How Do I Recover From Being a Victim of Fraud?

If you have ever been a victim of fraud or a scam, you know recovering can be worse than the actual act. It not only impacts your personal security but can take a serious toll on your mental health.

Unfortunately, incidents of fraud are increasing every year. According to ConsumerAffairs.com, the U.S. experienced a 311% increase in victims from 2019-2020. They believe that rising rates are mostly due to more people working remotely.

Notify and report

If you suspect fraudulent activity, the first thing you should do is report it to the authorities, whether that be your bank, your credit card company or the Federal Trade Commission (FTC). The quicker you can bring the alert forward, the better the chances the criminal will be caught. For example, Vectra Bank has mobile card fraud alerts so you and your banker can take immediate action. Many of these features are created to prevent fraud in the first place, but they can also stop it from progressing any further.

Make it known to the FTC

ReportFraud.ftc.gov also has many different resources for you to report a scam or fraud. Reporting your case to the government agency can also help protect others from falling victim to a similar situation. According to the FTC's website, "your report is shared with more than 3,000 law enforcers," though there is a personal information privacy policy to further protect you.

Change passwords

To protect yourself from further incidents, it's important to change all your passwords. Yes, all of them, especially the ones that are similar to the one that belongs to the breached account. In general, it is a good idea to have very different passwords for every valuable account to prevent hacking. However, if you have fallen victim, work with your bank or credit card company to find a new secure password.

Freeze your credit

If you have noticed unauthorized transactions on your credit card, you should freeze your card immediately. If your debit card and bank account are compromised and money is being spent without your knowledge, you should consider implementing a credit freeze. This is another way to preemptively stop more fraud from occurring. A credit freeze restricts access to your credit report, which can prevent identity theft or a new line of credit from being taken out. Anyone can freeze their credit, even if their identity has not been stolen yet. You can do this by contacting the credit bureaus. 

Fraud is something that we all work to prevent from happening in the first place, but if you do fall victim, it's important to take proactive measures to stop the cybercriminals from going any further. To learn more about how to secure your finances, reach out to Vectra Bank today.