Falling victim to an online financial scam — whether it’s phishing, investment fraud, cryptocurrency, romance scam, or fake tech support — is devastating. They often involve AI deepfakes, sophisticated social engineering, and non-reversible cryptocurrency transactions. Acting quickly can limit further damage, help authorities track perpetrators, and in some cases, recover funds. You’re not alone, and you’re not at fault: professional scammers target everyone.

This guide outlines essential steps to take immediately after realizing you’ve been scammed, based on current recommendations from the Federal Trade Commission (FTC), FBI, FINRA, and other authorities.

1. Stop All Contact and Secure Your Accounts Immediately

• Cut off the scammer: Block their numbers, emails, social media accounts, and apps. Do not respond, even if they threaten you or promise refunds — that’s a common tactic to extract more money.
• Contact your bank or payment provider right away: If you sent money via wire transfer, ACH, gift cards, payment apps , or credit/debit card, call the fraud department immediately. Many institutions have 24-48 hour windows for disputing transactions.
  
  • For cryptocurrency: Transactions are usually non-reversible, but report to the exchange or wallet provider anyway — some can flag addresses or assist law enforcement.
• Change passwords and enable security features: Update logins on all financial accounts, email, and devices. Enable two-factor authentication (2FA) everywhere, preferably using an app that authenticates rather than SMS.
• Scan for malware: If the scam involves remote access (e.g., AnyDesk, TeamViewer) or suspicious links, run a full antivirus scan and consider resetting devices to factory settings.

2. Document Everything While It’s Fresh

Create a detailed timeline:

• How the scam started (e.g., dating app, social media ad, unsolicited text).
• Names, usernames, phone numbers, email addresses, websites, or wallet addresses used by the scammer.
• Screenshots of conversations, fake websites, transaction confirmations, and emails.
• Exact amounts lost and payment methods. This documentation is necessary for reports, disputes, and potential recovery.

3. Report the Scam to Authorities (This Helps Everyone)

Reporting creates a paper trail, aids investigations, and may qualify you for protections or restitution.

• Federal Trade Commission (FTC) → Go to ReportFraud.ftc.gov or IdentityTheft.gov. You’ll get a personalized recovery plan and an official Identity Theft Report if personal info was compromised.
• FBI Internet Crime Complaint Center (IC3) → File at ic3.gov — especially important for crypto/investment scams. Include transaction hashes, wallet addresses, and platform details.
• Your bank or card issuer → For charge disputes.
• Local police → File a report for your records (useful for banks/credit disputes).
• If investment-related → Report to SEC (sec.gov), FINRA (finra.org), or CFTC (cftc.gov).
• For cryptocurrency scams → Also notify the exchange and consider the FBI’s crypto-specific guidance.

4. Protect Your Identity and Credit

Many financial scams lead to identity theft.

• Place a fraud alert — Contact one credit bureau (Equifax, Experian, or TransUnion); they’ll notify the others. This is free and lasts 1 year (extendable to 7 years with an Identity Theft Report).
• Consider a credit freeze — More secure; prevents new accounts from being opened in your name. Free to place and lift.
• Get your free credit reports — From annualcreditreport.com and review for unauthorized accounts or inquiries.
• Monitor accounts closely — Sign up for free transaction alerts and consider identity theft monitoring services.

5. Try to Recover Funds — But Be Realistic

• Bank wires/ACH — Banks sometimes recall funds if acted on fast.
• Credit cards — Strongest protection; disputes often succeed under Fair Credit Billing Act.
• Debit cards/payment apps — Limited protection; report within 60 days for best chance.
• Gift cards/crypto — Recovery is rare, but reporting helps authorities trace patterns.
• Avoid “recovery scams” — Anyone promising guaranteed fund recovery (especially upfront fees) is likely another scammer. Legitimate help doesn’t charge upfront or guarantee results.

In rare cases, funds are recovered through court-ordered restitution if perpetrators are caught.

6. Take Care of Your Emotional and Financial Health

• It’s normal to feel ashamed or stressed — Scammers are professionals who manipulate trust. Studies show most victims experience severe anxiety or depression.
• Seek support:
  
  • Talk to trusted friends/family.
  • Contact victim support hotlines (e.g., AARP Fraud Watch Network, Victim Support charities).
  • Free counseling via programs like FINRA-funded peer support or FightCybercrime.org groups.
• Rebuild finances — Create a budget, consult a nonprofit credit counselor (nfcc.org), and explore hardship options with creditors.
• Tax implications — Scam losses may be deductible as theft losses (consult IRS Publication 547 or a tax professional).

Final Thoughts: Prevent  Future Scams

Victims are often targeted again — scammers sell “sucker lists.” Stay vigilant:

• Never pay upfront fees for recovery or loans.
• Verify investments through official regulators (BrokerCheck.finra.org, investor.gov).
• Be skeptical of unsolicited contacts promising high returns or urgent help.

Quick action maximizes your protection. Start at IdentityTheft.gov today for a step-by-step plan tailored to your situation. Resources are available, and reporting helps stop these criminals from harming others.

Remember, awareness is your strongest defense.   

Contact us if you’d like more information on how cyber intelligence can help you locate scammers.

Please share this guide with friends and colleagues.