Scams have become increasingly common, and unfortunately, they can happen to anyone. If you think you’ve been the victim of a scam, don’t panic. There are steps you can take to protect yourself, your money, and your personal information. Acting quickly can help limit the impact and may improve your chances of getting your money back.
Protect your money and accounts
Your first priority should be stopping the scammer from accessing more of your money or accounts. Take these steps:
- Contact your bank or payment provider as soon as possible. Let them know exactly what happened and ask whether they can freeze the affected account, stop a transaction, reverse a transfer, or dispute an unauthorized charge. The sooner you report the fraud, the more options you may have.
- If a credit or debit card was involved, ask your card provider whether the card can be canceled and replaced.
- Most importantly, cut off communication with the scammer. Don't send additional money, share more information, or follow further instructions, even if they claim they can fix the situation.
Secure your personal information
If a scammer gained access to your sensitive information, such as your Social Security number, driver's license details, passwords, or other personal data, take these steps to protect your identity.
- Change your passwords. Many people use the same password for multiple accounts, and even if you don’t, once one account is exposed it can be easier for a criminal to get into your other accounts. Update the passwords for any accounts that may have been compromised, starting with your email, banking, and other important accounts. Use a different, strong password for each account and enable two-factor or multi-factor authentication (MFA). This adds another layer of protection if someone has obtained your password.
- Freeze your credit. Contact each of the three major credit bureaus — Experian, TransUnion, and Equifax — and request a credit freeze. This can help prevent someone from opening new credit accounts in your name.
- For more guidance on what to do after your identity information has been exposed, visit IdentityTheft.gov.
Report the scam
Reporting a scam can help create a record of what happened and may help authorities identify patterns or stop the same scam from affecting other people. Start by contacting your bank, credit card company, creditors, and any other financial institutions involved. Ask for their fraud department and explain that your account or personal information may have been compromised. They can tell you what accounts need to be closed, frozen, or monitored.
You should also consider making reports to the appropriate authorities:
- Federal Trade Commission: Submit a report through ReportFraud.ftc.gov or call 1-877-382-4357.
- FBI Internet Crime Complaint Center: If the scam involved online criminal activity, you can report it through IC3.gov.
- ChexSystems: If you believe your checking or savings accounts have been compromised, contact ChexSystems at chexsystems.com or call 888-478-6536 to ask about placing a security alert.
- Local law enforcement: Make a report with your local police or sheriff's department. Keep a copy of the report, as your bank, creditors, or other organizations may request it as documentation.
- When reporting the scam, keep as much information as possible. Save emails, text messages, receipts, transaction records, phone numbers, usernames, websites, and screenshots connected to the incident.
Check your credit reports
Review your credit reports carefully for accounts or activity you don't recognize.
You can get free copies of your credit reports through AnnualCreditReport.com, or if you are enrolled in digital banking with First Federal Bank of Kansas City, you can monitor your credit for free with My Financial Health. If you find an account or transaction that you didn't authorize, contact the relevant financial institution and report it. You can also place a fraud alert on your credit reports. You only need to contact one of the three major credit bureaus, and it will notify the other two.
Be careful of recovery scams
Unfortunately, being scammed once can make you a target for another scam. A recovery scam happens when someone contacts you claiming they can recover your lost money, usually in exchange for an upfront fee or your personal information. They may even pretend to be connected to a government agency, law enforcement, a bank, or a company helping scam victims. If someone contacts you unexpectedly offering to get your money back, don't give them additional information or money. Legitimate organizations won't ask you to pay a stranger to recover money from a scam. Verify who they are independently before taking any action.
Try to recover your money
Unfortunately, there is no guarantee that you'll be able to get your money back. However, it's always worth asking the company or financial institution you used to make the payment what options are available. Depending on how you paid, you may be able to dispute a transaction, cancel a payment, or request that a transfer be reversed. Contact the payment provider as quickly as possible and explain that you were the victim of fraud. The key is to act quickly. The longer you wait, the more difficult it may be to stop or recover a transaction.
Don't blame yourself
Being scammed doesn't mean you're careless or foolish. Scammers are skilled at creating a sense of urgency, building trust, and making their victims feel as though they have no choice but to act. What matters now is what you do next. Contact your financial institution, secure your accounts, protect your personal information, report the scam, and stay alert for follow-up attempts. Even if you aren't able to recover your money, taking these steps can help prevent further losses and protect you from identity theft or additional fraud.
