Digital asset scams can occur in different ways through several different avenues. Although the ways and the avenues differ, the end result is always the same: there is a scammer that is trying to appropriate the consumer’s funds via the human-machine interaction. The Federal Trade Commission (FTC) alerts consumers that: only scammers demand payment in digital assets, no legitimate business is going to demand that digital assets be sent in advance to buy something and or to protect money, only scammers will guarantee profits or big returns and to never mix online dating and investment advice. Consumers ought to do their research before participating in the digital asset space and be aware that if it sounds too good to be true, it probably is!. That said, in order to avoid digital asset scams, consumers ought to know this:
How do the Scammers do it? Scammers do not want their activity traced! So, they try to:
Consumers that are victims to digital asset scams ought to learn this:
If digital assets can be traced, then there is a probability that they may be recovered
A full recovery of a digital asset scam is difficult to achieve. Nonetheless, victims of digital asset scams ought to keep bank records, exchange records, accounting records, tax returns, emails and any other documentation that could assist in an event of a possible digital asset scam investigation.
Forensic Accountants can be a resource.
Forensic Accountants utilize traditional “Follow the Money” investigative tools, but with additional challenges when digital assets are involved. A Forensic Accountant could be tasked with tracing illicit digital assets transactions in order to facilitate a recovery of potential criminal proceeds. They have to search for the evidence to explain what happened to the digital assets, identify its proceeds, and the parties that have either handled or received the digital asset or its proceeds.
Are you a victim of a digital asset scam? Consider the assistance of a Digital Asset experienced Forensic Accountant.
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