Fraud victims on X targeted by 'moneyback' scam bots

Fake accounts are lurking on X (formerly Twitter) waiting to pounce on vulnerable scam victims and defraud them again, a Which? Money investigation has found.

After posting on the platform as a scam victim in need of help, we were instantly bombarded with automated responses from 'bot' accounts promising to recover our money.

In reality, such recovery scams leave victims even further out of pocket and suffering additional trauma, after they pay upfront fees for non-existent services.

Here we explain safer ways to get help recovering money after a scam – and why going direct needn't cost you a penny.

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What we found

We posted using a personal account on X: ‘I’ve been scammed. Can anyone help me?’. 

We were instantly bombarded with auto-generated responses from bot accounts, advising us to contact various X accounts apparently dedicated to getting money back in these situations.

One, @cyber_ark_, made a ‘100%’ guarantee that we would be refunded, but when pressed for its FCA registration number, it sent one for an unrelated firm.

Its own X profile contained a bizarre collection of motivational memes and biblical quotes, while its website consisted of a link to a now-empty bitcoin wallet through which several hundred pounds' worth of bitcoin had recently been funnelled. 

The account had stolen the name and logo of CyberArk, a legitimate global information security firm. The impostor has now been suspended by X for violating site rules. 

We approached X to ask what it was doing about such fraudsters, but received no response.

Our September 2023 investigation also found recovery scammers lurking on Facebook groups set up as support pages for scam victims. We found victims who had messaged the fraud reporting agency Action Fraud and had then been targeted by scammers adding replies to Action Fraud’s post, offering to help.

Some legitimate claims management companies (CMCs) and solicitor firms that try to recover fraud victims' funds have been impersonated by fraudsters setting up copycat websites.

• Find out more: How to get your money back after a scam 

Getting your money back

If you've been scammed via your bank account, it’s possible to complain to your bank and request reimbursement. If it refuses, you can escalate that complaint to the Financial Ombudsman Service (FOS), without paying a penny. 

The FOS will determine whether the financial firm has followed the rules. If not, it can order the firm to pay you back, potentially with interest.

We always encourage people to make their own case to the FOS, and most do just that. But some choose to use the services of specialist claims management companies (CMCs) or solicitor firms to help them make their case.

The proportion of cases brought by these professional representatives on behalf of complainants has rocketed in recent years. In the financial year 2019-20, just under 5% of fraud-related complaints received by the FOS were submitted by professional reps. By 2023-24, this figure had risen to to just under 34%. 

The data covers all types of fraud complaint, including bank transfer scams, ID theft, and chip-and-Pin disputes.

First in Which? Money magazine

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Genuine help

If you’ve decided you need specialist help with a fraud compensation claim, an authorised and regulated firm is the safest option. 

This gives you an avenue of redress with an ombudsman or regulatory body if the relationship goes sour. 

CMCs have been regulated by the FCA since 2019. Meanwhile, specialist solicitor firms that engage in this type of fraud compensation work are regulated by the Solicitors Regulation Authority (SRA). 

The FCA already caps the fees of CMCs in the case of ‘no win, no fee’ agreements – a practice that began in 2022. Firms can charge between 15% and 30% of the value of the redress they’ve obtained for the customer, up to a maximum of £10,000.

If fees aren’t dependent on a win, the cap won’t apply and fees are simply required to be ‘reasonable’.

While there has been no cap in place for solicitors up until now, the SRA is in the process of approving one that mirrors the FCA’s cap for CMCs. It told us this would prevent firms charging up to 50% of compensation. Alternatively, firms can charge a flat fee for their services as long as clients are given clear and correct information about the fee from the outset.

Regulated firms we spoke to told us they used conditional fee agreements (another term for no win, no fee) and that such arrangements are an industry gold standard as they prevent fraud victims from being left further out of pocket if their compensation bid is unsuccessful.

• Find out more: How to take a complaint to the Financial Ombudsman Service 

How to find useful firms

Rather than going through an advert, search a firm’s name on the FCA's Financial Services Register for CMCs, or the SRA register for solicitors. Use the details provided to contact the firm.

In all cases, be highly suspicious of cold calls or out-of-the-blue contact. If your details are out there, it can be easy for a fraudster to sound convincingly like the authorities or your bank’s fraud department. Don’t be rushed into action. 

While it’s vital that you report a fraud straight away – so your bank can stop funds being moved, for example – the process of getting your money back can be a long one. You have to get a final response from your bank (or wait eight weeks) before going to the FOS, and FOS investigations can take several months. 

Any promise by a claims firm to expedite your case or jump the queue is yet another red flag.