Recovery scam
Summary
In this article, you will learn what a recovery scam is and how to prevent becoming a victim of fraud again. This scam targets people who have been scammed before. You will learn how this type of fraud works, what to look out for, and which steps you can take if you are contacted. You can also read how Bitvavo can help you with next steps.
What is a recovery scam?
A recovery scam, also known as 'the scam behind the scam', is a form of fraud where criminals contact you again after you have previously fallen victim to a scam. They often pose as an official agency, lawyer, recovery service, or a supposedly specialized company.
These individuals usually contact you via email or telephone. They exploit the fact that you have lost crypto or money in the past. To appear trustworthy, they use personal information that was stolen during the previous scam.
They then claim that they can recover your lost funds. To do this, they first ask for a payment, often referred to as a 'fee', such as a percentage of the lost amount. In some cases, they also ask for access to your wallet.
What should you do if you are contacted?
Are you being approached by someone who says they can recover your funds? Follow these steps:
- Do not transfer any money or crypto. No legitimate party will ask for payment to recover stolen funds.
- Never share your 'seed phrase'. A seed phrase gives someone full access to your wallet and your funds.
- Do not share other personal or financial details, such as login credentials, codes, or wallet addresses.
- Stop the conversation and do not respond further.
- Break off contact and block the email address or phone number.
- Save all communication as evidence, such as emails, screenshots, and phone numbers.
- If you have not yet reported the previous scam, gather as much information as possible and report it to the police.
Help from Bitvavo
Do you suspect that you are being scammed again or do you have doubts about a message you received? Please send an email to: fraud@bitvavo.com. You can inform us so that we can help you with the next steps.
Frequently Asked Questions
How do I recognize a recovery scam?
You are approached by someone who says they can recover your previously lost money or crypto. They ask for a payment, access to your wallet, or your seed phrase. This is always a sign of a scam.
Why should I never share my seed phrase?
With your seed phrase, someone can gain full access to your wallet and all your funds. Anyone who has your seed phrase can move your crypto immediately without your permission.
Can Bitvavo recover my stolen funds?
No, Bitvavo has no control over external wallets or transactions outside of the account. You can, however, inform us via fraud@bitvavo.com so that we can assist you with the follow-up process.
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