Pay Back Ltd. Review 2020: Multiple Warnings from Financial Regulators

pay back ltd

Pay Back Ltd is an online company that advertises funds recovery services. We are warning all our readers to stay away from this company. They offer free consultations, which are supposed to let them filter out hopeless cases and only pursue those with a chance of success. They do not do this. This company takes any case, dragging them out even when it is clear they will not succeed.

After a little digging, we discovered that the same company operates this website as the almost identical website Funds Recovery. They don’t acknowledge this fact, casting doubt on everything they claim. Pay Back Ltd has warnings against it from both the UK’s Financial Conduct Authority and Belgium’s Financial Services and Markets Authority. Its sister firm Funds Recovery has been warned against by the FSMA but has not yet been named explicitly by the FCA. We can only assume that the two websites, run by the same company, are engaged in the same practices. We believe these warnings are reason enough for anyone to steer clear of Pay Back Ltd.

Reputation – 1/5

A warning from the FCA is extremely serious, and a warning from the FSMA casts further doubt on this company. We don’t trust the services of Pay Back Ltd. Their longstanding reputation is that they should be avoided at all costs.

Credentials – 2/5

The FSMA’s warning states that Pay Back Ltd is a cloned firm, meaning they are using another legitimate companies name. All of their credentials are fake, stolen from a legitimate company. They are trying to trick people into thinking that they are legitimate.

Public Opinion – 2/5

Pay Back Ltd has a number of phony testimonials on their website. The real online user reviews call out this organization as a blatant scam. Their past clients have made it clear that nobody should be using their services.

Transparency – 1/5

The company behind Pay Back Ltd and Funds Recovery don’t want their clients to know they’re operating both websites. This kind of deception shows that nothing this company says can be trusted. There is no transparency at all. If you do business with this company, you will have no idea what they are doing with your information.

Success Rate – 2/5

This company takes on every case they’re offered. Some of these cases have absolutely no hope of leading to a refund. They take it anyway, charging the customer and doing nothing but wasting their time. If you bring your case to Pay Back Ltd, you will have no way of knowing your actual chances of success.

Pay Back ltd fca warning

Services Offered by Pay Back Ltd

The company pegs itself as an effective agent that can work on behalf of victims of online fraud. Their lack of transparency in operating two parallel websites leads us to question their claims. They offer their potential clients free consultations to see if their situation is the organization’s right fit. At least that’s their stated reason. In reality, they take every case even if it isn’t the right fit. They don’t care about helping victims. They want more paying clients. Pay Back Ltd claims to have retrieved upwards of $350,000 for clients in September of 2020 alone, and we really doubt that to be true.

Their website hosts a few customer reviews that look at what type of client Pay Back Ltd is looking for. These reviews say that people who have lost substantial savings to forex, binary options, and other investment scams have successfully recovered their funds with Pay Back Ltd. Of course, these are on their own website, with no way to verify their authenticity. These kinds of fake testimonials are extremely common online.

The Team at Pay Back Ltd

The company states that they have a team of experts from a wide field of disciplines. This diversity of expertise helps them better provide quality services to their clients. They say their financial fraud experts are familiar with many types of online financial scams, such as binary options forex and crypto. There’s no way to know if this is true, and it wouldn’t matter either way because they take on your case regardless of what these “experts” think.

A Warning from the FCA

 The FCA has released a statement regarding the operations of Pay Back Ltd. The report says that they “believe this firm has been providing financial services or products in the UK without our authorization.” The UK has some of the best investor and consumer protections globally, with the FCA serving as the ever-vigilant watchdog for any potential hazards. Any organization that offers financial services to residents of the UK must do so with the FCA’s authorization. They strongly advise against dealing with any financial firm that does not have that approval.

Pay Back Ltd does state on their website that they cannot advise, refer, or assist in any way any residents of the UK. While this is certainly a better sign than an organization that would flagrantly act against the FCA regulations, it is disconcerting that a financial firm wouldn’t be able to operate in one of the worlds leading nations in finance. The FCA also says that Pay Back Ltd appears to have no affiliation with the UK registered company Payback Limited, and that “it appears scammers are falsely claiming the name of this UK registered company.”

A Warning from the FSMA

The FSMA has gone further than the FCA’s statement that Pay Back Ltd is not registered. They have issued a specific warning alleging that the company is operating a type of recovery room fraud. The FSMA says that they have seen a surge in these scams in the past few months. They say that the scam revolves around charging various advance fees before any funds recovery work is done and not delivering any results for the customer. This kind of fraud is a huge red flag that everyone should avoid this company.

The regulator explicitly alleges that Pay Back Ltd operates unlawfully and has warned the public against doing business with them. They also say that the company is a cloned firm, a firm that has copied an authorized firm’s identity to deceive clients. They recommend that people avoid firms charging advance fees and any that have made unsolicited contact.

Pay Back Ltd’s Charge Back Services

The main area that Pay Back Ltd emphasizes is their work in chargebacks. Chargebacks are a process where an account holder requests that a bank or payment processor reverse a transaction, retrieving their funds. It is a powerful tool against online scammers when applied in the right situation. This company takes on any clients, even when they know a chargeback won’t work.

The Final Word

Pay Back Ltd seems to offer a fairly standard array of financial recovery services with the usual sales pitch most fund recovery websites provide. The warnings from two different financial regulators, while not any definitive proof of any wrongdoing, are a sign that any potential clients should be wary of this organization. They don’t screen new clients, taking on hopeless cases that will waste your time and money. This company can’t be trusted at all, and nobody should be doing business with them.