Is Scamback.com Legit or a Scam? | Review
Author: James Greening
The number of victims losing money to Crypto Investment Scams has been increasing significantly each year. As a result, there are many organizations, both legitimate and dubious, offering to help victims recover their lost money.
We came across a site called Scamback which is putting a unique spin on trying to help victims get their funds back. Scamback claims to have created the $BACK token in which scam victims can invest and enter a ‘lottery’ to get back the amount they lost to investment scams.
However, we found several signs suggesting that Scamback’s $BACK token may not be a legitimate investment and rather a scam itself. Looking at the domain registration information, we can see that the site was created very recently in February 2022. The registrant’s details such as name, location and contact information have been hidden using a paid service. Therefore, it is a brand new website that is being operated anonymously.
When we look at how the creators of Scamback plan to help scam victims recover their money, a few problematic facts emerge. The scheme depends on investors buying the token and staking it, following which they will be entered into a lottery to potentially get back the same amount they lost. Therefore, it appears that investors' funds will be pooled and staked, in theory creating a profit that will be used to give victims back more money than they put into the scheme. It is an investment scheme wearing the guise of a lottery.
When we look further into the scheme, there are indications that it might actually be a Pyramid scheme. This means that money from new investors is used to pay old investors. The website also mentions a ‘tiered system’ and that the creators expect that new members will forever be joining the scheme. In addition, investors are given bonuses for tokens bought by people they refer. All of these are classic hallmarks of fraudulent pyramid schemes.
When I visited the website, it mentioned that the token had a pre-sale going on. However, when I checked Pinksale, I found that the pre-sale had been cancelled. Despite this, the timer on the website was still active.
The ‘whitepaper’ given on the website mentions that all the team members of the project are KYC verified. Looking at the LinkedIn profiles given on the website casts doubt on whether these people actually exist at all. The team members have no online footprint and their LinkedIn profiles contain absolutely no information about their educational backgrounds or work experience. Therefore, it does not seem like the project creators are being truthful about their identities.
The website does not contain any company information such as name, address or contact details. The only way to communicate with the scheme managers is through anonymous channels, namely, Twitter, Telegram, Instagram and Discord. These channels do not provide any proof about the scheme or team members being legitimate.
No reviews for Scamback could be found online on sites like ScamAdviser and Trustpilot.
Considering all the facts given in this article, it may be wise to avoid investing in Scamback’s $BACK token to recover the money you lost to a scam, as Scamback itself may turn out to be a Pyramid scheme where investors on lower tiers suffer massive losses.
This article has been written by a scam fighter volunteer. If you believe the article above contains inaccuracies or is missing relevant information, please contact ScamAdviser.com using this form.
Report a Scam!
Have you fallen for a hoax, bought a fake product? Report the site and warn others!
Scam Categories
Help & Info
Popular Stories
As the influence of the internet rises, so does the prevalence of online scams. There are fraudsters making all kinds of claims to trap victims online - from fake investment opportunities to online stores - and the internet allows them to operate from any part of the world with anonymity. The ability to spot online scams is an important skill to have as the virtual world is increasingly becoming a part of every facet of our lives. The below tips will help you identify the signs which can indicate that a website could be a scam. Common Sense: Too Good To Be True When looking for goods online, a great deal can be very enticing. A Gucci bag or a new iPhone for half the price? Who wouldn’t want to grab such a deal? Scammers know this too and try to take advantage of the fact. If an online deal looks too good to be true, think twice and double-check things. The easiest way to do this is to simply check out the same product at competing websites (that you trust). If the difference in prices is huge, it might be better to double-check the rest of the website. Check Out the Social Media Links Social media is a core part of ecommerce businesses these days and consumers often expect online shops to have a social media presence. Scammers know this and often insert logos of social media sites on their websites. Scratching beneath the surface often reveals this fu
So the worst has come to pass - you realise you parted with your money too fast, and the site you used was a scam - what now? Well first of all, don’t despair!! If you think you have been scammed, the first port of call when having an issue is to simply ask for a refund. This is the first and easiest step to determine whether you are dealing with a genuine company or scammers. Sadly, getting your money back from a scammer is not as simple as just asking. If you are indeed dealing with scammers, the procedure (and chance) of getting your money back varies depending on the payment method you used. PayPal Debit card/Credit card Bank transfer Wire transfer Google Pay Bitcoin PayPal If you used PayPal, you have a strong chance of getting your money back if you were scammed. On their website, you can file a dispute within 180 calendar days of your purchase. Conditions to file a dispute: The simplest situation is that you ordered from an online store and it has not arrived. In this case this is what PayPal states: "If your order never shows up and the seller can't provide proof of shipment or delivery, you'll get a full refund. It's that simple." The scammer has sent you a completely different item. For example, you ordered a PlayStation 4, but instead received only a Playstation controller. The condition of the item was misrepresented on the product page. This could be the