First moves after discovering the loss
Contact your bank right away and ask it to request a recall of the wire or to flag the receiving account, and put the request in writing as well as by phone. Local police and the FBI's Internet Crime Complaint Center should both receive a report, and you should keep copies of what you submit. If cryptocurrency was involved, record wallet addresses and transaction hashes, and notify any exchange where funds were sent, since some exchanges can freeze accounts tied to fraud. Do not hold off on reporting while you try to negotiate with the other side. People who have just lost money are frequent targets of a second scam, so treat any unsolicited offer to recover the funds for an upfront fee with suspicion.
How funds are traced and frozen
Cross-border fraud recovery usually starts with following the money: bank records, wire details, and blockchain data can show where funds went and who controls the receiving accounts. Courts in the United States can help obtain records from banks and exchanges through civil discovery, and courts in some other countries can order a freeze on assets or require a bank to identify account holders. Acting in the country where the money landed usually requires local counsel, and the speed of that step matters because funds tend to keep moving. Each step has a cost, and the trail can end at accounts that are already empty, so the plan is adjusted as information comes in.
What we review first
We start with the timeline of the fraud, how the money was sent, and where it is believed to be now. We look at whether there are identifiable defendants in the United States, such as people who received funds, and whether a lawsuit here or proceedings abroad would be more practical. Cost is a real consideration in this kind of matter, and we discuss whether the amount at stake and the likely location of the funds justify each step. Bring your transaction records, all communications with the people involved, account statements, and copies of any reports already filed. We will be candid about what is realistic, including when working with law enforcement may be the more sensible path.
