Timeshare Recovery Room Fraud

If you’ve been victim to a timeshare fraud, be on guard, you may be targeted again.

The National Fraud Intelligence Bureau (NFIB) have issued a warning of the dangers of “Recovery Room” fraudsters, targeting previous victims of timeshare fraud.

“Recovery Room” fraud is a scam which sees fraudsters contact victims of previous timeshare frauds, usually claiming to be legal professionals. They offer to help recover money lost in previous scams.

How they find you & what they ask

The fraudsters are often reported to have contacted victims by cold-calling them, pretending to be calling from the country where the original timeshare property was based.

It is reported that a small fee, typically between £200 and £400 is requested. This is asked as an initial payment for ‘local taxes’ or ‘litigation costs’ which the fraudsters usually claim is refundable on a ‘no win no fee basis’.

Many victims pay this fee upfront, viewing the fee as small in comparison to the amounts which they could possibly recover. But once the initial payment is made, various excuses are made by the fraudsters as to the delay in recovering the money.

Further fees are often requested from the victims but invariably their money is never recovered.

Might appear to be legitimate

This scam can appear legitimate, particularly as the fraudsters have personal details about the victim and their previous timeshare investment, which makes the fraudsters look credible.

In fact, it is suspected that they have this information as often those behind the “Recovery Room” scams are the same people involved in the initial scam.

Previous victims of timeshare fraud are warned to ensure they are vigilant, even if the original crime was committed several years earlier.

How do I avoid the fraud?

The advice given by the NFIB to protect yourself from this type of fraud is:

• Never respond to unsolicited phone calls
• Always research the organisation or company contacting you. Ensure that the website, address and phone number are legitimate
• Be mindful that a professional-looking website may still be illegitimate as creating a professional website is now easily affordable
• Be wary of firms or individuals requesting advanced fees

If you are uncertain, consider seeking independent legal or financial advice.

What do I do if I have been a victim of the fraud?

If you suspect that you have been a victim of this fraud, you can report it online at http://www.actionfraud.police.uk/report_fraud or by telephone, on 0300 123 2040

This article is for general information purposes only. It does not constitute technical, financial, legal advice or any other type of professional advice and is no substitute for specific advice based on your individual circumstances. We do not accept responsibility or liability for any actions taken based on the information in this article. For more information, please click here.