What is a recovery scam, and why does it target people who already lost money?
The Sentinelle Markets team · 29 October 2026 · 4 min read · How we write
In short
- Regulators never call victims to offer recovery, and never ask for payment.
- An upfront fee to unlock funds is the scam itself.
- Contact your bank, the police and the regulator yourself.
A few weeks after losing money to a fake trading platform, many victims get a second call. This time the caller is a "lawyer", an "asset recovery agency", sometimes someone claiming to work for a regulator. They know the amount you lost, the platform's name and the date. They can get your money back, for a fee. This is a recovery scam, and it is often run by the same people as the first one.
Why victims are targeted twice
- The list already exists. The first scam collected your name, phone number and the amount you sent.
- The victim wants to believe. Someone who has just lost savings is more open to any hope of getting them back.
- The details sound official. Knowing the exact amount feels like proof; it only proves access to the first scam's records.
How to recognise one
| Sign | Why it gives the scam away |
|---|---|
| They contacted you first | Regulators and police don't cold-call victims to offer recovery |
| Upfront fee, "tax" or "unlocking charge" | No legitimate process asks you to pay to free funds held by a fraudster |
| Claims to be the AMF, FSMA or FINMA | Regulators don't recover money for individuals and never ask for payment |
| Guaranteed result | No one can promise the recovery of stolen money |
| Pressure and secrecy | "Don't tell your bank, it will slow the process" |
The AMF has repeatedly warned about fake recovery services, including ones that usurp its own name. Search any firm that contacts you on the warning lists (AMF, FSMA and FINMA warning lists).
What the second loss looks like
| Amount | |
|---|---|
| Lost to the first platform | $5,000 |
| Recovery "file opening fee" | $800 |
| "Legal costs" a month later | $1,200 |
| Total loss after the "recovery" | $7,000 |
Illustrative calculation, not an expectation of results.
What actually helps
Contact your own bank, file a police complaint and report to the regulator yourself, using the contact details on their official sites. The steps are in what to do after a trading scam. If you hire a lawyer, choose one yourself and check that they are registered with a bar.
Coming back to trading safely
If you decide to trade again later, start small and on paper. Work out your risk per trade with the risk/reward calculator and size from your stop with the lot size calculator. Trading involves risk and most retail traders lose money; recovering a loss quickly is never a reason to trade.
Questions people also ask
How do recovery scammers know my details?
They often come from the first scam's records, or are the same people. Knowing your amount proves nothing.
Can the AMF recover my money?
No. The AMF doesn't recover funds for individuals and never asks for payment. Anyone claiming otherwise in its name is a scammer.
Should I hire a lawyer?
If you do, choose one yourself and check their bar registration. Never hire someone who contacted you first.
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Take the quizTrading financial markets carries a high level of risk and can result in the loss of all the money you invest. Sentinelle Markets content is for education only and is not investment advice. Past results do not guarantee future results.