Recover Funds Lost To WiseFunds Scam: The important thing to know about WiseFunds is that it is an unregulated forex broker. This is a MAJOR RED FLAG!!! This should be more than enough reason for you not to invest in the platform. The platform website also uses an “Automated trading software” which is another indicator of forex broker scam, as forex brokers with automated trading software are notoriously known for their scamming schemes.
So Wise Funds is just another unlicensed forex broker, which means there is no insurance or protection on customers funds and there is a high chance of them getting away with your capital and there will be little you can do about it since there is no regulatory body in place.
How does it work?
Unlicensed and unregulated brokers operate in the following way. They call people randomly to inform them about their forex platform, the major goal of this step is to persuade targets to make the initial minimum deposit, using any plausible method (like offering a bonus on deposit, free premium membership after payment and other incentives) to make sure that happens. The major gimmick to look out for to recognise conversation from fraudulent brokers are;
- They create a sense of urgency, trying to rush you into making decisions or commitments,
- They will offer you deals or incentives that seem too good to be true, like doubling your initial deposit, promising your high ROI( Return On Investment) like $100/day
Don’t fall for anything they say no matter how enticing they make it sound, it is all a scam scheme.
After making the initial deposit, people get transferred to a smarter scammer, called a “retention agent”, who will try to get more money out of you.
You should submit a withdrawal request as soon as possible to get your money out of this scam broker because your funds are not safe with an unregulated broker. A fraudulent broker like this will place your withdrawal request on hold forever no matter how many times you write to customer care. You will get no response from them or the customer care representative might try to feed you some gibberish to make you put in more money for your withdrawal request to be accepted. Do not fall for this trick because this is to further scam you.
And if you signed the Managed Account Agreement (MMA), you have basically authorized the broker to do anything they want on your forex account, they will intentionally lose all your funds so there won’t be anything to request anymore.
Recover Funds Lost To WiseFunds Scam
How to get your money back?
The purpose of submitting a withdrawal request even though you know it won’t be accepted is to gather evidence against the broker to prove that you were scammed. After your withdrawal request is placed on hold, make sure to write an email to the broker explaining how long your withdrawal request has been placed on hold. This will likely yield no result from them also but this will help you to further prove your case of fraud.
The major thing that will help you get your money is to file for a chargeback with your bank or financial service provider and this should be done as soon as possible. A chargeback is a payment that is returned to the originator, which is must time the customer bank account. For a chargeback to be accepted the customer must successfully convince the bank or card provider that there is a dispute of agreement between them and the entity they transacted with. The entity will be Wise Funds.
You will need the email conversations and any other sort of communication you heard with the broker to convince the bank with no doubt that Wise Funds have scammed you. You should submit the transaction ID indicating you sent money to the broker also and other documents or references that can be used as proof of fraudulent activity.
This is the easiest way of getting your funds back and this also hurts them the most. Because if there are many chargebacks served against them, it will destroy their relationship with the payment service providers. However, it is quite tasking for someone without financial or industry experience to file for a successful chargeback because of the technical know-how that is required, from the sort of data and evidence required, the step-by-step process involved, the appropriate department to file different segments of the case and so on. This is why it is advised to get someone from the financial sector or a Fund Recovery Expert to be more efficient.
Fund recovery experts have knowledge about chargebacks, the necessary documents needed and where and how to submit them. Having a Fund Recovery Expert or a Financial Adviser when filling for a chargeback is important as it increases your chances of success substantially.
You can get a Fund Recovery Expert or a Financial Adviser from Duolabs. Duolabs is the leading platform to get the service of Fund Recovery Expert online, and this is mainly because of their success rate and transparency with clients doing operations. With over 300 chargebacks files and a 96% success rate, you can trust Duolabs to make sure your chargeback is successful.
Recover Funds Lost To WiseFunds Scam