3 Things to Consider When Working With Asset Recovery TeamsRecommended Services . Sustainability . Tips
Third-party asset recovery companies solicit investment fraud and scam victims with the promise of helping victims recover their money for a fee. Asset recovery companies charge hundreds to thousands of dollars for their services and find potential customers by collecting names and contact information of fraud victims from court filings and investor lists.
These companies often offer false positives such as elaborate asset recovery expertise, but they do little more than draft demand letters to the fraudster and send a standard complaint to the appropriate regulatory agency. These are simple steps that consumers can complete on their own without paying fees. Before seriously considering and agreeing to pay an asset recovery company for their services, find out how the company will act on your behalf and the associated fees and consider whether these are steps you can take yourself without spending money.
Know how asset recovery scams work.
Scammers collect the names of victims who have been scammed and sell this information to other parties such as asset recovery scammers. Victims who have been defrauded of thousands of dollars are then cold-called and offered asset recovery expertise to recoup their money. Victims often believe in the promise of help and willingly pay upfront fees, and somehow the recovery experts are unable to recoup any assets. When victims attempt to contact the asset recovery expert, they are strung along or ignored.
In some instances, asset recovery scam companies will charge for their services and perform tasks that consumers can do for free. These companies charge for their time, effort, and supposed legal expertise when, in reality, departments exist to handle consumer disputes at no expense. Scam companies will tell consumers they have to pay the costs of submitting a complaint to a regulatory agency, when in fact these agencies don’t charge filing fees. Other recovery scams include filing claims that no longer meet the statute of limitations and failing to provide the appropriate supporting documentation.
It’s a smart idea to seek the legal advice of an attorney with experience in legal disputes following a fraudulent attack. Global Legal Law Firm specializes in electronic payments litigation, complete business litigation, and commercial collections litigation, and asset recovery. The skilled attorneys at the Southern California law firm are legal industry experts with years of experience representing ISOs, agents, processors, card brands, and the realm of commercial collections. Global legal attorneys work with clients every step of the way from building an attorney-client relationship to post-judgment enforcement.
Know the warning signs of an asset recovery scam.
There are several warning signs of an asset recovery scam that consumers should be aware of. A legitimate asset recovery company will never ask for an upfront fee and will only charge consumers once the services are rendered. Always be wary of a company that uses aggressive, act now tactics and doesn’t give you sufficient time to think and seek guidance. Steer clear of any asset recovery company claiming to have insider information or government connections that you can benefit from. It costs you nothing as a consumer to file a complaint with a federal agency. Any company that discourages you from seeking supporting information or external advice is likely trying to scam you out of paying money for useless services.
Know how to protect yourself from a security breach.
You don’t need to hire a team of IT security professionals to keep your business protected from a security breach. There are plenty of software tools that business users can access to take charge of their cybersecurity and take a proactive approach to external threats.
Software provider LifeRaft offers consumers a social media monitoring tool that identifies, validates, and analyzes potential security threats to strengthen security. Their monitoring platform automates and filters social media content 24/7, saving you time and resources, while real-time alerts of security threats allow you to respond quickly and effectively. With intel techniques such as location services, link analysis, social reenactment, and intelligent data mining, monitoring tools give users the confidence and ability to proactively defend themselves against security breaches.
Before working with an asset recovery company, consumers need to understand how asset recovery scams work, how to spot the warning signs of a scam, and how to protect themselves from a security breach.