If an investment or trade turns out to be fraudulent, one can get scammed. So, what should they do next? The sooner one acts, the better they can protect their finances and stop others from becoming the scammer’s target. While getting money back might be tricky, recovery is more than covering one’s losses. So, along with reporting online frauds and scams, here are some tips that can shield one against further loss:

Avoid feeling guilty
Only 15% of victims report online fraud and scams, as they might feel embarrassed about being tricked. However, one should never let these feelings get in the way of reporting the crime. By reporting, one can prevent the risk of further fraud and may even recover all or part of the money.

Prevent further losses
After getting scammed, the next course of action should be to guard oneself and avoid further damage. So, one should take the following steps:

Do not pay any more money: Scammers can keep nudging the victim to make multiple payments after the sender feels something might be amiss. It is important to note that brokers deduct commissions and fees from the account in legitimate cases. So they will not demand more money to release the principal amount. One should verify the legitimacy of the organization before they share details or report online fraud and scams. Some scammers pose as authorities or recovery companies and claim to help people get their money back and ask for a fee or commission for their services.

Ignore calls from the scammer: If the scammer tries to contact again by sending a message, calling, or even in person, one should ignore the request. However, one should maintain a record of all communication and share it with the police.

Don’t give access to personal devices: Scammers may ask for remote access to the computer. They may pretend to work with the victim’s internet provider and offer assistance for a technical issue but infect the computer with a virus in the process. Often, they may even steal one’s personal and financial details or passwords. To keep data safe, one must inform the bank that their financial details are compromised, reset passwords, and update the anti-virus software. Alternatively, one can reach out to a legitimate IT professional for assistance.

Inform the authorities: One must call the police and the bank within 24 hours of being scammed. One must also check their credit report to ensure there are no credit applications they do not recognize.

Report online fraud and scams
One should maintain a record of phone numbers, receipts, social media accounts, and emails concerning the scam and take the following steps:

Reach out to the authorities: One should report the scam to the state consumer protection authority and inform the police of stolen money or valuables.

Inform the federal government: Reporting fraud to the federal government can protect others from getting scammed. Government agencies typically use scam reports to track patterns and act against the industry or company that defrauds people. But, the government may not follow up.

Report to the FTC: The Federal Trade Commission collects scam reports, and one can report online fraud and scams on their website or by calling them. They accept complaints for scams concerning scholarships or student loans, fake checks, imposters, sweepstakes, grants, prizes, demands to send money, computer support, phone calls, and identity theft.

To report online fraud and scams, like those initiated through malware, emails, website, or other online sources, one can reach out to the Internet Crime Complaint Center. An international scam can be reported to econsumer.gov.