Watch Out for Catfishing

Catfishing is when someone presents themselves online as someone else to trick people into befriending them and giving them money. They may take months to establish a friendship or an online dating relationship. Then they’ll make innocent requests, like asking for help covering a medical bill, or telling you they’re having a hard time making some other type of payment. They’ll ask if they can pay you and have you make a payment on their behalf, but their payment to you will be fraudulent and you’ll be out the money.
I have spent time helping our customers with fraud cases, knowing that they don’t want to believe it’s real. The scammers have played to their emotions, or they pretend to be in romantic relationships. Whatever it is that person needs, the scammer will figure it out. The fraudsters are so good at earning trust, but in the end things never end up well.

Know the Red Flags

There are usually some consistent warning signs when someone is being defrauded. Here are a few things I tell my customers to look for:

• If you are doing a job or doing someone a favor for a lot of money and it sounds too good to be true, it’s probably a scam.
• We’re seeing a lot of scams that involve emotional decisions, like a request for help with medical bills, a family member in trouble or buying a puppy. Be careful not to let your heart get in the way.
• Watch for elements of transferring money, such as someone asking you to pay for something, and then they’ll compensate you or transfer your reimbursement.
• Be very cautious if someone warns you not to tell your friends or your banker about any financial arrangement they are requesting, That’s a huge signal that they’re up to something fraudulent.
• Do not give your banking information to anyone, this includes your online banking credentials.

If you think you could be dealing with fraudulent activity, please reach out to us, we are happy to help.

The post Warning Signs of Financial Fraud first appeared on Bridge Pioneers.

Unfortunately, there is no straightforward answer to this question. Whether or not your bank will refund scammed money depends on various factors — such as the bank’s policies, the type of scam, how you paid, and how quickly you reported the fraud.
The good news is that there are some protections for consumers who have been  scammed out of money:

• • The Fair Credit Billing Act (FCBA): This 1974 federal law limits consumer liability for credit card fraud to $50 in most cases, and provides special rights for fraud victims — like the ability to dispute charges via phone instead of in writing.
  • Credit Card Zero Liability Protection Policies: Many credit card companies offer zero liability protection policies that protect consumers from fraudulent charges made with their cards.
  • Bank Account Zero Liability Policies: Some banks’ policies include zero liability protection to ensure that customers don’t have to pay for fraudulent transactions made on their accounts — with limitations.
  • Regulation E: This federal regulation protects consumers who use electronic fund transfers, such as ATM transactions, debit card payments, gift cards, and direct deposits. In 2022, the Consumer Financial Protection Bureau (CFPB) updated Regulation E to protect all peer-to-peer (P2P) online payments.
    The bottom line: Refund and reimbursement policies change from bank to bank. There’s no guarantee that your dispute will be accepted. Instead, it’s a good idea to get additional protection and coverage from an

identity theft protection service

• • .

Your First Step: Secure Your Identity and Report the Fraud

Almost 50% of identity theft victims are repeat victims. Once scammers have your personally identifiable information (PII), they can exploit you with different payment scams — or even sell your information to other fraudsters.
That’s why the first thing you should do if you’ve been scammed is secure your identity and report the fraud.
Here’s what to do:

• • • Document the fraud and stop all contact with the scammer. Download statements and take screenshots of emails, texts, and any other correspondences that occurred with the scammer. Then, break off contact to stop any further fraud.
    • Lock your cards to prevent more damage. Contact your bank or credit card issuers and ask them to lock your cards and cancel your accounts. Double-check that they have your correct address for sending replacement cards to you.
    • Check your insurance coverage. Your home insurance provider or employer may provide coverage for fraud or identity theft. If not, you might want to consider getting dedicated identity theft insurance.
    • Freeze your credit with all three bureaus. Contact each of the three major credit reporting agencies (Equifax, Experian, and TransUnion) to request a credit freeze. This prevents anyone from accessing your credit file or opening new accounts in your name.
    • File an official report with the FTC. Gather details of the incident and your personal information to file a report now. The FTC will provide a recovery plan and help you dispute fraudulent charges.
    • Update your passwords. A crucial step in the wake of a scam is to change all of your online account passwords. By creating complex, unique login credentials that you can remember or store with a secure password manager, you’ll reduce the chance of a hack.
    • Enable two-factor authentication (2FA). For added protection, use 2FA on all of your accounts. If imposters can’t provide the second form of proof — like a one-time password (OTP) or biometric scan — they won’t be able to access your accounts.‍
    • Scan your devices for malware and other viruses. A reputable antivirus software scans your devices to detect and isolate malicious programs that hackers use to steal your passwords and data — like trojans, keyloggers, and spyware.

The post Do Banks Refund Scammed Money?  first appeared on Bridge Pioneers.

You might be able to get your money back after you’ve been scammed.
What you should do, and whether you’ll get a refund, depends on what happened.

If there’s an unknown payment from your account

Contact your bank immediately if:

• there’s a payment from your bank account you don’t recognise – this is known as an ‘unauthorised transaction’
• you’ve used your debit card and more money was taken than you expected

Explain what’s happened and ask if you can get a refund. If you’re not happy with how the bank deals with your claim, you can complain to them. Find out how to do this by checking their website.
If it’s been 8 weeks since you complained, and you haven’t got your money back, contact the Bridge Pioneers. You can also contact Bridge Pioneers if you’ve had a letter from the bank saying it’s not going to take any action. This is sometimes known as a final response letter.
If Bridge Pioneers decides you’ve been treated unfairly, it’s got legal powers to put things right.

If you can’t get your money back

Find out how to get emotional support after a scam.
If you need help with debt, reach out to us to help you recover your stolen funds.

Report the scam

It’s a good idea to report the scam – even if you haven’t got your money back yet. Find out how to report a scam.

The post Check if you can get your money back after a scam first appeared on Bridge Pioneers.

Online businesses are quickly becoming easy targets for cybercriminals as fraud in e-commerce continues to rise. The era of digitalisation has presented fraudsters with a massive opportunity, especially with millions of personal credentials easily available on the dark web. It’s now far easier for fraudsters to hide behind false details and cover up their tracks.
And e-commerce fraud shows no signs of slowing down. According to a recent Experian report, in 2017, there was a 30% increase in e-commerce fraud attacks compared to 2016.
Additionally, “there were 16.7 million reported victims of identity fraud the same year, proving to be another record year for the number of fraud victims,” according to the report.

So what types of fraud do e-commerce retailers face?

Although stealing bank cards and account details to make payments are the most common types of e-commerce fraud, cybercriminals are notoriously creative. They also target phones, tablets, computers, and even gift cards. Here are some methods of fraud that are used to target e-commerce businesses.

1. <

   Payment fraud: also known as Identity Theft

   This is the most common form of e-commerce fraud, comprising a tremendous 71% of all attacks. Identity fraud is part of the majority of the methods used by cybercriminals, either as the end goal or the precursor to another attack.
   This type of fraud doesn’t always involve stolen card details however. Fraudsters will also use email accounts, user accounts, names, addresses, IP addresses and personal devices to make them seem like a real customer. This can lead to fraudulent purchases, the creation of fake accounts and the manipulation of traffic.

2. Friendly fraud

   Friendly fraud can occur by design or by mistake. The basic premise is that a customer (legitimate or otherwise) will pay for a service or product which they claim is never delivered or was damaged on delivery. The merchant then has to issue a refund, re-deliver the item, or face a chargeback. Chargebacks involve the retrieval of funds from the merchant by the issuing bank, which are then given back to the customer. Chargebacks are a common point of contention for e-commerce retailers.

3. Clean fraud

   Clean fraud refers to fraudulent transactions that appear to be legitimate. This type of fraud is increasingly problem for retailers as the usually the transaction doesn’t get flagged up or blocked by blacklisted fraud accounts. This involves using stolen credit card information to impersonate the card holder.
   Fraudsters can get hold of these details through convincing account holders to make a purchase on a fake website, intercepting messages between transaction parties and even by buying them on the dark web, which can only be accessed by using certain browsers.
   According to Chargebacks911, clean fraud is one of the fastest-growing and most dangerous challenges faced by retailers.

4. Affiliate fraud

   Through affiliate fraud, malicious actors can manipulate traffic and sign ups to make a merchant think they are receiving consumer attention that doesn’t actually exist. Many companies are part of, or run, an affiliate marketing programme that generates commission through sharing links and content. Unfortunately, affiliate fraud can be as simple as refreshing a webpage multiple times, or sending spam emails and popups to create a false sense of high traffic.

5. Triangulation fraud

   This type of fraud is when online criminals set up a fake or replica website and entice buyers with cheap goods. Sometimes these fake websites may appear in ads, or be sent to a user’s email directing to the website through a phishing attempt.
   The catch is that these goods don’t actually exist, or of course are never shipped. If the website is an impersonation, the existing legitimate business also suffers damage to their image.
   And when the customer pays for something they don’t receive, they can also suffer the loss of their bank details. Getting hold of credit card credentials in this way and using them to make fraudulent purchases is called triangulation fraud. The name comes from the threefold process of enticing buyers, stealing their details, and using them as part of a wider scheme.

The post Types of fraud that is used to target e-commerce retailers first appeared on Bridge Pioneers.

It’s no secret that digital fraud attempts targeting online payment and financial accounts have jumped in the past two years, exacerbated by pandemic woes and a growth in e-commerce and digital financial services usage.
However, a recent study underscores that cybercriminals are also worming their way to ill-gotten gains by targeting shipping, mining consumer and business identities and phishing to access bank and credit accounts and other valued data and steal money online. The TransUnion study, the 2022 Global Digital Fraud Trends Report released Tuesday, found that financial services is one of the two industries (along with travel and leisure) worldwide seeing the greatest increase in the rate of suspected digital fraud attempts in the past two years.
In the United States, specifically, fraud attempts on financial services increased by more than 27% year over year — lower than the global growth rate of 33.5% of financial industry fraud efforts, but still enough to make it one of the five sectors to experience the greatest leap in fraudulent plays. (Gaming, travel and leisure, telecommunications and, interestingly, insurance were the other industries seeing the biggest growth in digital fraud ploys, “as consumer adoption of digital channels has continued to accelerate,” according to the TransUnion report.)
“Digital channels have become the ‘new normal’ in the financial services industry and with it, it has created new opportunities for fraudsters,” said Shai Cohen, senior vice president and global head of fraud solutions at TransUnion. “Many consumers are conducting the majority of their financial transactions online, and since this is where many consumers are spending both time and money, it makes financial institutions a prime target for fraud.”

These findings, based on TransUnion’s survey earlier this year of 12,500 adults around the world, certainly confirm what various industry experts have seen happening in the past two years as online banking and shopping have become widely embraced, even by digital laggards. Indeed, the rate for all types of digital fraud attempts worldwide rocketed up more than 52% between 2019 and 2021, according to TransUnion.
However, the report also found that so-called “shipping fraud” — where a bad actor posing as a legitimate buyer spoofs a shipping address, or a malfeasant seller collects payment for goods or services bought online, but never fulfills the purchase — is on an even more aggressive rise, according to TransUnion’s findings. The global information company, known for its consumer credit reporting, found that shipping fraud has become the “fastest growing type of digital fraud worldwide, increasing nearly 800 percent” in the past year, and more than 15 times over between 2019 and 2021.
As a result of this “new normal,” the financial, payments and retail industries have all experienced a boom in the acceptance of digital services, Cohen pointed out that “the propensity for shipping fraud has also increased.” Also related to this boost in financial interactions happening on the internet, the TransUnion report found that business identity theft (114% increase) and identity mining and phishing attempts (104%) more than doubled from 2020 to 2021. At least three out of five respondents to the TransUnion survey (62%) confessed that having their identity stolen was their greatest fear in terms of digital fraud.
And basic banking accounts and payments were not the only financially related industries that saw fraud bumped up by the rise in online usage, according to the report. One of the five most affected industries, the U.S. insurance industry, saw fraud attempts alone grow by more than 11% from 2020 to 2021; and, over the past two years, actual successful cases of identity theft among U.S. insurers — where a legitimate customer’s accounts are taken over, their data is stolen and the information is used to submit false claims — has grown a whopping 82% since 2019, according to Cohen.
While there is no way to completely eradicate fraud, or even to necessarily stem the rising tide of bad actors finding new ways to access accounts and impersonate real customers, Cohen said he believed there are steps financial institutions can take to “reduce fraud… [including] to detect suspicious patterns or attributes during the account opening and verification processes, in order to prevent fraudsters from getting in the door.”
He recommended implementing multi-layered identity solutions to “help build trust with customers and thwart these fraud tactics.”

The post Fraudsters target e-commerce first appeared on Bridge Pioneers.

If you think you’ve been scammed or there’s been an attempt to scam you, there are ways you can fight back.

1. Keep a paper trail

   Nitzsche recommends keeping records of all communication with the collectors. Takes notes on the date and time of every phone call, save emails and texts and gather letters and any other correspondence you receive from the company. If it is legal in your state, record any phone calls. The more information at your disposal, the stronger your complaint will be if you file a report.

2. Reach out to your state’s attorney general or Bridge Pioneers

   Your attorney general’s office is on the alert for scammers and aims to put a halt to fraud such as debt collector scams. Bridge Pioneers also aims to stop fraud and help victims of fraud.

3. Submit a complaint

   You can report a fake debt collection agency to the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB).
   With major debt collection rule changes slated for November 30, 2021, one of the biggest changes is that debt collectors will be allowed to contact you through email, text message and social media direct messages, Nitzsche said.
   “There’s a really good chance that scams will increase with all of these new methods of communication, so be vigilant and remember your rights.”

Bottom line

If a debt collection agency contacts you, do your research before agreeing to repay what you allegedly owe. Start by confirming you owe the debt, as you could be dealing with a scammer looking to prey on innocent consumers. Also, familiarize yourself with common tactics used by scammers, and if you find that you’re dealing with a fraudster, file a report with your state attorney general’s office, the FTC and the CFPB.
But if you determine that the debt does belong to you, know your rights when dealing with debt collectors and file a complaint promptly if they’re violated.

The post How to report fake debt collectors first appeared on Bridge Pioneers.

If you’re worried about becoming a victim of debt collector scams, here’s how you can protect yourself, your bank account and your personal information:

1. Contact your creditor

   Track the source of the debt by reaching out to your creditor to see if it has any information about the debt in question. If the company that contacted you matches what your creditor has on file, you’ll know it’s a legit debt collector.
   Always ask for a validation letter or confirmation about the debt. That way, if you do receive fake debt collection letters, you’ll be able to check them against the legit one from the actual collection agency.

2. Check your credit report

   Look at your credit reports to see if the debt the collector is referring to is on your report.
   While most debt is reported, not all debt collectors relay information to the credit bureaus. The debt could still be yours but not show up on your credit report. In this case, you may need to do more research to look into the alleged debt.

3. Don’t disclose any financial information

   When someone asks for personal and financial information, don’t share anything the potential scammer doesn’t already know. Instead, ask for the caller’s name, the collection company and contact information such as a phone number or email address and its physical address.
   If the collector is willing to provide information, that’s a good sign. Next, try to call the company or send it an email. If you get a dead line or the email bounces back, that’s a red flag. Save any discussion of your financial or personal information until you have verified that the debt collector is legitimate.

4. Stay calm and know your rights

   Dealing with a debt in collections can be stressful and embarrassing, but don’t be hasty, Nitzsche says.
   “A legitimate debt collector should be able to provide you with documentation that shows where the debt came from, when they acquired it and how they arrived at your current balance,” he says. “Always ask for this verification as soon as collection attempts begin.”
   Under the Fair Debt Collection Practices Act, legitimate collectors must identify themselves and can’t try to contact you at any unusual time or place. They also can’t communicate with anyone about your debt except for your attorney, the attorney for your creditor or the collection agency and, in some cases, a consumer reporting agency.
   It’s also helpful to know your state’s statute of limitations on debt, Nitzsche says. This can be anywhere from three to 10 years. “If the debt they claim you owe — legitimate or not — is beyond the statute of limitations, the collector can attempt to collect but cannot sue you,” he says.

The post 4 ways to protect yourself from debt collection scams first appeared on Bridge Pioneers.

Getting a call, email or letter from a company that claims to be a debt collector can be alarming. Here are six telltale signs that you’re dealing with a credit collection services scam:

1. They pressure you

   A credit collection scam might use scare tactics and threats. The scammer might also pull the emotional card, making you feel like a bad or irresponsible person. They also might try to create a sense of urgency so you move quickly and do what they want.
   “Legitimate debt collectors may sometimes be aggressive, but scammers often use fear to get you to act quickly and not ask any questions,” says Thomas Nitzsche, a financial educator at Money Management International, a nonprofit credit counseling organization. “If they’re threatening you with jail time — or worse — that’s a violation of your rights and a major red flag.”
   The Fair Debt Collection Practices Act expressly prohibits debt collector conduct meant to “harass, oppress or abuse” you to collect on a debt — regardless of whether you owe the debt or not. They can’t threaten you with jail time, bodily harm or use profanity.
   Should they call your home or workplace, they can only call between 8 a.m. and 9 p.m. in your time zone and ask about your whereabouts. They must stop if you tell them not to call you at work. Furthermore, repeated phone calls intending to annoy you are also prohibited by federal law.

2. They won’t give you their contact information

   Real debt collectors are from reputable companies with websites and reviews, and you can contact them if necessary. Ask the caller for the debt collector’s company name, address and phone number.
   If a scammer is on the other end, they might distract away from your questions and insist that the debt needs to be resolved. If they refuse to disclose their identity and company information, that’s a telltale sign that it’s not a legitimate collection agency.

3. The debt isn’t yours

   If the supposed debt collector is trying to strong-arm you into paying a debt you don’t recognize, you might have a scammer on your hands. You can ask the debt collector for the creditor’s name and the amount you owe. By law, they must provide this information to you.
   Also, check your credit report for accounts in your name to see if it shows which debt collection agencies your defaulted accounts have gone to. You can also reach out to the original lender or creditor to see if your debt has been sold off and, if so, where your debt has been sold to.

4. You didn’t receive a letter in the mail

   If a debt has gone to a debt collector, you should receive formal, written notification in the mail. If you’re contacted by someone who you suspect is a scammer, ask them for verification of the debt. This is a letter that all debt collectors must send within five days of first contact with a consumer.
   The letter from the collection agency should disclose:

   • The debt amount in question
   • The creditor who is owed the debt
   • A disclosure statement giving the consumer 30 days to dispute the debt.

   When you do receive such letters, hold on to them. You can refer to them should a scammer contact you.

5. You’re asked to pay by prepaid card or money transfer

   Scammers almost always prefer non-reversible payment — think a prepaid card, money order or money transfer, Nitzsche says. These forms of payment can’t be traced, and scammers take off with your money with very slim chances of getting caught. Be alert if they ask for payment methods that seem out of the norm.
   If you go to pay a legitimate debt collector, pay in a way that you can use to verify that you have paid and the amount you paid.

6. They threaten to tell your co-workers, friends and employers about your debt

   By law, debt collection agencies typically aren’t allowed to share details about your debt with most people. For example, they can’t threaten to collect payment from your parents to coerce you into making an immediate payment.
   Any suggestion they might tell your employer or family members that you have debt to get you to pay is illegal. Federal law only allows them to inquire about your whereabouts.

The post 6 ways to spot collection scams first appeared on Bridge Pioneers.

Scams involving Bitcoin or other cryptocurrencies are rapidly increasing in frequency.  
If you have been scammed, you may feel angry, embarrassed and unsure of where to turn to recover your funds. This article lays out the best practices for attempting to recover your funds.
Please note: broadoak-capital.com offers a service to help you trace crypto assets implicated in scams. However, while we can provide a clear trail and uncover real-world identities linked to suspicious transactions (in some cases). Nonetheless, the information gained can be valuable for legal proceedings and can contribute to broader efforts against cybercrime.

How likely is it that you can recover your funds?

There is a 60% chance that your stolen funds would be recovered,
However, that doesn’t mean that you can’t recover (emotionally) from the situation that you’re currently in.  You also have the power to help the government bring them to justice, and to help other people avoid the same fate.
And, in some very specific situations, it appears that the government has returned some portion of recovered funds to their victims.
These suggestions represent best practices:

• Don’t make the situation worse
• Protect your credit
• Document the situation while it’s all still fresh in your mind
• Help the authorities cause pain to the scammers
• Help others avoid making the mistakes that you made

‍

Working with a Professional Tracing Service

Crypto Asset Recovery is here to assist you in tracing your lost assets. Using advanced blockchain forensics, we can track suspicious transactions and link pseudonymous blockchain activities to real-world entities. This can help you gain insight into the scam and provide valuable information for legal proceedings.
We offer a robust tracing service but It is important to have realistic expectations while dealing with the aftermath of crypto scams. Our primary goal is to provide transparency and clarity in a situation that may otherwise seem hopeless and provide recovery system for your lost funds.
You can reach out about a trace here: Contact Us

The post Best Practices in Attempting to Recover Funds from Crypto Scams first appeared on Bridge Pioneers.

Have you lost money to bitcoin scams and need crypto recovery? If so, it’s essential to act fast and yet to proceed with caution. Cybercriminals who run crypto scams can hide behind anonymous bitcoin wallets and launder money rapidly on the blockchain. 
Although it’s important to move quickly, it’s equally crucial to make the right choice with bitcoin recovery services. There are many services out there that claim to get your money back fast without any hassle. Meanwhile they do not know the right steps to take.
So what should you do? Contact Bridge Pioneers immediately. We have the skills, tools, and expertise to help you get started with crypto recovery and will empower you to track down the cybercriminals holding your funds. We create thorough crypto investigation reports that will give your claim an advantage and will help authorities find your funds.

What Steps Do You Need to Take for Crypto Scam Recovery?

Before beginning the process of crypto scam recovery, it’s important to become familiar with the process and to know what to expect along the way.

Information Gathering

Successful crypto recovery begins with you. This means collecting all of the data you need to create a full picture of the incident and how it happened. The data collection may involve emails and Whatsapp communications with the people running the bitcoin scam, screenshots of transaction confirmations, and misleading statements on websites. 
 
The more information you have going into the crypto recovery process, the smoother it is likely to go. You may be asked to go back and look for other types of information during the investigation process. Think about what might anyone doing a crypto investigation may need to know to track down the bitcoin scam that took your funds.

Crypto Investigation

Our proprietary crypto investigation method is the secret to our success. We combine crypto forensic methods and advanced technology to get a vivid picture of the cyber criminals who stole your money and where they send the funds. 
We combine two approaches that integrate technology and human ingenuity.  We use blockchain software that will show the path of transactions from the time your cryptocurrency left your bitcoin wallet to the multiple transactions performed by the suspected bitcoin scam. 
After we have tracked down the path of crypto transactions, Bridge Pioneers professionals carefully analyze results using crypto forensics techniques to figure out who may have your money and where it is. 
After we have fully analyzed the crypto transactions involved in your case and have launched a full investigation, we create a crypto investigation report. These are essential tools for approaching authorities with a crypto claim and they can improve the chances of a successful crypto recovery. 
Unfortunately, many crypto scams go unreported. If people do approach authorities, they give up too quickly. The reason is they simply make a claim with a few data points but nothing substantial that will give law enforcement any leads to tracking down the cybercriminals. 
Instead, Bridge Pioneers provides every client with a comprehensive crypto investigation report that will give the authorities detailed information about the case and even names and other identifying information about persons of interest involved in the bitcoin scam. 
These crypto investigation reports will put your claim miles ahead of other claims and complaints that only have a few dates and documents. Law enforcement acts upon solid, credible information that is presented in a form that is easy to understand and act upon. 

Approaching Authorities with a Crypto Investigation Report

Once we have created your investigation report, that is the real beginning of the fund recovery process. We will then guide you on the steps needed to get maximum assistance from the authorities for your claim. We include forms that will expedite the process of filing a claim with law enforcement. The easier you make it for authorities to help you, the more likely they are to act on your claim efficiently. Start your recovery process today!!!

The post How We Assist You with Crypto Recovery first appeared on Bridge Pioneers.