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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…

  1. Contacts you firstThey message or call you about your loss, sometimes claiming to be police, a government agency, an exchange or a law firm.
  2. Promises resultsGuaranteed recovery, a success percentage, or money back 'within 72 hours'.
  3. Wants payment upfront in crypto or gift cardsOr a wire transfer to an individual or an overseas company.
  4. Asks for your recovery phrase or private keysNo legitimate service needs them. Anyone who has your recovery phrase controls your wallet.
  5. 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.
  6. 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.
  7. 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.

Canadian Anti-Fraud Centre ↗

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