How to Spot Illegitimate Recovery Agencies — And Why We at SIRAC Are Different

By Christopher Kincaid, Chief Investigations Officer at SIRAC

If you’ve ever searched online for help recovering stolen crypto, funds from a scam, or lost assets — you probably encountered dozens of agencies offering “recovery” services. Many portray themselves as saviors: professional, experienced, able to “get your money back.” But all too often, those promises are empty. Instead, you may be dealing with a second scam — one that preys on already traumatized victims.

At SIRAC, we believe in transparency, ethics, and real, accountable action. We want to highlight what to watch out for, and why we consider ourselves among the few recovery agencies truly worthy of that name.

🚩 Common Red Flags of Scam / Bad-Faith Recovery Agencies

From our experience — and from analysis of known scam operations — here are the most common signs that a recovery agency is likely fraudulent or acting in bad faith:

1. Upfront or advance fees

   • They ask you for a large fee or “deposit” before any work is done.

   • Often, once paid, those funds disappear along with the so-called “agency.”

   • Real asset recovery is complex, often uncertain — legitimate firms never promise results in exchange for large upfront payments.
     

2. Vague or overly “perfect” promises

   • Claims like “100% recovery guaranteed,” “get your crypto back in 48 hours,” or “funds recovered for thousands of clients.”

   • These are rarely realistic. True recovery – especially of crypto – is difficult. Good firms are honest about that.
     

3. Anonymous operators / hidden identity

   • No team names, no verifiable credentials.

   • Company addresses, phone numbers, and contact details are either generic, fake, or hidden.

   • Use of free email addresses (Gmail, ProtonMail, etc.) instead of corporate domains.
     

4. Fake reviews or testimonials

   • Glowing “success stories” with no verifiable references.

   • Large numbers of five-star reviews launched in a short period (often artificially created).
     

5. Pressure tactics & urgency

   • You get cold-called, messaged on social media or WhatsApp.

   • They push you to pay immediately, “before more is lost.”

   • They may threaten you (“you’ll lose your chance,” “you’ll never get your money back otherwise,” etc.).
     

6. Requests for sensitive information

   • Asking for private keys, wallet recovery seed phrases, full account credentials, or remote desktop access (e.g., AnyDesk).

   • These should be immediate deal-breakers. Legit agencies don’t need your private keys; you never give those out — if you do, you risk losing everything anyway.
     

7. Lack of verifiable presence, regulation or accountability

   • Domain recently registered.

   • WHOIS information hidden.

   • No past track record, no legitimate legal or law-enforcement affiliations.

   • You cannot find credible information about them outside their own site.
     

In short: when something smells too good to be true, it almost always is.

These tactics are not just theoretical. A 2024 study of “cryptocurrency-based technical support scams” found that many so-called “recovery agents” — contacted victims via social media or email, asked for payments, and sometimes even requested private key phrases. Why SIRAC Operates Differently — Our Principles & What Sets Us Apart

At SIRAC, we operate under a very different model. Here's what makes us different and why we believe we are — and remain — at the top of legitimate recovery agencies globally.

• No upfront fees. We work on success-based or contingent fees. Our clients only pay once recoveries are made (or when meaningful progress is achieved).

• Full transparency. We provide clear explanations of what can and cannot be done; we explain the risks; we document each step; we keep you informed.

• Verified identity & accountability. We are a registered, legitimate firm; our leadership and team members’ credentials are verifiable. We do not hide behind anonymous email addresses or shell companies.

• Ethical and forensic-based approach. Our methodology relies on lawful, traceable forensics, cooperation with law enforcement and—where relevant—legal processes. We do not ask for your private keys, passwords, or seed phrases.

• Realistic promises. We never guarantee 100% recovery or quick turnaround. Instead we provide honest assessments of likelihood and the steps required.

• Protective client-first approach. We warn clients about scams. We are deeply conscious that many of those contacting recovery agencies have already been victims. Our priority is to help — not to exploit.

• Global track record & reputation. We have been featured in trusted publications, have case studies, references, and long-term relationships.
  

In short: at SIRAC, we don’t treat recovery as a marketing pitch. We treat it as serious work, often difficult, often uncertain — but always done with integrity. Case Studies: Why Some So-Called "Recovery Firms" Are Worse Than the Scams You Already Fell For To illustrate these points, let’s look at two firms currently active — BDO Global Forensics and CipherTracers — and why they raise serious red flags.

BDO Global Forensics — A Fake Use of a Reputable Name

• Impersonation of BDO (a real global accountancy / forensics firm): The real BDO warns that several look-alike websites (including bdoglobalforensics.com or bdo-globalforensics.com) are fraudulent.

• Unauthorized use of name & branding: WIPO (World Intellectual Property Organization) has held that such fake domains — which mimic BDO’s registered trademark and visual identity — constitute passing-off and are often used in phishing or fraud campaigns.

• Low trust score: ScamAdviser flags bdo-globalforensics.com as having a “low” trust score, noting the domain’s age is very recent, WHOIS information is hidden, and there is a high risk due to crypto-services presence.

• No legitimate affiliation: The real BDO’s official site is https://www.bdo.global, and real BDO has publicly warned consumers to avoid these look-alike websites.
  

Real BDO Contact InformationIf you wish to verify any contact claiming to be BDO, always go through the official global site: bdo.global If you come across a site operating as “BDO Global Forensics,” treat it as fraudulent. Do not share personal information, send funds, or respond to any offers. CipherTracers / Ciphertrace.com — Recovery Promises That Are Broken

• Poor reviews & widespread complaints: On Trustpilot and Sitejabber, the vast majority of reviews are negative: many former “clients” call CipherTracers a “total scam,” saying they lost more money after using them.

• Allegations of scams from clients: Many former clients say that after paying initial “fees” or “wallet-activation” payments, the company stopped communicating, delayed repeatedly, or disappeared entirely — without returning funds.

• Recovery results are unverifiable: Even though their website claims large numbers of “funds recovered” and “cases resolved,” these claims don’t hold up when you look at independent reviews and user experiences.

• Conflict in public information: Some pages on CipherTracers say they don’t handle individual recoveries but only provide “intelligence tools” — a direct contradiction to their marketing.

• Given the above, engaging with CipherTracers is high-risk. Many people end up losing more money than they originally did.
  

Conclusion — Be Skeptical. Ask Questions. Protect Yourself.

If you’re still searching for help with a lost investment or stolen crypto: that’s understandable. The stress, panic, and desperation you may be feeling can make even a dubious “rescue offer” look appealing. But this is precisely what scammers count on.

Before trusting any recovery agency, ask yourself:

• Can I verify their identity independently (company registration, team credentials, reviews outside their site)?

• Do they demand money upfront — before doing any real work?

• Are their promises too perfect? (100% success, instant recovery, zero risk.)

• Do they ask for private keys, account credentials, or remote-access software?

• Are there verifiable, credible, independent reviews — or mostly 5 ⭐ testimonials?
  

If the answer to any of these is “yes,” be very cautious.

At SIRAC, we operate by a different standard — one rooted in ethics, transparency, and realistic expectations. We believe real recovery is not a marketing slogan, but careful, serious, often painstaking work. Still, even we do not guarantee “get your money back.” What we guarantee is honesty, diligence, and doing everything in our power to help.

If you ever need guidance or an honest assessment — even before you sign anything — we’re here.

– Christopher Kincaid, Chief Investigations Officer at SIRAC