What to Do If You Are the Victim of a Scam
03/06/2024
What to Do If You Are the Victim of a Scam
What you do after you become the victim of a scam is just as important as preventing fraud and scams in the first place. If you or a loved one has been scammed, it is important to not feel embarrassed and to seek immediate action.
Your first priority should be to limit any further potential loss.
- End all communication with the scammer.
- Call the affected institution.
- Change usernames and passwords.
- Review recent banking activity.
If possible, turn on multi-factor authentication for your accounts. Depending on what information or money was given to the scammer, there will be a specific course of action you should take. Here is what the Federal Trade Commission (FTC) recommends:
If you paid a scammer by…
Credit or Debit Card: Call the company or bank and report the charge.
Gift Card: Contact the company that issued the card and say it was used in a scam. They may be able to return funds if you still have the card and purchase receipt. This is not guaranteed; most of the time funds will be lost.
Wire Transfer: Contact the wire company or your bank and report the transaction. See if they can stop or reverse the wire.
Transfer App: Report the transaction and see if they can reverse the payment. If you linked your credit card to the app, call the issuer and report the fraud, get the card cancelled, and see if they can help reverse the charge.
Cryptocurrency: Transfers of cryptocurrency are not reversible unless the person willingly sends it back.
Cash: If sent by mail, contact the U.S. Postal Inspection Service and ask them to intercept the package. If you used another delivery service, call and see if they can stop delivery.
If you gave personal information like…
Social Security Number: Visit identitytheft.gov for the proper steps to take. You may want to freeze your credit or invest in other monitoring products.
Banking Username and Password: Contact your financial institution and set up a new username and password.
Full name, Birthdate, etc.: Keep an eye on your credit report, bank statements, and mail for signs of identity theft.
If you gave access to a…
Computer or Device: Update your security software and delete any files your computer finds suspicious. You may even want to return the device to factory setting to uninstall any malware.
Once you have limited further potential loss from the original scam, beware of recovery scams. There are many scam websites and criminals that will prey on people in a vulnerable state after the initial scam to further defraud them. These scammers will promise to be able to get your money back, regain access to a hacked account, or “fix” your malware infected devices. Our advice is to only contact well-known companies and institutions at numbers you know. Furthermore, it may be helpful to ask a family member or friend to help you through this difficult time.
Lastly, report the scam to the authorities. If necessary, report the fraud to the police, your Secretary of State, and the FTC. You can report fraud online to the FTC at ReportFraud.ftc.gov. Be sure to keep copies of any pertinent information to help the authorities such as:
- Names, titles, positions, and organizations.
- Copies of communication.
- Phone numbers, email addresses, or mailing addresses.
However, DO NOT ever reach back out or accept any further communication from the scammer to help catch them.
If you or a loved one has been the victim of a scam, know that your financial institution is on your side and wants to help. The Savings Bank encourages customers to call or reach out online to see how we can assist in safeguarding your banking information.
Sources
https://www.washingtonpost.com/technology/2023/12/29/what-do-scammed-money-victim-fraud/
https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/6Steps.html
https://consumer.ftc.gov/articles/what-do-if-you-were-scammed