How to Recover Stolen Money: Compensation Mechanisms

Those entitled to compensation are victims of illegal actions by others, which can include both legal entities and individuals.

Types of damages are divided into the following categories:

• material loss of property,
• financial and moral.

Often on the internet, people become victims of scammers, experiencing both material and moral damage.

Getting Money Back from Scammers

By using various trading platforms, sales, online stores, and others, people put their electronic funds at risk, targeted by scammers. There are many different schemes that allow scammers to deceive people without obstacles, targeting electronic currency.

The main task of users is to protect personal data, passwords, and codes from payment systems and banking applications. If a scammer manages to steal money, it will not be easy to recover it; you need to contact the bank's security service.

If amounts are deducted from the card, it is also necessary to file a police report, where cyber officers should engage in finding the scammers and subsequently return the money if they are caught.

How to Recover Stolen Funds

To recover stolen funds, you should act within the law, first blocking the bank card or applying for its blockage, and subsequently, it is better to open a new card with a different number and a new password.

By contacting the cyber police with a fraud and theft report, the victim can expect the scammers to be caught and brought to court. The judicial authorities, having proven the scammers' guilt and determined the damage caused to the victim, may award compensation, which may include the amount of stolen funds, moral damages, court costs – allowing the victim to recover the stolen funds.

Mechanisms for Money Recovery

When writing a report to the cyber police, the following information must be provided:

• personal data and contacts, including your name, place of residence, and phone number;
• a detailed step-by-step description of the incident, including exact metadata, time, and date of the occurrence;
• the correct amount of stolen funds;
• information about the scammers known from phone conversations, social media correspondence, or email;
• state demands, with the possibility of recovering the stolen money;
• screenshots of correspondence, if available;
• receipts, bank statements, which will speed up the process and obligate law enforcement to address the matter and conduct an investigation.

To make the money recovery mechanism work, you need to use the services of professional lawyers who specialize in these matters.

Protecting the Rights of Fraud Victims

To protect their rights, the victim has the full right to go to court, especially if law enforcement refused due to insufficient evidence. Also, with the help of lawyers, it is possible to pre-submit similar data to the court, where the required compensation amount should additionally be specified, including:

• the stolen amount;
• compensation for moral damages;
• payment for legal services;
• court costs.

The only downside of legal proceedings is their duration; the process may drag on for an indefinite number of months, but the guarantee of returning lost funds is higher than when contacting a bank or cyber police.

Money Recovery Procedures

As it became clear, the procedure for recovering money stolen by scammers can be a very long and complicated process. To recover the stolen, it requires a long time for all legal actions.

To avoid dealing with money recovery issues, you need to protect yourself and your finances; there are several ways to avoid falling victim to scammers:

• for online payments, use a separate card with a limited limit for online purchases; in this case, if scammers gain access to the card, they will not be able to withdraw amounts;
• better to pay for goods by cash on delivery, meaning after the goods have been received, and not exposing the card, you can pay, for example, at the post office upon receiving the package;
• do not click on suspicious links and messages containing information about revealing passwords, PIN codes, or personal information;
• verify all information;
• upon receiving a charity offer via an internet resource, easily verify the information of organizations collecting funds.

Financial Compensation from Scammers

It should be understood that voluntary financial compensation from scammers is most likely impossible. Scammers are unscrupulous people who dream of making big gains through dishonest means and will definitely try to cover all electronic traces to avoid being found. Therefore, such compensation can be obtained after investigations by law enforcement and legal proceedings.