If the money's already gone
The most important steps in the first days: pay nothing further, document everything, contact your bank and the police, and ignore offers of supposed recovery services.
The first and most important point: pay nothing more. In almost every scheme, this is where the request comes to transfer a bit more for taxes, fees, or a release. That's always part of the fraud.
Document everything while it's still there. Screenshots of the platform, chat logs, emails, transfer receipts, phone numbers, names. Access often gets deleted on short notice.
Contact your bank and ask about options to reverse payments, especially for recent transfers and card payments. File a report with the police. Many German state police forces run a dedicated Central Cybercrime Contact Point (Zentrale Ansprechstelle Cybercrime, ZAC) that specializes in online fraud. Report the provider to Germany's financial regulator, BaFin, and reach out to the Verbraucherzentrale (Germany's consumer protection organization), which also advises on further legal steps for larger losses. Much like a lawyer specializing in investment law.
And expect a second attempt. Anyone who's lost money once often gets contacted again, this time by supposed lawyers or recovery services offering to help for an upfront fee. That's the same scheme a second time.
What you can get back depends on how you paid. Card payments often have a chargeback procedure with fixed deadlines. Direct debits can be reversed within a set period. Bank transfers and crypto payments usually can't simply be undone. Time is decisive, which is why calling your bank comes before everything else.
With crypto payments anyone can see on the blockchain where the money went. But who the addresses belong to usually can't be found out without the police and authorities. For an investigation, it's therefore more important that you write down the recipients' addresses exactly than that you do your own research.
The second scam, in which victims are approached again, is well known. It exploits the wish to make up for the loss and the contact details from the first scam. Legitimate bodies never ask for money up front to get yours back.
Summary
- Never pay more, whatever the justification.
- Document immediately and contact the bank before anything else.
- Offers of recovery for an upfront fee are the same scheme again.
Did you get it?
What's the first step?
Stop transferring anything and call your bank immediately, because deadlines run for many ways of getting money back.
Why do recipient addresses matter for crypto transfers?
Because anyone can see where the money went. But only authorities can find out who the addresses belong to.
What characterizes the follow-up scheme?
Someone gets in touch again and offers to recover your money if you pay first.
Sources and further reading
- BaFin's complaints and dispute resolution service for financial service providers. View source ↗
- Verbraucherzentrale, advice and support for victims of investment fraud. View source ↗