Unfortunately, PayBack Ltd’s business is expanding, i.e. there are novelties on the company’s website aimed at deceiving more and more unsuspecting victims of cyber scams.
This Israeli-based company registered in August 2017 runs two online entities – PayBack Ltd (payback-ltd.com) and Money Back Ltd (money-back.com with the registration number 515711653). The directors behind this enterprise are Amir Geva and Daniel Poleb.
The company deals with consulting with victims of online scams and getting their money back. Generally, the way this process works, a victim books a free consultation with the company in order for the latter to determine whether the case is hopeless or not.
Some transactions simply cannot be reversed, thus there is no point in wasting both parties’ time. However, PayBack Ltd accepts all cases, which is really shady. On the website, the company claims that in the first quarter of 2023 alone, they retrieved 2,328,223 $.
We find this implausible. This number is most likely random. The Trustpilot testimonies PayBack Ltd listed on their website are fake as well but we’ll get into that later. As far as services go, PayBack Ltd has expanded the scope of offered services since our initial review. The types of scams that PayBack Ltd promises to help clients with include:
That’s pretty much any cyber scam. PayBack Ltd goes into detail about how each of these scams works and how could the company retrieve the money via chargeback. Based on the complaints we read, all of these alleged services are just a ruse, the purpose of which is to attract as many unfortunate victims as possible.
To reiterate how this scam works – PayBack Ltd accepts all cases and drags them on, for months or even years if needed. The company is interested only in getting paid, not recovering the money of scammed victims.
So this is basically a double scam. Operating a chargeback enterprise using two different websites kind of questions one’s transparency and credibility.
PayBack Ltd’s main targets are the unsuspecting victims who are under emotional stress and whose judgment may be clouded.
However, those warnings simply vanished. The FCA’s warning was issued in December 2019 and the FSMA followed up soon afterward. Our and other PayBack Ltd reviews reference these warnings. We secured a screenshot of the warnings in our original review so be sure to check it out.
Our assumption is that PayBack Ltd/MoneyBack Ltd initiated a legal procedure to force the FCA and the FSMA to withdraw their warnings. The main argument this company has is that the fund recovery business does not require a special license.
To our disappointment, PayBack Ltd probably won the case against the regulators since the warnings are nowhere to be found.
Nevertheless, the fact is that the warnings did exist, i.e. the regulators explained their stance but had to revoke the warnings due to legal reasons and the unregulated nature of the business. As many reviews covered this controversy, PayBack Ltd probably felt compromised and thus decided to operate through its dubious partner MoneyBack Ltd.
Please find the documented evidence of the warnings and read them. The FCA and the FSMA would not just issue these types of warnings out of boredom. Keep in mind that client complaints usually prompt regulators to react to cyber threats.
Two and a half years have passed since our original review so we decided to hop on the forums and see what PayBack Ltd clients and victims had to say about the company.
Although PayBack Ltd has a lot of positive reviews, which might be fake, there are some pretty critical negative comments and experiences. These cannot be swept under the rug. The websites we visited in search of client reviews are Trustpilot and Sitejabber. Let’s take a look at what clients complained about:
More than 2 years past since this useless company charged me a money and promising to get the lost money returned. I received 0.00$ finally. They are just pretending that doing something on your case… Don’t waste your money guys and don’t send a single dollar to Payback. all their promises are empty.
I lost $5,000 worth in crypto currency (Eth and BTC) back in August 2021, then I hired this company for $1,100 as they promised to recover my funds.
Since then, they haven’t recovered anything and in fact, they take weeks and up to months to reply to one email without solving anything.
2 YEARS !!! I WANT MY MONEY BACK!
As you can see, the two-year wait seems to be a common issue. There are many more reviews that state similar things.
I was scammed and this review refers to “Payback ltd” which is a real company in Israel who I trusted for months believing that they were really helping me… “Payback ltd” somehow manipulated Trustpilot to make themselves appear like a great company… Yes they are a real “legit” company but they are in Israel and they target clients in English speaking countries who couldn’t take any legal action against them.
All of these reviews were written relatively recently, which is why we consider them relevant. Pay attention to the bolded sentence in the Sitejabber review. The reviewer stresses that PayBack Ltd targets English speakers (situated in the UK, US, Australia, etc.) who cannot press criminal charges. It’s a tricky legal terrain.
We did some research to find out which countries in particular are on PayBack Ltd’s radar, i.e. where the clients of this company reside:
This explains why the FCA issued a warning in the first place. And we were right about how this fund recovery business works – PayBack Ltd accepts all cases, even those that have zero chances of success. Regardless of the outcome, the company takes the money and just keeps dragging on the case.
The answer is the same two and a half years later – no. You cannot trust PayBack Ltd in 2023. This company takes on hopeless cases and wastes clients’ valuable time, money, and energy.
The warnings were there and now they are gone. However, the complaints just keep appearing on the forums.
Fund recovery is not a regulated business, meaning you should rely only on companies that have an absolutely clean record. By that, we mean no complaints against them and no warnings from regulators.
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