You've Been Scammed: Now What?

Many people who fall prey to a scam feel ashamed that it happened. Just remember: You’re not alone, and there’s nothing to be embarrassed about! Millions of people in America are targeted by fraudsters and scammers every year.

While there’s no doubt that scams can be financially devastating, it’s equally true that taking the right action after you’ve been scammed can make a big difference when it comes to possibly recouping some of your losses, and preventing the fraudster from committing the same crime again.

If you or someone in your family is affected by a scam, here’s a quick look at what to expect and what critical steps you should take next.

Identify the type of fraud: Fraudulent schemes come in all shapes and sizes, so the first step is to identify what kind of scam you’ve experienced. Indeed, you might not even be sure that there was a scam – which is why the Federal Trade Commission (FTC) provides important consumer information about how to identify whether or not you may have been the victim of a scam, what kind of fraud you’re dealing with, and what you’ll need to do to resolve the situation.

Alert law enforcement: Some types of scams involve traceable criminal activity. It’s important to get law enforcement involved as soon as possible, so that fraudsters can be apprehended. Along with reporting scams to your state consumer protection office and the federal government, you should also get in touch with local police if you’ve lost any money or other possessions to a scammer. Do be aware that some fraudsters may attempt to impersonate a police or federal officers, so always find an official phone number online rather than using contact details included in the scam messages.

Contact your financial institution: If you believe a scammer has accessed your credit card, bank account or any other financial account, contact your credit union or bank immediately and explain what’s happened. It’s also possible that you might not realize money is missing until you see an unexpected charge on your monthly statement. Be sure to read statements carefully, every month, and contact your financial institution if something doesn’t look right. Keep a record of who you’ve been in touch with and what action is being taken, which may include when you’ll receive a new card.

Report the scam to the FTC: Getting in touch with the Federal Trade Commission (FTC) is an important step you can take to help reduce the overall incidence of fraud. Visit the FTC online to submit a consumer complaint. You might also use this as an opportunity to talk about the scam with friends and family, whether that’s making a post on social media or just bringing it up in conversation. The more people who are aware and discussing common scams, the more likely it is that everyone can identify fraud and avoid it.

Check your credit report: Particularly in cases of identity theft, it’s possible that a scammer may take out lines of credit in your name. To prevent this from happening, you can put a freeze on your credit report by contacting an official credit bureau. This is free to do and it means that nobody can open a new credit account using your identity. You can lift the freeze when you’re assured that it’s safe to do so; although if there’s still a risk that your details could be used to take out a line of credit, you can also keep the freeze in place and temporarily lift it if you need to apply for credit. Either way, continue to monitor your credit report closely to make sure there’s nothing out of the ordinary.

Other helpful organizations: Groups like GreenPath, a financial wellness program that’s available as a free benefit to Harvard FCU members, can provide more support on what steps to take following a scam; whether you need assistance conducting a credit report review, or if you’re just looking for more financial education in general. Some credit card companies also offer extended fraud support, including Harvard FCU, so that cardholders can get fraud alerts, real-time account monitoring to help stop identity theft, and zero-liability protection if a card is lost or stolen.