Echo Refund is a recovery agency that apparently has over 90% success rate. They claim to mainly cater to the needs of the trading related fraud victims. Owners are unknown and after analysing their website thoroughly, we can assure you that the people behind this platform are not the kind of ones you can trust.
Literally, in every way, the information about the parent company is hidden and the actual whereabouts of their firm are unknown. Note that if you use their contact form, they will call you whenever it is convenient for them and to get in touch with them as and when you need is going to be a daunting task.
If you have any queries about them, then guess what? There is no way to get straight answers from them as they do not feature a dedicated support team. Also, the success fee and retainers they charge is not mentioned or specified and that gives them a lot of leverage over the clients.
By any chance if you think we have mentioned all of their flaws above, you got it wrong. The list of flaws we found were staggering and to our surprise, few blogs with anonymous backgrounds are even promoting it directly.
As far as helping the public goes, we do not think this firm is really set up for the benefit of the clients. To know everything about this shady firm and the ways they use to entice the online scam victims, continue reading.
Echo Refund Mission
People running Echo Refund firm appear to be masters of persuasion. They understand the mentality of fraud victims in a better way and that allows them to easily scrape through the objections list. In terms of marketing, do they know what they are doing?
And that allows them to reach a large number of people. From a customer’s perspective, this firm might seem like the real deal which is on a mission to help people and make scam brokers pay up, but the available data and theories say otherwise. Trading and making money online schemes have a lot in common.
Both types of scams try to invoke the greed of the visitors and it goes without saying, they always end in disaster. On the other hand, due to the nature of the internet and how easy it is to set up brokerage firms from a few locations, the scammers are making a fortune by pushing the easy money narratives.
Regulators have stepped in and tried their best to bring the situation under control. Sadly, the ingenious criminal minds have prevailed and that’s the sad part of reality. Echo Refund claims to help the victims of online scams with their special skill set.
However, the main problem is that they do not have any solid data or tangible proof to back up their statements. In the following sections, we will drill a few disturbing facts about them which will expose their real nature.
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Echo Refund Process
At first glance, by looking at the way this platform talks about the chargeback process, few people might blindly trust them. Using fancy words and mentioning a few technical details is a dirty old trick a lot of firms follow in the recovery sector. You need to understand that the devil is in the details and unless you cross verify the information, do not give anyone the benefit of the doubt.
Chargebacks in simple words is a process designed to help the victims of fraudulent transactions. It enables people to dispute the transactions wherein the vendor or the service provider hustled the customer by acting in misleading ways or sold a product using false promises.
This type of arrangement has existed for decades now and there are few legit firms that have a high success rate. The Echo Refund refund process is split into three ways. First and foremost, a victim has to get in touch with them via contact firm only and input a little confidential information. Once they have received the information, they will apparently run a thorough check and contact the counter-party to hear their side.
If they gather enough details to back up the customers, then they will notify them and share the details of the available options. After they have expressed their take on the matter, customers can decide which course of action to take. This platform supposedly has good connections with lawyers and other analysts that provide them actionable data and deliver results.
On their website, they even say that they have connections with over 500 banks and financial institutions. Once again, they have not bothered to provide any proof and all talk and no show is their only policy. For argument ‘s sake, let us say that we are willing to give them the benefit of the doubt, nonetheless the next point is a deal breaker.
The way they give money back to the victims is also unknown. Things like retainer fee and success fee are not mentioned and they have a high degree of control that enables them to dictate the situation in any way they want. Lack of transparency is present in almost every activity done by them and that is not a good thing for the end consumers.
Unproven Success Rate
Numbers rule everything. From golden ratio to literally just about anything and everything in life revolves around numbers. Humans are inclined towards trusting the claims with numbers attached and there are numerous studies to justify it. Many companies in the recovery space use high numbers to attract customers.
It is a common tactic which a lot of fraudulent and unethical platforms employ and sadly, it does work most of the time. This firm flaunts about their success rate on their website and apparently the score is over 90% which is insane. Looking at their claims, we can easily assure you that either their sample size is too small, data is heavily skewed or they are blatantly bluffing.
Recovery agencies in particular have a lot on their plate. They have to work with analysts, private investigators, accountants, lawyers and not every case is the same. Variables are simply way too many and keeping everything in mind, a success rate of over 50% or 60% is simply not possible to sustain over the long run.
We are not revealing the real numbers to scare you off, but we do want everything to be transparent and that is our end goal. Online scams are evolving all the time, law enforcement authorities cannot keep up with criminals for obvious reasons.
In this digital era, do not trust any agency that remotely suggests a high success rate. After all, you should never associate yourself with anyone that is willing to lie just to get your attention, right?
Exaggerated Claims
This firm claims to have recovered over 2 million dollars in 2020 alone. Given the fact that tens of millions of dollars are lost to scams every single day, their claim did not appear striking. However, when we took a close look at the details and the small stuff, the truth came out and it was not pleasant.
First of all, they do not provide any evidence to back up their statement. Secondly, the identities of their clients are not shared. Lastly, their website registration reveals that the domain was purchased around October 2020.
Recovering 2 million dollars within 2 months is not something which is in the realm of possibility for a new firm, right? Exaggerated claims made by them are too aggressive. People that are not familiar with this space might fall for the fancy traps, but the experienced ones will see right through their flaws and manufactured stories.
Now, ask yourself, do you really want to continue with a company that uses a lot of gimmicks and overstates their numbers on purpose? Isn’t it better to simply look for other reputable ones in the sector that are going to provide you a hassle free experience?
No Information about Fees
The list of flaws of this platform is a big one. We might oversee a few things, but a lot of them are concerning and that is not the kind of trait you want to see especially when a person is already a victim of a scam. One of the biggest uncertainties with Echo Refund is that they do not discuss the fees at all.
We totally understand that the variables in this line of work are many and they simply cannot be estimated accurately all the time. However, they should give the client a rough idea about the costs involved so that they can decide accordingly.
To offer consultation or any other service that is marketed as free, it takes a lot of errors and money. So, to keep themselves from going bankrupt almost every company in this sector charges a retainer fee. Retainer fee is something that the firm gets to keep regardless of whether they are successful in their attempts or not.
Note that the concept of retainers is a straightforward one and it is not an issue by any means unless people try to profit from it. Success fee also varies quite a bit from one company to another. Typically, the success rate ranges between 20% to 30%, but it can go near 40% in some cases.
Clearly, recovering stolen or lost funds is no joke and it can be an expensive mistake if you do not know which firm to choose. So, do thorough research and compare the prices of top firms and stick with the one that fulfils most of your needs at a pocket friendly price.
Shady Testimonials
On their platform, there are a few positive testimonials. If you take a look at the comments, it becomes obvious that they are all too optimistic and they paint this firm in a good way. Clients seem to be happy with them and are expressing their joy with the crowd using very persuasive words. While there is nothing wrong with displaying testimonials, the creators should not employ phony ones.
Echo Refund cherry picks the user testimonials and displays it on their website. Their team has done everything it takes to make sure that a lot of eyeballs see the testimonials section as social proof is a very strong indicator. Apart from their platform, we could not find user testimonials about them anywhere.
We searched the social media platforms and forums for hours, but still did not find anything relevant to them. Moreover, the user profiles of the ones mentioned on their website are not verifiable. So, the only logical choice is to assume that there is something shady going on.
On the other hand, think for a moment. Why would this firm enhance their profile via user testimonials without providing a way to verify the stories? Do you really believe any legitimate organization would operate in this manner?
Should you trust Echo Refund?
Echo Refund is a vague agency. Their team members are not known to the public. Track record of this platform is highly questionable and their claims are nothing short of a miracle. Plus, the domain data and authority is not that strong. Apart from a few possible affiliate sites, no channel or blog is promoting them.
Shady policies by itself might seem like a bad thing, but this firm is operating without any policies to begin with and that means they can twist things whenever they want. There are just so many things out of place about them. From their traits to fees, you have to make sure you check everything and even then you cannot fully trust them.
Losing money to fraudulent and dubious schemes and sketchy vendors is an event that affects a person both mentally and financially. Nonetheless, never allow the damage caused by one scam to lead you to another one. Always do in-depth research about the agency you want to indulge with and let data speak for itself.
In case you have lost money to any online scam, investment scheme, then use the contact form below to get in touch with our team. Unlike most firms out there, we work solely for the collective good of our audience and we never charge for any of our services. Input a few details and our staff will get back to you with an action plan applicable for your situation.
Verdict
Echo Refund is a firm that bluffs about a lot of things. They certainly are not trustworthy and some of the marketing methods they employ can be considered outright concerning. Anonymous profile of the top employees combined with unclear policies means anyone that proceeds with them is bound to get into trouble sooner or later.
Even their accomplishments are not verifiable and as far as social proof goes, it is hard to come across any quality data. One or two websites are publishing positive reviews about them and they appear to have affiliate relationships.
However, in the end we can assure you that proceeding with them is not a good idea at all. Our best advice to you is to stick with reputable firms that have got not only good ratings but also proven track records.
Of course prevention is better than cure and it pays to be cautious while navigating the web. Nonetheless, if you fall for any trap, do not panic or give up. Just make sure you know your rights and if you are finding it difficult, talk with an attorney.
Echo Refund is blatantly lying about their success rate. Due to a lot of uncertainties present in their business model, it is better to avoid them.
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