How can you recover your money after fraud?

Highlights 

• Since pandemic financial frauds in the UK are in surge and have become a national security threat as more consumers shop online and try digital banking and investing.
• Information hygiene is important as the past record leaves a trail of information online which is then sold on public database and using safeguard such as Malwarebytes can help as a buffer between scammers and you.

Financial frauds in the UK are on a surge and have become a national security concern as more and more consumers are shopping online and using digital banking and payment modes.  These days, customers may get scammed while booking a vacation, searching for a loan, shopping online or even while looking for a job and now scammers have expanded their reach to scam through SMS messages.

The sooner you take steps, the better you can protect yourself and others and if you become a victim of scam and lose money in the process you may get your money back in some cases, but recovery is about more than just getting your stolen money back.

Information hygiene is important as the past record leaves a trail of information online which is then sold on public database and using safeguard such as Malwarebytes can help as a buffer between scammers and you, it protects you and prevents existing and emerging threats such as viruses, online scams, malware, ransomware, spyware, phishing sites.

Also read: Why UK government should introduce stringent law to counter frauds

Your first step should be to prevent yourself from further losses and gather the information about the scammers and the scheme while it is still fresh.

The second step is to report the crime as soon as possible and the next step is to look how you can recover from the damage and avoid fraud in the future. 

Source: Copyright © 2021 Kalkine Media

• Don’t pay any more money

Some scammers persuade victims to pay one fee after another and promises large returns and these fee frauds have increased significantly online in recent months. Legitimate broker will deduct the necessary fees and commissions from your account and will not demand further.

If the victim first pays upfront fee, back taxes, retainer or donation these scammers target them and claim to be a government officers, recovery companies and attorneys who can help in recovering the stolen money. 

• Notify bank or credit card issuer

After being the victim of a fraud contact, tell your bank or credit card issuer about the unauthorized money withdrawal and immediately file a report with police or the Social Security Administration. You may also find helpful resources on the bank’s website about what can be done after being the victim of the scam.

• Collect all the pertinent information and documents

Collect the detail of the case, collect documents, and develop a timeline as it can hold in reporting or investigating the fraud. Also, take a note of all the conversation you had with scammer with date and time. Documents and information needed are:

• Names, position, or titles used by the scammer
• Website addresses and screen shorts, social media profile, conversation, charts, or other interactions.
• Email addresses and phone numbers
• Account information, trade confirmations, statements, sales materials, and disclosures.
• Credit card statements or receipts and exchanges of digital currencies.
• Information of other forms of payments.

Also read: PCR Covid test fraud: Has it added extra burden on NHS?

• Protect your Identity and accounts

If you have given any payment or account information to the scammer, take an immediate action to block access to your account and in case you used credit card contact your card issuer immediately. Also, contact national credit reporting companies and ask that it place a fraud alert on your credit file. The company will then automatically report the fraud alert to the other credit reporting companies. The alert will notify the potential creditor to verify before providing additional credit in your name. You may also request a free security freeze that can restrict access to your credit file until you request to remove it, making it harder for scammers to open account in your name.     

• Report the Fraud to authorities

Immediately report the scam that involve binary options, futures, swaps, digital assets, binary options, foreign exchange or other derivatives to related authorities. In case you don’t know where to report the particular type of fraud, the Department of Justice has a directory that can help. Federal agencies work together and may forward your complaint to appropriate authorities.

• Reset Passwords

When you are recovered from being scammed check and reset you passwords of accounts that are used in fraud. Create strong and unique password rather than an easy one.

• Opt for two-factor authentication

Put Two-factor authentication in your account which provide extra layer of security and needs additional form of identity confirmation. A onetime code will be sent to your registered mail or message every time when you or someone will assess your account.

• Stay up to date and do your research

Don’t have that “it could never happen to me attitude” as even educated and trained professional can fall for scams. So, learn more about how can you prevent yourself from frauds and keep up to date knowledge of the latest scams. 

Before making any payment transaction or giving your personal and account details to anyone do your own research to know if the other party is legitimate or not.

Also read: Online Scams: UK consumers clueless on how to avert frauds