Tag: Daniel Poleb

The U.S. FBI has taken decisive action against several cryptocurrency recovery websites, confirming FinTelegram's longstanding warnings about these fraudulent operations. The FBI San Diego Field Office has seized websites belonging to three cryptocurrency recovery services, which validates our reporting and underscores the critical importance of our alerts to potential victims.

The UK Financial Conduct Authority (FCA) has issued a renewed warning against Pay Back, a/k/a Money Back fund recovery scheme. This scheme, which operates out of Israel, has been blacklisted by FinTelegram due to its deceptive practices. Despite posing as a legitimate recovery service, Pay Back has been exploiting scam victims by promising to recover their lost funds for an upfront fee.

The FBI has taken decisive action against the notorious Israeli money recovery scheme, Pay Back, by seizing its website. FinTelegram has long warned about this fraudulent operation, also known as Payback and Money Back, placing it on our black compliance list. For years, we believe that this scheme has exploited fraud victims by falsely promising to recover lost funds, operating under various brands, domains, and websites. We ask insiders and victims to provide additional information.

The Israeli fund recovery scheme, Pay Back, a/k/a Money Back, has been black-listed by FinTelegram following detailed investigations. Operating for years under various brands, domains, and websites, this scheme has been exploiting the vulnerabilities of scam victims under the guise of offering them a chance to recover their lost funds. The UK FCA issued an updated warning against the scheme, which acts as a clone of an FCA-regulated entity.

In our view, dubious fund recovery schemes are the worst of all because they play on the forgiveness of victims. The U.K.'s financial markets regulator FCA has warned against the Pay Back Agency fund recovery scheme, which would allegedly be regulated in Israel. In 2019, the FCA and other regulators warned against Pay Back Ltd, a/k/a Payback Limited. We think these schemes belong together and warn all victims of scams to fall for them.

Israeli fintech pundits also invented binary options industry. Big players like SpotOption, PandaTS, or Tradologic had thousands of binary options schemes running on their platforms as white-label clients. Binary options turned out to be ultimately a gigantic fraud industry. Conveniently, fund recovery companies have also emerged in Israel, often run by former scammers. Schemes like Europe Refund or MyQuickRefund run massive Google Ad campaigns to acquire scam victims and sell their expensive services.

We have already published a review about the Israeli fund recovery service Pay Back a/k/a PayBack a/k/a Money Back owned by Amir Geva and Daniel Poleb. It is no secret that we are very skeptical when fund recovery services ask victims for several thousand euros or dollars down payment and, in addition, profit sharing. In many cases, it would be easier for victims to go directly to the relevant financial ombudsman and reclaim the money from the facilitating bank. This is also confirmed by the following report from a Financial Ombudsman.

Israeli scammers have expanded their business model globally between 2010 and 2018, spreading their boiler rooms geographically. They defrauded hundreds of thousands of retail investors out of billions of dollars. Now, the center of the global fund recovery business is in Tel Aviv. Like Wealth Recovery International (WRI) of Austin Smith, some of them have turned out to be scams or fraudsters. Others like Action Refund, Money Back, or Pay Back are being under our investigation. Stay alerted and super-cautious. We'll keep you updated!