What a fund recovery scam is
A fund recovery scam targets people who have already lost money to a fake broker, an investment scheme or a crypto fraud. The scammer claims they can get that money back, through a "law firm", a "certified hacker", a "blockchain tracing agency" or a "chargeback specialist". To start, they ask for a fee, a "tax" or a "release charge". Once paid, they ask for more, then disappear.
The victim loses money a second way, often to the same group that ran the original scam or to people who bought their contact list.
These offers come in many forms, but the pattern repeats: an unsolicited contact, a promise to recover money from a scam broker, and payment before any result.
- Stop all payments and do not send any more money.
- Save the evidence: chats, receipts, website addresses and wallet numbers.
- Contact your bank or payment provider at once.
- Report it to the police and the financial regulator.
- Ignore offers to recover your money for a fee: they are often a second scam.
How recovery scammers find victims
Scammers do not find you by chance. Common routes:
- Leaked or sold victim lists. The group that took your deposit still has your name, phone number, email and the amount you lost. They reuse it or pass it on.
- Comments and reviews. People who post "this broker stole my money" in a review, forum or social media comment get replies from "recovery agents" within hours.
- Fake review and "scam alert" websites. Some sites list fake brokers only to collect complaints, then contact the people who fill in their forms.
- WhatsApp, Telegram and Facebook groups. Members claim a "hacker" or "lawyer" got their money back and share a number. These testimonials are usually staged. See Fake Signal Groups.
- Paid search and social ads. Ads for "money recovery services" target people searching how to get funds back.
- Impersonation of officials. Callers pretend to be from a regulator, a bank, the police, a court or an international agency, and say your case is "approved" for refund.
Common scripts they use
| Claim | What is usually happening |
|---|---|
| "We are a law firm that has recovered funds from this broker before" | No verifiable firm, no office, no real case number |
| "Our hacker can trace the wallet and reverse the transfer" | Crypto transfers cannot be reversed by a private hacker |
| "We can force a chargeback even after the bank refused" | Only your bank decides a chargeback; no outsider can force it |
| "Your funds are frozen; pay a release fee or tax first" | Real refunds do not require you to pay a stranger first |
| "We work with the SECP / State Bank / FIA" | Regulators do not sell recovery services or call asking for fees |
| "Install this app so we can check your account" | Remote access apps let them see your banking and trading logins |
A chargeback is a dispute you open with your own bank or card issuer about a card payment. It is between you and your bank. A "chargeback recovery" company that charges upfront and promises success is a common chargeback scam. Ask your bank directly what it can do.
Warning signs
- They contacted you first, or replied to your public complaint.
- They already know details of your loss that you did not give them.
- They promise a result or a recovery percentage.
- They ask for payment in crypto, gift cards or to a personal account.
- They ask for your passwords, OTP codes, ID scans or screen access.
- They press you to act quickly or keep it secret from family or your bank.
- Their "official" documents carry seals, but you cannot verify the firm through any regulator.
More general signs are on Scam Warning Signs and Guaranteed Profit Claims.
What the law and regulators in Pakistan say
Brokers are regulated by the Securities and Exchange Commission of Pakistan (SECP), with trading in listed securities and commodities only via SECP-licensed securities and futures brokers. By law, under the Futures Market Act 2016, s.47(1), no one may carry on a regulated activity (futures broker, adviser, representative) without an SECP licence. The penalty for breaking that rule: under the Futures Market Act 2016, s.104(3), operating without a licence carries, for an individual, a fine of up to PKR 250 million or up to 3 years' imprisonment, or both.
On offshore platforms, per the SECP, offshore forex/CFD platforms operate without regulatory approval in Pakistan, and per the SECP, offshore platforms have no Pakistani licence or oversight and offer no legal protection or recourse. This matters for recovery: if the original platform was offshore and unlicensed in Pakistan, there may be no Pakistani legal route to recover funds. A stranger promising otherwise is not a substitute for that route.
Also, per the SBP, remitting foreign exchange to overseas forex/margin/CFD platforms is not allowed through any payment channel (FERA s.5(1)), and per the SBP, the purchase of offshore forex/margin/CFD products by Pakistani residents violates section 4(1) of FERA 1947.
The SECP publishes warnings: SECP warnings by press release naming platforms (Quotex 09.04.2025; IBKR look-alikes, IGIL Securities, BMA Capital No.108 etc. 22.05.2025; Hillhouse Capital, S-169 Wharton 13.01.2026), none of which names Exness. We do not accuse any firm on this page; check names yourself against the regulator's own publications. For checking licensed brokers, per the SECP, lists of licensed brokers are on the PSX and PMEX websites. Our guide Verify a Broker walks through the checks, and Law and regulators explains which authority covers what.
What to do if you lost money
- Stop all payments to the original platform and to anyone offering recovery.
- Call your bank using the number on your card or the bank's official app. Ask about blocking payments and whether a dispute is possible.
- Secure your accounts. Change passwords and turn on Two-Factor Authentication. Remove any remote access app you installed.
- Collect evidence: transaction receipts, chats, website addresses, wallet addresses, names and numbers used.
- Report through official channels, not through a private agent. See Report a Scam and, for a licensed firm, File a Broker Complaint.
- Expect further contact. After you report, treat every new "recovery" call as suspicious.
Leveraged forex and CFD trading can lose money fast even with a genuine broker. A loss on trades is not always a scam, and no recovery service can reverse market losses. See Risk management.
Frequent questions
Can a hacker recover money from a scam broker?
No legitimate hacker service recovers stolen funds. Breaking into systems is illegal, and the offer is almost always another scam.
Is every fund recovery company fake?
Not necessarily, but any service that contacts you first, charges upfront and promises results shows the classic signs of a recovery scam. Check any law firm through official professional bodies and regulators yourself.
Can I get a chargeback through an agent?
A chargeback is handled by your own bank. Speak to the bank directly; an outside agent cannot force a decision.
The caller says they are from the SECP or State Bank. Is it real?
Regulators do not call victims asking for fees to release funds. Hang up and contact the authority through its official website or published numbers.
Where can I learn about related scams?
Read Clone Sites and Fake Apps, Phishing and Fake Logins, Romance Investment Scams and Crypto Scams.