovery room approaches
  • Withdrawal and release fees
  • Ownership of the reference number
  • FCA Warning List screening
  • Method of first contact

View all 58 checks

If you have already sent money

  1. Contact your bank immediately and explain that you may have been defrauded.
  2. Report it to Action Fraud on 0300 123 2040.
  3. Report the firm to the Financial Conduct Authority.
  4. Be wary of anyone who later offers to recover your money for a fee.

This alert describes a general type of fraud for information only. It does not refer to any particular firm and is not financial or legal advice.