Scammers target investors who have already been victims of a scam before. They are easy to convince, and the scammer gives them hope of recovering their funds.
Cryptocurrency like bitcoin has boomed the online investment and transaction industry. It has been a hub for investors and scammers across the world. Cryptocurrency crime had a record-breaking year in 2021, with a new report finding scammers took $14 billion worth of cryptocurrency last year. Making it nearly twice the amount taken by the scammers in 2020.
Cyber-Forensics.Net, a fund recovery service provider for online scam victims, notices:
“Cryptocurrencies have raised the bar and made it easy for the investors to make investments through digital platforms, but it has also made it easier for online scammers to tempt innocent investors to fall for their scams and lose some good amount of money.” Scammers always come up with scams that look or sound good and trustworthy.
What is a Double Dip scam?
A double-dip scam refers to a scam where an individual becomes the scammer's target not once but twice.
The scammers mainly target those investors or consumers who have previously lost their money in a scam. The scammers often portray themselves as members of law enforcement or something similar to gain the investors' trust and claim that they will recover the lost funds. Once they get what they are looking for, the investor will never hear a word from them, causing scamming the second time. Most of these scammers will be the ones who scammed an individual in the first place and came back again.
What is a Victim List, and how do scammers use it?
A victim list is a list that contains the name and personal information of those investors who have previously lost their money in a scam. This list can be shared or sold.
With the help of the victim list, the scammers gather the information of an individual who has already lost their money and then contact them, giving the victim hope of recovering their lost fund, but once they get the chance, they scam the individual again.
How to recognize the double-dip scam:
- Pressuring To Act Quickly-
The scammers may shower an individual with various promises that sound good enough to invest in. They try to convince an individual to make a quick decision that will result in a scam. Every investor should think twice and understand what they agree to.
- Unknown Calls-
Always be alert for any unknown calls; ask them where they got the contact information, where the person is calling from, and the motive for such random calls, do not believe anything unless they can prove they come with no harm.
- Unusual Payment Methods-
Be alert when someone asks to make a payment not with money but with bitcoin or gift cards. These are one of the easiest and quickest ways to get the job done for the scammers that are hard to trace and impossible to undo.
- Too Good To Be True Offers-
Scammers always come with offers that are so good that some innocent investors may fall into the trap in no time. Before making a quick decision, think about why someone gives such a good offer. Think about does it sound something legitimate?
How to avoid a double-dip scam?
Timothy Benson, a chief analyst at Cyber-forensic.net, says, “many of these fraudsters make promises that are too good to be true.”
So far, we have understood what a double-dip scam is and how scammers manipulate innocent investors who have already lost their funds, making them fall into another scam.
To avoid being the victim of such scams, one should never trust or make quick decisions under pressure. If an individual has lost their money online, they should search for a legit fund recovery service provider like Cyber-Forensics and not fall into the traps of scammers.
What to do when receiving a double-dip scam call?
If an individual receives a double-dip scam call, they should hang up, block, or delete the message and the sender. Remember never to provide personal information, credit card numbers, and other important information to the scammers.
Where to report a double-dip scam?
An individual can report fraud and other suspicious activity involving cryptocurrency to:
- The Federal Trade Commission(FTC)
- The Commodity Futures Trading Commission (CFTC)
- The local police station if the fraud involves blackmail or extortion.
One can also report a double-dip scam at Cyber-Forensics.Net; they are staffed with experienced investigators who can analyze data to find out what happened and identify the scammers.
Cyber-Forensics is a legit fund recovery company that also helps Forex traders who are facing Forex withdrawal problems where they retrieve their funds from the scammers.
Cyber-Forensics.Net is committed to providing the most accurate tracing service for victims of online scams. Cyber-Forensics.Net empowers and simplifies the process of tracking down the cyber-criminals and assists in recovering the funds and creating an atmosphere for a negotiated settlement. For more information, please visit http://cyber-forensics.net/.