Financial Scams

We represents victims of a wide variety of financial scams.

Financial Scams are on the rise as bad actors continue to innovate and configure new ways to manipulate victims in the online digital landscape. If your funds have been drained from your account due to a scam, our internet fraud attorneys may be able to help you regain your financial security. Primary types of financial scams include:

• Wire Transfer Fraud
• Cryptocurrency Theft
• Elder Financial Abuse
• Bank Scams

Common Financial Scam Strategies

There are various techniques cyber criminals use to access victims’ funds, including:

• Pig Butchering
• Investment Fraud
• Hacking or Ransomware
• Cryptocurrency Sim Card Swap Hack
• Spoofed Cryptocurrency Exchange Websites
• Call Center Fraud / Tech Support Scams
• Asset Recovery

Pig Butchering

Scammers use a variety of methods to establish a relationship with their victim, gain their confidence and gradually introduce them to a fraudulent investment opportunity. Scammers often coach the victim through setting up a crypto exchange account to purchase crypto assets, and then provide a website or wallet address for the victim to transfer funds from a bank in order to participate in the investment opportunity. The whole process is designed to appear legitimate, and often rewards the victim with short term, artificial gains to keep them engaged and potentially even deposit more funds. However, the account holder is in fact never able to withdraw their funds, and may even be asked to pay more before the balance can be withdrawn.

Investment Scam

Cyber criminals will promise passive income and impressive high returns through investing in cryptocurrency or wiring them money to their accounts. Payment structures often resemble that of multi-level marketing or pyramid schemes to recruit new investors and further exploit victims.

Hacking or Ransomware

When a scammer accesses someone's computer system or private network, they can steal personal data and financial information such as passwords and bank account details. If they are unable to use this information to access the victim's finances, they may demand a ransom to regain access to the encrypted information or data.

Cryptocurrency Sim Card Swap Hack

A cyber criminal tricks a mobile phone carrier into transferring a victim’s phone number to a SIM card the attacker controls. With access to the victim’s phone calls and texts, the attacker can intercept two-factor authentication (2FA) communications.

Spoofed Exchange Websites

Cyber criminals develops a fraudulent website or application and convinces victims to deposit funds to the platform under the guise of providing victims access to a unique investment opportunity .

Call Center Fraud / Tech Support Scams

Scammers impersonate a legitimate business, government agency, tech support agent, or well-known figure to gain access to a user’s computer systems, passwords, and/or personal information.

Asset Recovery

These scams often begin with an alert encouraging victims to take immediate action on a fake data breach. A third party reaches out requiring a fee to “recover” funds or data lost in the prior fraudulent transaction or event.

These different types of financial scams described are not mutually exclusive, and often go hand-in-hand in how consumers can be exploited.

Safety Requirements of Financial Institutions

Know-Your-Customer (KYC) and Anti-Money Laundering (AML) regulations are in place to interrupt unauthorized or illegal transactions, often as the result of money laundering, fraud, and terrorism financing. The required due diligence includes ongoing monitoring to detect suspicious transactions and holds banks accountable to compliance. Financial institutions are obligated to protect your accounts—if suspicious activity was not flagged or you were misled, they may be held liable.

It is imperative to take action and reclaim not only your funds, but a sense of justice and security moving forward. To discuss your financial scam, tell us more about your matter using our online case submission form.