Solving Online Fraud is an Uphill Battle for Authorities. Asset Recovery Specialists are Outpacing Law Enforcement
Online fraud and financial crime are on an upward trend with no signs of slowing. The amount of money stolen through scams and fraud far exceeds a billion dollars each month. This phenomenon is a global issue. Scammers do not distinguish their victims by location or social class.
It’s not surprising that law enforcement agencies around the globe are having a tough time trying to bring that number down. Yet, the sum of financial assets stolen from private citizens in search of a better life continues to break records year after year.
Investment fraud, romance scams and cryptocurrency schemes are relentlessly draining the bank accounts and pension funds of millions of unsuspecting marks. Fraud victims are often duped into taking on debt to invest in a once in a lifetime opportunity or help out their online lover.
The True Heroes of Solving Fraud
When it comes to identifying online fraudsters and recovering the assets of their victims, who do you think is solving these crimes? The majority of people would expect their local Police or a similar anti-crime taskforce in their country to be responsible for investigating fraud. It’s private companies that are making headway when it comes to solving online crime. Cybersecurity firms, independent consultants and private investigators are the overachievers of addressing online fraud.
Why Asset Recovery Consultants are Flourishing
In many cases, scammers bleed every single victim dry, ideally until they have stolen hundreds of thousands of dollars. For many, these amounts of money cannot simply be written off as a life lesson. The reality is, through the usual channels, victims have a bleak prospect of reclaiming their stolen funds.
What’s more, companies are much less protected than private individuals. While authorities do their best to help citizens, they do little to help businesses. For many years businesses have sought the help of consultants and independent specialists to help them track, trace and recover stolen assets.
Because the number of cases of fraud crimes is continuously growing, it has unfortunately created a large market and lucrative industry. Private companies help businesses and individuals who have been subject of a high-value scam.
Why Private Consultants Thrive at Solving Online Fraud
There are several vital reasons why government authorities yield weak results when it comes investigating cases of online fraud. Official investigators answer to the government, not the victim. Criminal investigations must navigate jurisdictional complications, collect evidence in a way that it will hold up in court and build a case that will bring down an entire criminal syndicate. As ever, government organizations are always subject to diplomatic issues, changing priorities, funding and resource availability. All of these factors result in poor results.
Criminals rebrand their scams regularly, this allows them to cover their tracks and detach themselves from official warnings and a poor online reputation. The bureaucracy involved in a criminal investigation can allow ample time for criminal organizations to move on to their next scam before investigators have time to begin collecting intelligence.
When an official law enforcement infestation is successful, usually the criminals have spent or concealed the funds they stole. In the rare occasions that funds are recovered, that money typically spends months or years seized as evidence.
All of this may sound very discouraging. Thankfully the difference between law enforcement and private consultants is like the difference between night and day.
A private Asset Recovery firm works for the victims. Their sole mission is to identify the criminals involved with the objective of first and foremost recovering their stolen funds. Asset Recovery specialists do not have to operate with their hands bound by red tape.
What is an Asset Recovery Specialist
An Asset Recovery specialist recovers financial assets for corporate entities, high net worth individuals and private citizens who have been defrauded of substantial amounts of money. Consultants track down and recover funds on behalf of a variety of online and offline scams that are both local and international in nature. These companies are usually comprised of cybersecurity specialists, legal experts, financial auditors and former law enforcement investigators. They leverage relationships and cooperate with intelligence agencies to locate hidden assets in offshore jurisdictions or concealed digital assets like Bitcoin.
Fraudulent Asset Recovery Firms
As if criminals couldn’t sink any lower, you should be aware that if you have been the victim of fraud, there are scammers known to be posing as fake asset recovery companies. They may even be the same individuals who conned you earlier. They promise help to recover stolen funds, but they are just thieves preying on the desperation of those who have already lost significantly to scam artists.
About Spectra Finance Security
Spectra Finance Security is a global leader in preventing, investigating and recovering losses for individuals and companies exposed to cybercrime and fraud. We help victims various financial fraud, such as Binary Options scams, Forex scams, Cryptocurrency scams and other types of financial crime. At Cybersphere we also investigate online scams, in particular Romance Scams.
When working with Cybersphere, you can rest assured that we will offer you;
- The team working on your case will have extensive experience in their respective field and asset recovery for victims of crime.
- The convenience of a representative dedicated to you. They will keep you updated on the progress of your investigation and address any of your concerns.
- The assurance that you are working with a successful firm. Spectra Finance Security has recovered millions of dollars for clients since the start of 2020.