Beware of the “Recovery” and “Advance-Fee Recovery” Scam

The Securities and Exchange Commission (SEC) advises the public to exercise the highest degree of caution against certain individuals or groups who are operating Facebook pages, online groups, and other social media platforms that purport to offer assistance to scam victims but are, in fact, designed to defraud them a second time.

These online accounts or entities are not authorized by the Commission and have no legal authority to provide recovery services. On the contrary, they are being utilized as instruments to exploit already vulnerable victims. 

The schemes employed by these perpetrators commonly include the following:

• Offering recovery of funds previously lost to scams or fraudulent schemes in exchange for advance fees or personal information;
• Misrepresenting affiliation with government agencies or law enforcement authorities despite the absence of any lawful basis;
• Fabricating testimonials, documents, or credentials to create a false appearance of legitimacy; and
• Employing high-pressure tactics to induce victims into making immediate payments or disclosing sensitive personal or financial information. 

The Commission warns the public not to transact with, remit any sum to, or disclose personal information to such individuals or groups. Victims of scams are strongly urged to lodge their complaints directly with the proper authorities for appropriate action.

​For official assistance or legitimate inquiries, the public may contact the Enforcement and Investor Protection Department (EIPD) at [email protected]