As most of our transactions take place online, the chances of falling for scammers are inevitable. Instead of regretting and expressing grief, you need to take action by reclaiming what is lost. Although the road to the recovery of the stolen financial assets is a long one, you can immediately take actions that will reduce further losses.

Any scam that may be created by scammers generally ends in financial fraud. These charlatans will ensure that they make money by conning their victims.

As per the Federal Trade Commission, or FTC, they received 2.6 million online fraud complaints, amounting to more than $10 billion in 2023. These figures are 14% higher than those in 2022. These are just the official figures that have been released.

The actual number is greater than those registered. Many avoid sharing their experiences and complain to the higher authorities for fear of being shamed. Many also carry guilt and blame themselves for falling victim to such scams.

It is most unfortunate that these numbers, instead of declining, are rising annually. Thus, it is your utmost duty as a victim to recover your lost assets and complain to the higher authorities to spread the necessary awareness in society.

How do I get my money back after being scammed online?

Rather than giving up, you should act right now to prevent more losses. If you got scammed, then follow the instructions listed below.

Avoid Entertaining Scammers Further

Once you realize that you have been scammed, avoid contacting the scammers any further. Avoid contacting scammers through emails, messages, text messages, or even phone calls.

Preserving the Evidence

Do not destroy any evidence that can be used against the scammers involved in the scam. Do not delete any correspondence that may have been shared by scammers with you.

Make A Detailed Report

Try to remember all the events that led to the scam. Include even those details that you had between you and the scammers before you realized that you were scammed. Make a systematic report supported by the correspondence shared between you and the scammer. These documents should be photographed.

Secure Your Finance

Once the report is made, visit your financial institute and the credit bureau rating agency and provide them with these details. Request the credit rating bureau to provide a free annual copy of your credit report and search for any discrepancies. When you find any, report them to the authorities immediately. Also, request that they put a temporary freeze on your account until the completion of the investigation.

Request the banks to stop any further transfer of money from your account to a scammer’s account.

Wire Transfer and Credit and/or Debit Cards

If you have used your credit and/or debit cards, then ask your bank to reverse the transaction. If you have used a wire transfer facility, then get in touch with their authorities and ask them to reverse the payment by providing them with the details of the scam.

Sending Cash

If you have used the US Postal Inspection Service to send cash, then contact the postal service authority and request that they intercept the package. You can directly contact them mentioned on their website.

Using Cryptocurrency

The government still has to regulate cryptocurrencies. Since cryptocurrency is not regulated, it becomes quite challenging to retrieve your lost crypto assets as scammers frequently change their crypto wallet addresses.

Updating Anti-Virus Software

Having good, updated antivirus software is essential; it will act as a deterrent against malicious software. Avoid downloading any link for an application from an unknown person that may be shared with you through emails, texts, and messages.

Strong Password

Always change your password frequently. Make a habit of creating a stronger password. When you realize that you have been a victim of online fraud, change all the passwords on your computer and smartphone.

Use Multi-Factor Authentication Feature

Besides a strong password, use a multi-factor authentication feature to safeguard your computer and smartphone. Such a feature acts as a strong deterrent against a possible cyberattack.

A Case of Identity Theft

If you have provided sensitive details like your social security number, date of birth, bank account, and so forth, you should visit IdentityTheft.gov and follow the steps that have been mentioned there.

How do I report a scammer online?

After realizing that you have been a victim of a scam, you need to report the scam. After filing a complaint with the banking institutes and credit bureau, you should contact other authorities as listed below.

Filing a Complaint with the Authorities

It is critical that you visit your local police department and file a complaint with them. You also need to file a complaint with the FBI’s special department, the Internet Crime Complaint Center, or IC3, which takes care of cyber fraud.

The Federal Trade Commission

You should contact the FTC and provide them with the details that you have meticulously written down while making the report.

Better Business Bureau

You can spread awareness by getting in touch with BBB and providing them with the details of the scam committed. This agency is a nonprofit, and it aims to spread awareness regarding online scams. With you providing details about the scam committed and helping spread awareness in society, as awareness increases, many can avoid falling for such scams.

Online Financial Fund Recovery Companies

Alternatively, you can also seek professional help by approaching a dedicated online financial fund recovery company. The idea behind such companies is to help victims of an online scam recover their lost financial assets. However, you should do research while handling your case with them, as scammers have also infiltrated this domain.

These companies are also regulated and require a valid license to run their operations. Always double-check if these certificates are valid and backed by a government agency or a private agency. Scammers have either invalid or do not have such certificates to show.

Final Thoughts

As scams become more common, you need to stay ahead of the game by being as aware of them as possible. You can always follow us on our website, where our experts frequently write about new online scams that are happening in society.

These experts also provide you with the solution to recovering assets lost in an online scam.