- Recovery scams target forex scam victims by falsely promising to retrieve lost funds.
- CySEC has identified six fake websites impersonating its authority.
- These sites collect personal and financial data to exploit victims further.
- Regulators never ask for fees or sensitive information through cold outreach.
- Victims should verify all communications and never trust unsolicited recovery offers.
- Double victimization is rising globally, making awareness crucial for self-protection
- These sites collect personal and financial data to exploit victims further.
- Regulators never ask for fees or sensitive information through cold outreach.
- Victims should verify all communications and never trust unsolicited recovery offers.
- Double victimization is rising globally, making awareness crucial for self-protection
If you’ve been caught in a forex scam, the emotional toll and financial loss can be devastating. But what’s even worse? Falling victim again—this time to so-called “recovery services” that promise to help you reclaim your money, only to scam you a second time.
This cruel tactic is known as double victimization, and it’s becoming alarmingly common in the world of online trading and investment fraud.
The Rise of Recovery Scams: A Scam on Top of a Scam
According to a recent warning from the Cyprus Securities and Exchange Commission (CySEC), scammers are now targeting individuals who’ve already lost money to investment fraud. These fraudsters create fake recovery websites, impersonate regulators, and lure victims with promises of fund recovery—for a fee.
These sites falsely claim affiliation with CySEC and use deceptive tactics like fake email addresses resembling @cysec.gov.cy, unsolicited calls, and official-looking documents.
Why Victims Fall for It Again
After losing money to a forex scam, many traders feel desperate and vulnerable. Scammers exploit this emotional state by offering hope—often posing as lawyers, regulators, or recovery agents. They ask for personal data, upfront fees, and even banking access, promising to retrieve lost funds.
But in most cases, no recovery is ever attempted. Victims end up losing even more money and exposing themselves to identity theft.
How to Spot a Recovery Scam
CySEC and other regulators urge investors to watch for these red flags:
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Unsolicited emails or calls claiming to be from a regulator
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Requests for personal or financial information
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Promises of guaranteed recovery
- Domain not from the official website
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Demands for upfront payments or “processing fees”
If you receive suspicious communication, verify it by contacting the official website before taking any action.
What You Can Do Instead if you lose money to scammer
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Report the original scam to your local financial authority
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Consult legitimate legal or financial advisors—never trust cold outreach
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Educate yourself on common scam tactics and stay updated via regulator websites
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Never send money to anyone claiming to represent a regulator or recovery firm without full verification
Protect Yourself from Scammers
The forex market is full of opportunity—but also risk. If you’ve been scammed, take time to recover emotionally and financially before jumping into any “solution.” The best defense is awareness, due diligence, and skepticism toward unsolicited offers. You can also follow Followme for industry news and stay ahead of the scammer!
Tuyên bố miễn trừ trách nhiệm: Quan điểm được trình bày hoàn toàn là của tác giả và không đại diện cho quan điểm chính thức của Followme. Followme không chịu trách nhiệm về tính chính xác, đầy đủ hoặc độ tin cậy của thông tin được cung cấp và không chịu trách nhiệm cho bất kỳ hành động nào được thực hiện dựa trên nội dung, trừ khi được nêu rõ bằng văn bản.
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