MoneyBack and PayBack – more fund recovery ventures from Tel Aviv

The origin of the fraudulent Binary Options and Forex industry lies in the Israeli startup scene around Tel Aviv. This is now accepted knowledge. Israeli scammers have expanded their business model globally between 2010 and 2018, spreading their boiler rooms geographically. They defrauded hundreds of thousands of retail investors out of billions of dollars. Now, the center of the global fund recovery business is in Tel Aviv. Like Wealth Recovery International (WRI) of Austin Smith, some of them have turned out to be scams or fraudsters. Others like Action Refund, Money Back, or Pay Back are being under our investigation. Stay alerted and super-cautious. We’ll keep you updated!

Money Back Group with Pay Back

A few days ago, we received an angry complaint from an Arab scam victim. Call center agents contacted him from Money Back Ltd (www.money-back.com). In the acquisition talks, he was assured that his money could be recovered. Hence he has transferred almost $22,000 to MoneyBack but has not seen any success in recovering his funds. In his opinion, MoneyBack is a scam. Well, maybe this is just a disgruntled customer, but maybe not. We will take a closer look. Information is always welcome.

In fact, Money Back Ltd is working with and/or is doing business as Pay Back Ltd. Both entities are given as operators of the websites www.payback-ltd.com, www.payback-law.com, and money-back.com). According to the websites, both companies have their offices at the same address Ben Gurion Rd 38, Ramat Gan in Israel. The PayBack Law website (www.payback-law.com) gives an address in Florida as its location, implying respective activities in the U.S. The directors and beneficial owners of the Money Back Group are Amir Geva and Daniel Poleb. Allegedly, Pay Back has returned 100% of funds to 89% of its clients. Impressive, isn’t it?

Amir Geva is also one of the authors of Claim International (www.claim-international.com) made by Israeli agency WDM – Web Design Marketing (website). The websites of Money Back and Pay Back were made by this agency too.

The vanished FCA warning

The UK Financial Conduct Authority (FCA) has issued a warning against Pay Back Ltd a/k/a Payback Limited in December 2019. Subsequently, consumer protection sites (see Leaprate) and regulators in Germany and other countries have also warned against the scam. The warning has disappeared from the FCA website, but many other websites on the Internet still reference it.

We assume that Pay Back‘s (a/k/a PayBack a/k/a Money Back) lawyers have intervened with the FCA. Fund Recovery is just not a business that requires a license. It is also, unfortunately, unregulated.

In the view of the somehow damaged Pay Back brand, it makes sense to work through the “partner” Money Back.” There is still no warning.

Preliminary Conclusion

Victims of scams are often in a psychological and financial extreme situation and reach for every lifeline. Fund recovery companies know this too. Unfortunately, most fund recovery companies are either directly affiliated with scam operators, former scammers, or just another boiler room scam looking for easy victims. Only very few fund recovery experts are sincere. We, therefore, advise extreme caution and this also and especially applies to Money Back (a/k/a MoneyBack) or Pay Back (a/k/a PayBack).

The FinTelegram Research Team is currently investigating Action Refund, Money Back, Pay Back and other Fund Recovery Ventures and will report as soon as possible. Our contacts in Israel have already provided documentation which we are currently evaluating. Then we will be able to give a fact-based answer to the question if they are scams or serious ventures.