How Do I Get Help If I Am the Victim of a Financial Scam?
Written by
Heather Taylor
Edited by
Molly Sullivan
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If you are the victim of a financial scam, whether you accidentally gave sensitive information over the phone to someone pretending to be from the IRS or received a text purporting to be from your bank saying your account would be shut down if you don’t click on a link, you might feel too embarrassed to seek help.
Don’t let shame keep you from speaking up. Financial scam victims should know it is within their right to notify specific institutions, bureaus and law enforcement about what happened to them. Here’s what you can do to get help if you are the victim of a financial scam.
Notify Law Enforcement
One of the first actions victims of a financial scam or phishing email campaign can take is to notify law enforcement.
Oren Wortman, Sygnia’s VP of cyber security services for North America, said you may file an Ic3.gov form with the FBI. “This is essentially a cyber complaint, alerting the IC3 you have been the victim of an Internet crime,” Wortman said.
It’s also a good idea to forward the message to relevant authorities. James McQuiggan, security awareness advocate at KnowBe4, recommends reaching out to the Federal Trade Commission (FTC) in the United States or your country’s equivalent. If a scammer is pretending to represent an organization, McQuiggan said to report it to the organization.
Notify All Financial Institutions
Victims of a financial scam should notify their bank or financial institution about the situation immediately. Wortman said this will ensure these institutions aren’t processing requests for payments or other transactions like wire transfers without your confirmation.
If you feel like there is an issue with your bank account, Caroline Wong, chief strategy officer at Cobalt, recommends reaching out directly to your bank. Notify the bank about the message and check to see if it is legitimate.
Notify Credit Bureaus
“This will put a lock on your credit reports and credit profiles. You don’t want fraudsters messing up your credit score,” Wortman said.
Change Passwords
“Change your passwords for any online accounts that may have been compromised,” McQuiggan said. “Wherever possible, enable a non-phishing multi-factor authentication method if it is available.”
Monitor Credit
Wortman recommends those who are victims of a financial scam subscribe to identity and credit monitoring services. These services will help you monitor your personal information, like your name, Social Security number (SSN), linked bank accounts and more.
Additionally, McQuiggan said it’s a good practice to review your credit reports. This will allow you to catch any strange or unauthorized activity regularly.
Trust and Verify
Let’s use the example where you receive a strange email or text from someone claiming to be your boss asking you specifically for money for an office gift. McQuiggan recommends contacting this person directly using a known, trusted method to confirm the message’s legitimacy.
Security Education
Learn how to recognize scams, especially if you are concerned about sophisticated phishing scams within your workplace.
“Review your organization’s security awareness program and training to stay informed about the latest scams and learn how to recognize them to reduce the risk of becoming a future victim,” McQuiggan said.
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