What’s the Best Way to Recover From a Scam?

On Reddit, a user recently asked for help recovering from a credit card scam. The poster was more concerned with the emotional impact than the lost funds.

The person who posted expressed embarrassment about falling for the scam and didn’t know how to recover from the experience.

Respondents offered many good ideas: Try to recover the money. Focus on positive things in your life. Forgive yourself for making a mistake. Many assured the individual that anyone can fall for a scam and emphasized that there’s no reason to feel shame.

“The scammers are bad. You’re not bad. You were lied to,” says Eva Velasquez, president and CEO of the Identity Theft Resource Center. “We are all vulnerable.”

Even a fraud expert could fall for a scam, she adds.

That’s why knowing how to bounce back from a financial scam is the key to getting past it. Here’s how fraud experts say you can recover:

“Gather as much detailed information about what occurred as possible,” Velasquez says. Try to remember what you clicked on or who you interacted with. Those details can help determine the best way to proceed.

For example, if you clicked on a link but didn’t enter any information, you might not need to take further steps. If you downloaded malware onto your computer, then the next step might be to run a scan of your devices or undergo a factory reset.

“If you clicked on a website and it asked you to log in, then it probably logged your keystrokes,” says Jason Zirkle, training director at the Association of Certified Fraud Examiners and former fraud analyst with law enforcement.

In that case, you’ll want to change your password immediately and then follow up with your bank. “If you catch it quickly, it lessens the damage,” he says.

If you shared your credit card or banking information with a scammer, then call your financial institution to let them know. They will follow a fraud procedure that might include helping you change your password, or closing your old account and opening a new one. The latter may require new credit and debit cards.

In the case of credit card fraud like the Reddit poster experienced, you can often dispute the charge and recover the money by following the card issuer’s fraud protection procedure. After all, credit cards come with built-in fraud protections.

If you shared your driver’s license number or passport details, then Velasquez suggests reaching out to the relevant government agencies to follow their protocol for lost or stolen identification items.

Velasquez says to monitor financial accounts for any unfamiliar charges for a time after the fraud, too. You might also want to consider freezing your credit to prevent new accounts from being opened in your name.

Paid credit monitoring services are another option. They can’t necessarily prevent fraud from taking place, but they can alert you to unusual activity so you can take action quickly.

File a report with your local police department to create an official record of what happened. That’s important if you or your financial institution are trying to recover the funds.

You can also file a complaint through the FBI’s Internet Crime Complaint Center, your state’s attorney general’s office and the Federal Trade Commission’s complaint center.

Zirkle warns that while important, none of these steps are likely to get your money back.

“It’s hard to swallow, but if you can accept the funds won’t be recovered, it sets realistic expectations,” Zirkle says.

But you can do your part to stop further losses.

One way to fight back against the shame that often surrounds scams is to talk about it, Velasquez says.

You can share your story with friends and family to help them spot the signs and avert a sketchy situation.

Reach out if you know someone recovering from the aftermath of a scam, Velasquez recommends. “Say, ‘I can help you through this. We’ll find answers together.’”

After all, a big part of recovery is the emotional component, as the Reddit poster showed us.