Vietnam Police Alert: Two-Stage Investment Scam with Fake Lawyer Recovery Schemes

Overview of the Scam

Recently, investment opportunities involving gold and precious metals have proliferated through social media, messaging apps, and online trading platforms. Scammers promise high returns, quick profits, and low risk to lure victims into these schemes.

Initial Stage of Fraud

Scammers build trust by posing as financial consultants or experts, posting testimonials about profits, and creating investment groups with multiple accounts discussing opportunities. In some schemes, victims are allowed to withdraw a small initial amount to establish credibility before being encouraged to invest larger sums.

When participants attempt to withdraw funds, scammers cite reasons such as fees, account verification, or completing transaction conditions to demand further transfers. Continuing to comply with these requests puts victims at risk of losing additional assets.

Secondary Fraud—"Recovery Scams"

More concerning is the two-stage scam targeting victims of the initial fraud. Scammers exploit victims' anxiety and desire to recover lost funds by:

• Impersonating lawyers, financial experts, or asset recovery specialists
• Promising rapid fund recovery or full restitution
• Presenting seemingly professional procedures, then requesting advance service fees, verification charges, or sensitive information (passwords, bank accounts, authentication codes)

Warning Signs

Investment decisions should never be based solely on advertisements, displayed returns, or social media information. Displayed account balances, promised profits, or initial successful withdrawals do not confirm that an investment is legitimate or safe.

Red flags include:

• Service providers with unverifiable identities or unclear legal status
• Requests for advance payments or disclosure of sensitive information
• Promises of unusually high returns

Prevention Measures

Before Investing

• Thoroughly research the investment service provider
• Verify the legality of the investment activity
• Confirm information through official channels
• Be cautious of abnormally high-profit promises

What NOT to Do

• Never share passwords, OTP codes, or bank login credentials
• Do not access links from unknown sources
• Do not install applications from unverified sources
• Do not allow others to control your device remotely
• Never pay advance recovery fees to unverified individuals or organizations

Daily Practices

• Do not rely solely on advertisements, displayed returns, or social media information
• Do not send additional funds to claim profits, unlock accounts, or complete withdrawals without verification
• Avoid making hasty investment decisions

If You Suspect Fraud

Take these steps immediately:

1. Stay Calm: Maintain composure and stop following the scammer's instructions
2. Contact Your Bank: If money was transferred, immediately notify your bank or payment service provider and request assistance
3. Report to Police: File a report with the nearest police station
4. Preserve Evidence: Keep records of:
   • Transaction receipts
   • Recipient account details
   • Phone numbers and social media accounts used
   • Links and communication content

This information is essential for police investigation and recovery efforts.

Conclusion

Investment scams are evolving, with secondary fraud targeting victims seeking to recover losses. Maintaining constant vigilance, thoroughly verifying investment information, and avoiding hasty decisions driven by urgency are essential for self-protection.