There are millions of people around the world who are the victims of being scammed. It is difficult to say whether scammers are smarter or fraud victims are more foolish because we see each day fraud happen around us and still become a victim of some scam. There are several types of scams, and the fraudsters always find out new methods of scamming.
The most common scams are money transfer scams and phishing. Money is not the only target for scammers; personal information is also valuable for fraudsters.
Here a question arises, what to do and how to get your money back after being scammed? The situation is very challenging, but there are some concrete steps, by following which you can recover your lost money and save yourself from future attempts of fraud.
Things to Do When Being Scammed
Here are some of the tips shared by experts that can save you and help you recover from the losses and also protect you from future attempts.
1. Report the Scam Immediately
It is essential to secure your account as soon as you realize that you have been a victim of a scammer. Contacting your bank is the foremost thing you should be doing. Also, notify the credit card issuer if you find any illegal charges. Applying for a new credit or debit card is a better option.
All the above activities need prompt actions. Being negligent to fast action will worsen the situation further. It is advisable to file a police complaint or report to the Social Security Authorities.
2. Report the Scam to the Federal Trade Commission
Consider filing a complaint with the Federal Trade Commission if you are a victim of any scam. It is a good option for potential monetary recovery. In 2019, the FTC issued over $232 million as a refund of lost money to those who lost their money to some frauds.
3. Record Every Detail of the Document
You should have a record of every detail and document you have. It can help as evidence to the FTC or the bank. Whether it is an email, a text message, a message from social media, etc., that you got from a fraudster. An illegal charge, or your bank statement whatever, you have, collect everything and keep it safe.
According to the experts, it is also necessary to have patience and a cool head. A hurry to resolve the problem can make the situation uglier.
Protect Your Bank Accounts and Finance
A good offense is the best defense formula, hence it is a better option to protect your money from scammers.
The above information was related to what to do if you are a victim of a scam. Now, we will talk about how to recover from a scam and save you from fraud attempts in the future.
By following these steps, you can recover your losses and protect yourself from future attempts:
1. A Credit Freeze to Your Bank Account
A credit freeze will restrict accessing your credit report. It will not allow the scammer to take out a loan or any credit line without your physical presence.
The experts recommend everyone to consider the credit freeze option whether you are a victim or not.
2. Consider a Fraud Alert
A fraud alert is a great option to protect your data if you are not placing a credit freeze on your credit report. A fraud alert costs you nothing and is available with every credit scheme.
A fraud alert does not block your credit report, but you need to validate your identity personally to revive your line of credit. A fraud alert is a helpful tool to prevent future fraud attempts.
3. Reset the Passwords
Reset your password time and again. Keep resetting the password of all accounts, whether the account is active and linked to the payment information or it is a dormant account.
Create a strong password, having characters, numbers, and special characters.
4. Consider Setting Up Mobile Alerts
Setting up alerts for every transaction will help you to overcome any fraud attempt. You can set up alerts for every transaction above some dollars. An OTP will be required to complete the transaction that will be flashing on your registered mobile. This option is also available for ATM withdrawals.
5. A Credit Card Transaction is Advisable
If you feel the transaction is a bit risky and there are chances of being intercepted to some fraud, use a credit card if you have one. Using a debit card for a transaction will directly withdraw the amount from your bank account.
Stay Aware And Updated
The “This will not happen to me” approach is a common mistake that people make. All the above-discussed points are for the safety and security of your finances and accounts. You should follow them to remain safe. All those who suffered losses due to scams are from the society who thinks the same way as others not yet framed.
Keeping yourself aware, informed, and updated is very necessary to safeguard your interest.
