Warning signs of a recovery scam
People who have lost money are often targeted again by fake 'recovery experts'. The Canadian Anti-Fraud Centre warns about this. Here is how to spot them.
Be suspicious if someone…
- Contacts you firstThey message or call you about your loss, sometimes claiming to be police, a government agency, an exchange or a law firm.
- Promises resultsGuaranteed recovery, a success percentage, or money back 'within 72 hours'.
- Wants payment upfront in crypto or gift cardsOr a wire transfer to an individual or an overseas company.
- Asks for your recovery phrase or private keysNo legitimate service needs them. Anyone who has your recovery phrase controls your wallet.
- Can't be verifiedNo registered company you can look up, no named team, no official phone number or company email, or reviews that look fake.
- Wants a fee before doing anythingGenuine recovery companies that work on a success fee don't need your money first. Upfront 'tracing', 'unlock' or 'legal' fees are a classic sign.
- Claims special 'hacking' toolsNobody can 'hack back' a blockchain or reverse a transaction for a fee.
Where to report
Report the original fraud and any recovery approach to your local police and the Canadian Anti-Fraud Centre (antifraudcentre-centreantifraude.ca, 1-888-495-8501). Reporting is free and helps others.
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