Alert: ‘Follow up’ scams – offers to help recover lost funds

Oct 11th '21

  • Australian Securities & Investments Commission (ASIC) is alerting consumers about offers to recover money lost to scams
  • If you have been scammed, and someone contacts you with an offer to help recover money, it is a scam
  • The best thing to do is to hang up, delete the email or otherwise ignore the contacts


What a follow up scam looks like


The end goal is to extract more money out of the scam victim. These scammers use various methods, including:


  • Impersonating government agencies, usually claiming the victim must pay taxes or fees to ‘retrieve’ or ‘release’ funds
  • Claiming that they can recover funds, cryptocurrency, or digital wallets for an upfront fee (often required to be paid via cryptocurrency)
  • Scammers often pretend to be a scam victim themselves, and claim that a specific ‘firm’ has helped them to recover funds. This is either done via fake recommendations left on review websites or by direct contact with real victims


What to do if you think you have been scammed?


  1. If you transferred funds via bank transfer or credit card, contact your financial institution immediately. They may be able to reverse the transaction. If you have paid scammers via crypto-assets, your bank or credit union won’t be able to assist. As most of these scams originate overseas, once money has left Australia, it is hard to recover. Unfortunately, ASIC cannot assist in getting money back.
  2. If you think you or someone you know has been scammed, lodge a report of misconduct with ASIC and report the matter to police. You can also make a report to the Australian Cyber Security Centre at ReportCyber. Your report may disrupt the scammers and may assist in alerting others.


Further support and information


If you need someone to talk to, contact:


  • Lifeline on 13 11 14 (24 hours) or their crisis support online chat (7pm – 12am) or
  • Beyond Blue on 1300 22 46 36 (24 hours) or their web chat (1pm – 12am)


If you are experiencing problems with debt contact:


  • the National Debt Helpline on 1800 007 007 (Monday to Friday 9.30am to 4.30pm) or chat online


ASIC’s Moneysmart website has more information on investment scams, as well as cryptocurrencies and ICOs.


Related links


Source: © Australian Securities & Investments Commission. Reproduced with permission.


ASIC is Australia’s integrated corporate, markets, financial services and consumer credit regulator.