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FRAUD ALERT – Double Dip Scam & Victim Lists

Recovery Scam victim

The recovery pitch scam, more commonly known as the double dip scam, involves a consumer or investor that has previously lost money in a fraudulent situation. Scammers will target these individuals with the claim that they will be able to recover all or some of the funds lost in the previous scam. Sometimes the caller is the person who scammed the individual in the first place.  The scam artist may portray themselves as members of law enforcement or other type of authority to gain credibility.

One of the ways these scams are made possible is the use of victim lists. The victim list increases the chances that someone who previously lost money, will be targeted again. When a consumer or investor has been duped into sharing money, or even personal information, their name is often added to a “victim’s list”, which is then shared or sold among various underground scam artists. These scam artists then start contacting the individuals on the list with various suspicious pitches in the hopes they will fall victim again.

How to recognize the Double Dip Scam:
  • Being contacted out of the blue – ask the question, who is the person calling? How did they get my contact information? We frequently tell our young ones not to talk to strangers, the same goes for unsolicited contact.
  • Promises that sound too good to be true – ask the question, does this sound like something legitimate, or is this a promise that overpromises?
  • Being pressured to act quickly – ask the question, have I had time to think this through? Regardless of what promises they make to try to entice you, it’s always best to take the time to ask questions, shop around and make sure you understand what you are agreeing to.
  • Unusual payment methods – ask the question, why are they asking me to pay with bitcoin or gift cards? Scam artists like quick and easy payment methods that are hard to trace, and almost impossible to undo. Being asked to pay with anything other than money is a red flag of fraud.
What to do if you receive a Double Dip scam call:
  • Disregard the call or hang up.
  • Do not provide personal information, credit card numbers, or other financial information to the scammer.
  • Report the scam to the Canadian Anti-Fraud Centre.
Where to report the Double Dip scam:

Report the scam to the Canadian Anti-Fraud Centre and to FCNB.

Learn more about how to report fraud and where to report fraud.

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