Protecting Yourself From Recovery Scams

After a loss, it is common to be contacted by individuals or companies claiming they can retrieve your funds. Many of these offers are themselves scams.

Be cautious if someone

• Guarantees recovery or claims special access to blockchains
• Claims to be affiliated with law enforcement, a bank or an exchange without verification
• Requests upfront fees in cryptocurrency or gift cards
• Asks for your recovery phrase, private keys or remote access

Legitimate service providers explain limitations clearly, put fees in writing and never ask for credentials.

How recovery scams usually work

Recovery fraudsters often find victims through public complaint forums, social media comments or leaked lists of previous scam targets. They may present polished websites, fake reviews, invented credentials or screenshots that appear to show funds being traced and "ready for release". Once trust is established, they ask for a fee, a tax, a wallet "activation" payment or access to your device — and then disappear or ask for more.

Questions to ask any provider

• Can you show verifiable business registration details that I can check independently?
• What exactly will you do, what are the limitations, and what will I receive at the end?
• What are the fees, when are they payable and is this confirmed in writing before work begins?
• How will my personal data and documents be protected?

Take your time. Pressure to act immediately, secrecy, or promises of guaranteed results are warning signs. An honest assessment will explain that tracing and investigation do not guarantee that funds can be recovered.

This article is general educational information and is not legal or financial advice.