Cryptocurrency is an innovative way of using money. Thanks to bitcoin and other crypto coins, we can now earn, spend, trade and save without using a piece of paper or even a bank. Cryptocurrency is regulated through the blockchain and not by a central government, and for that reason, there is significant freedom as well as peril accompanying these currencies.
Along with the growth of cryptocurrencies has risen crypto scams. According to CBS News, crypto scams have grown 1,000% between 2020 and 2021. Given the scale and the complexity of these fraudulent schemes, significant time and resources are needed to track them down. Cryptocurrency reports can help law enforcement and government agencies unmask crypto scams and strive to return money to victims.
Chargebax has the expertise and direct experience with crypto scams and works to recover funds for clients. Our professionals consult with clients and draft crypto reports that help law enforcement find those behind the crypto scams and retrieve client funds.
What Are Cryptocurrency Reports?
Crypto reports, just like intelligence reports, are a detailed account of the customer’s interaction with the merchant or broker, and an examination of the other party’s history. Some crypto reports contain speculation and may opine who could be behind the crypto scam based on similar cases, but some adhere mainly to statement of facts.
A crypto report is more detailed than a simple complaint that a consumer may file with authorities. It provides a timeline as well as documentation including screenshots and copies of communication. The purpose of the crypto report is to make the case in support of the customer’s complaints and to provide investigators enough information to track down the suspected crypto scam.
Banking services are faster than ever, especially with online banking. However, many transfers, especially international transactions, often take some time before they are completed. A wire recall request can be made quickly and in many cases, will be honored. However, generally, wire recall requests are usually honored in a few specific circumstances.
Why Are Cryptocurrency Reports Necessary?
Any type of intelligence report is useful when dealing with a complaint a dispute or an alleged fraud. However, a crypto report is more crucial because crypto scams usually involve anonymous parties. Because blockchain technology does not identify who is making transactions, people can disappear on the blockchain and launder funds without being identified.
There is a commonly held belief that the people who make transactions can’t be identified on the blockchain. This is not true; investigators are often successful at unmasking crypto scams. However, figuring out who made blockchain transactions requires intensive detective work, and any information can be helpful at mapping out the pattern of transactions, looking for trends, and linking those patterns to specific players. Therefore, before investigators even begin looking at the blockchain, they need information through a crypto report that will make their investigations go more quickly.
How Are Crypto Reports Created?
Crypto reports are created by a fund recovery agency that has extensive experience with crypto recovery cases. The customer will consult with the fund recovery expert and give them a full account of their experience with the broker or merchant.
The customer will then be asked to provide documentation. This may include any of the following:
- Copies of communication between the customer and the merchant
- Screenshots of websites or social media pages
- Documentation of transactions
- Reviews or other comments about the merchant
Any additional information is useful whether the issue is a cryptocurrency dispute or fraud. When the customer provides all of the information, a crypto report can be drafted from the contributions of the client combined with the additional research.
How a Fund Recovery Agency Will Help With Cryptocurrency Reports?
Hiring a fund recovery agency that regularly works with cryptocurrency scams can improve your chances of success because they are adept at seeing patterns that indicate fraudulent activity.
For instance, if you submit an image of a post the crypto scam placed on social media and if this image or wording matches something in the fund recovery agent’s file, then they could be on the trail finding out who is behind the fraud. People who create cryptocurrency scams tend to use the same methods from one fraud to the next. Like handwriting, it can be easy to identify the source of a scam through telltale signs.
Although transactions on the blockchain are anonymous, fund recovery agencies are adept at seeing patterns based on information from clients and often can have a good idea of who may be behind these transactions.
A fund recovery agency also has extensive experience dealing with law enforcement and government agencies. They can bring a crypto report to the relevant authorities and can aid them in their investigations. Working with a seasoned fund recovery agency that has a long track record working with government agencies and law enforcement will add support to your claim.
Although many people believe they can go it alone with their own investigations and complaints, it should be kept in mind that cryptocurrency scams are more complex than chargeback disputes or even wire recall requests. Since there is no name behind blockchain transactions, anyone who wants to recover their funds in a crypto scam must have a wealth of information about these transactions to uncover the true identity behind a crypto scam.
Cryptocurrencies are relatively new. Working with a fund recovery service that has been tracking cryptocurrency fraud for some time will increase the likelihood of discovering the identity of those behind the crypto transactions and retrieving funds. Detective work, research, and maintaining constant contact with authorities is a job in itself and few individuals have the time or the resources to track down transactions on the blockchain.
Chargebax experts have dealt with numerous fund recovery cases and have helped our clients retrieve funds from crypto scams, forex scams, and merchant frauds. We are adept at researching cryptocurrency transactions and have detailed information about crypto scams and how they work.
We compare customer claims against the information we have already gathered and leverage our working relationship with government authorities and law enforcement for crypto recovery success. Contact Chargebax professionals today for a consultation so you can get started retrieving your funds.