What is a Recovery Company?

The basic concepts of a recovery company are the same as most recovery companies in general. You would like them to recover money you’ve entrusted them with. They will also provide you with legal information in order to keep the bad guys away from future exploitations of your money.

Section 2: Types of Recovery Companies

There are several types of recovery companies that specialize in the recovery of money that has been lost due to online frauds.

Typically, companies providing this service are special types of law firms that work in partnership with the Federal Trade Commission (FTC) and the attorneys general offices of states. In general, these type of firms make up the collection, pursuit and restitution division of the government.

How do they work?

Here are the typical steps to follow after you’re a victim of a scam or a hack:

The company first contacts you and asks you to follow some basic steps like sharing your username and password in order to make fraudulent transactions run smoothly. Usually, once you’ve done this, they’ll ask you to do a few more actions in order to complete the “process” and get your stolen funds back. It’s then when they’ll take over the operation in your account and fill it with fake transactions.

It can be so easy to get fooled. The scammers use some seemingly similar-sounding phrases to trick you into doing whatever they want, from filling in forms to authenticating themselves with an ID or password, and even warning you that your computer is at risk, and showing you some kind of virus.

Benefits of using recovery companies

The main advantages of recovering your stolen funds through a recovery company rather than going after your investment accounts directly are:

It is a time-consuming and difficult process

You can lose all the money you had saved for your retirement and other things in the process

There is no guarantee that the scammers will pay up or even return what was stolen

Most people tend to stick to those investment accounts for long periods of time and thus do not file a formal report. That allows the criminals to continue their scheming and stealing.

Many victims of online fraud experience mental trauma as well as other emotional problems due to the ordeal. This is why recovering the money from the online scammer is often a great solution for these victims.

Disadvantages of using recovery companies

However, for the benefit of getting the full power of recovering your stolen funds, there are certain disadvantages of using these companies for recoveries. You need to ask yourself whether the good you want to achieve is worth your effort and time? Some of these benefits are listed below.

Reliance on a third party.

The biggest drawback of using a recovery company is the risk of having a third party at your service. With a recovery company, there is no physical contact with the company. All the communication that happens is in the form of written emails. This way, you lose your personal interaction with the rep and thus have to worry about keeping an eye on your correspondence as it is most of the time sent in a dead letter box.

Pros and Cons of Using a Recovery Company

There are pros and cons to this type of fraud, and it’s imperative that you use a reputable recovery company. Let’s take a look at the pro’s and cons of using a recovery company for your stolen funds and then come to some conclusions based on your circumstances.

Pro: The recovery company will meet the fraudsters face to face and hear their stories first hand, which is a very good thing. There are companies that specialize in recovering stolen funds, and this is the best thing for you. If you don’t think that it’s a scam, you should call a recovery company and see what they can do for you.

Con: You’ll be dealing with a third party that you’ll have to pay. This is the most probable problem that you will face, and there is nothing you can do to avoid it.