Recovering from Fraud

Never feel embarrassed for having fallen for an online scam because it can happen to anyone. Cyber attackers keep coming up with smart tactics to gain deceitful trust, evoke curiosity, and take advantage of people’s kindness. Recovering from fraud is not an easy process, but here is how to go about it:

Act Fast

1. Stop all contact with the scammer

The moment you discover that you have been scammed, you need to stop all manners of communication with the scammers immediately. Hang up that call, stop replying to the emails or letters, and block the person. Discontinue your conversations and act fast before it’s too late. 

2. Don’t make any more payments

After being caught up in a recent scam, you can be a target for more scammers. For instance, they may contact you and pretend to be a fraud enforcement agency that can help you recover the lost money at a fee. Do not pay any more money on such promises, instead, challenge them to find the money first, and recover their fee from it. But it’s actually wise to ignore such emails.

Contact Credit Agencies and Financial Institutions

1. Call the financial institutions immediately

Scammers are very crafty and can use false urgency and fear to lure you into giving out sensitive information. Have you let out your bank information or credit card number to a suspected scammer? Call the financial institution immediately and ask them to put a hold on your account. 

So if the scammer attempts to steal money from your bank account or spend money on your credit card, they will be frustrated. This is because the financial institution will have prevented any further charges against the card or account. 

Note that your debit or credit card has a customer care number at the back. So, dial the number and follow the prompts to report the fraud. Remember that an operator is usually available on those lines all day and night. And if you can’t find your card at that moment, you can use the number on your last statement. 

Some credit card companies and banks have a line dedicated to fraud. You can check their website to see if they have it. But if you prefer face-to-face interaction, consider visiting a nearby branch during their working hours. 

2. File a fraud victim statement

It is important to add a note to your credit file, which states that you have been a victim of fraud. So make sure that you file a fraud alert with the major credit bureaus, requesting the lenders to pull the credit report and to call you in one of the two numbers provided. 

Remember that the fraud alert will not guarantee that the imposter won’t receive credit from lenders. However, it will put up a big red flag for lenders that are keen enough. And if the company pays attention and finds the note, they will call you to clarify that it is indeed an imposter trying to open the account and that you didn’t authorize any credit inquiry. 

3. Consider a ‘security freeze’ of your credit reports

With your details at hand, it is quite easy for scammers to open accounts in your name,but the credit bureaus can prevent them from obtaining loans and credit cards with your stolen identity. Consider calling them or visiting their website and request them to put a ‘security freeze’ on your credit reports.

With a ‘security freeze’ in place, the credit reporting agency will not give out your credit score without a PIN or password. And since the imposter cannot know your ‘security freeze’ PIN, it will be impossible for them to open fraudulent accounts in your name. Remember to place the ‘security freeze’ with all the credit bureaus.

Work With Law Enforcement

1. File a police report

Have you been scammed? Has your money been stolen? You will need to file a police report as soon as possible since major credit agencies, your credit card company, and your bank will probably need a copy of the report.

Unless you are in physical danger or the scammer is threatening you, you should not call 9-1-1 to report internet fraud. Instead, dial the non-emergency number of the local police department, and they will connect you to the computer-related crime division. 

While reporting the incident, be clear and avoid mentioning your speculations of the motives of the scammer unless you have evidence. Pick up the police report as soon as it’s ready and make copies, which you will submit to the credit card company, your bank, or any government agency that will ask for it.

2. Gather documentation related to the scam

Your bank may need detailed documentation of the interaction between you and the scammer. The local police will also use the information to investigate the scam, and if they identify the criminals, the criminal courts can grant you restitution. You may need;

• Printed copies of the email. Some information in the header of an email can help the investigators find the cybercriminals. But remember to keep the original email; do not delete it. 
•  Make copies of messages received from the scammer via social media or text and keep the originals as well.
• A chronology of how you interacted with the cyber attacker, and the exact amount of money you transferred to them. This could include credit card statements, bank records, and receipts. If you have an idea of the location of the scammer, make sure that you include it in the information. 

3. Cooporate with on-going investigations

Tracking down and prosecuting scammers is never an easy task. The police may require you to talk, testify at a trial, or speak to prosecutors. In case of criminal restitution, you will only be compensated for the money you prove to have lost to the scammers. Therefore, ensure that you do not lose any of the documentation like receipts and statements. 

4. Report to consumer protection agencies

Certain government agencies help victims of online fraud to recover their lost money after compiling reports about the scammers. These agencies investigate and build cases against scammers for a lawsuit, and you may recover part, if not all, of your lost money. You can submit your complaint through the complaint tool on their websites. 

Prevent Future Scams

1. Update your cybersecurity software and scan your computer

Did you know that the phishing email could have been linked to malware that may have infected your computer with a virusand that this malware could be capturing your personal information and sending it to the scammers? To prevent this, update your anti-malware software immediately and run a full scan of your device. 

2. Change passwords

After a scammer has stolen your financial and other personal information, it is safe to change the passwords to prevent them from reaccessing your accounts. Remember to make the changes on a separate device, one that isn’t linked to the scam. Also, make sure that the password you use for each account is different. 

3. Secure your financial and personal information

If you feel insecure about your financial information, you may ask your financial institutions to change your account numbers and issue you with a new debit and/or credit cards. Also, note that scammers often share their victims’ information with other scammers that may attempt to scam you. Therefore, you could consider changing the email address to avoid being a target for future scams. 

If you got scammed on social media, tighten your security measures to limit contact from strangers. Additionally, do not share the details of the cyberattack in public forums because other scammers may use it to figure out how to scam you again.

4. Equip yourself to recognize a scam

Do not feel embarrassed that you were caught up in a scam, because anyone can be caught unaware. Instead, take active steps in learning about the tactics used by social engineers to gain access to sensitive information. Thereafter, it will become much easier to detect a scam, remain aware of suspicious individuals, and protect your digital devices from malware.

5. Share the scam experience with your family and friends

Being scammed can affect your mental and emotional well-being, but speaking to someone can help. Most people find it difficult to share their stories with family and friends, and scammers use that to their advantage. But if you speak about it, you can save your loved ones the agony of losing money and valuable information in online fraud. Talking about it will also help them to be better prepared and remain aware of the clever scamming techniques being used. 

6. Notify the legitimate and appropriate business or government agency

Scammers usually use the name of legitimate businesses and government agencies to earn your trust and convince you to share your personal information. In most cases, the real entities never get to find out early enough that their names and reputations were used to scam people. However, notifying them immediately will enable them to post a warning on their official websites to notify other patrons.

Cyber attackers are highly skilled, intelligent, and organized racketeers. So if you fall victim to their tactful ways, you need to act fast to minimize the extent of damage from the scam. Report the incident to the authorities immediately, notify the bank to put your accounts on hold, and alert the credit bureaus as soon as possible.