Wondering what to do in the aftermath of a fraud can be extremely difficult. The Better Business Bureau's (BBB) new fraud Survival Toolkit helps fraud survivors navigate the recovery process.
Fraudsters target people from many walks of life. BBB frequently shares tips on how to avoid scammers, but you may still be at risk immediately after a scam happens.
Scams not only cause financial harm, but they also have an emotional impact on victims. Survivors of scams often experience feelings of shame, guilt, or wrath, even if it is not their fault they were victimised.
Scammers capitalise on strong emotions, and emotions are high in the days following a scam, putting survivors at risk. According to the BBB's 2023 Scam Tracker Risk Report, 10% of respondents were victims of three or more frauds.
The first step following a scam is to protect oneself from further harm. Everyone's situation is unique, but the methods below can help you secure your money, credit, or identity.
Prevention tips
Secure your finances: If you have lost money or bank information to a scammer, contact your financial institution. They may be able to initiate a fraud inquiry or cancel the transactions. If your credit card information has been hacked, they can cancel it and provide you a new one.
Protect your credit: If you lose personal or credit card information, it could be exploited to steal your identity; thus, place a fraud warning on your credit reports or freeze your credit. Consider acquiring a free credit report to keep track of any suspicious activities.
Change your password: If a specific account has been compromised, notify the company and change your password. Follow the BBB's password-creation instructions and consider using multifactor authentication to protect your account. Keep an eye out for any unusual behaviour on your other accounts.
Keep an eye out for recovery scams: Some scammers strike after a fraud has occurred, offering phoney credit repair or tech assistance services that steal money or information from susceptible people.
Report the scam: Once you've taken steps to safeguard yourself, report the scam to BBB Scam Tracker to assist others. Last year, 36.6% of customers who visited BBB fraud Tracker reported that it helped them prevent fraud.
