So, You’ve Been Scammed – What Happens Next?

Whether it was a convincing email, a sophisticated phone call or an online purchase that never arrived, the realization that you’ve been scammed is jarring. It can leave you feeling panicked, embarrassed, and unsure of what to do. Rest assured, you’re not alone. You can take immediate steps to regain control and protect yourself and your money.

Scammers regularly use advanced technology and psychology to exploit trust around the clock. The Federal Trade Commission logged more than 1.1 million identity theft reports and 2.6 million cases of related fraud in 2024, amounting to more than $12.7 billion in total losses.

The most important thing is to act quickly and methodically. Take these 4 steps to limit damage and increase the chances of recovering your losses:

1. Contact your financial institutions immediately

• If you sent money via wire transfer, debit card or shared bank account information to a scammer, call your bank immediately. The sooner you report it, the higher the chance of recovering funds or preventing further withdrawals.
  

   For Fulton Bank customers, you can call 1.800.FULTON.4 to report fraud.

• Call your credit card issuer to report the fraudulent activity and have the card canceled and reissued. Even if the scam didn't directly involve your card, your information could still be at risk.

2. Report the scam to authorities

This creates an official record and helps authorities track and shut down scam operations. It’s a crucial step in protecting others in the community.

• Federal Trade Commission (FTC): Report the fraud at ReportFraud.ftc.gov. If it involves identity theft, use IdentityTheft.gov or call 1-877-FTC-HELP. The FTC uses these reports to build cases against scammers.
• Local police: File a report with your local police department. A police report can be essential for disputing transactions and is sometimes required for banks to process fraud claims.
• Other agencies: 

Internet Crime Complaint Center (IC3): If the scam involved the internet (email, fake websites, social media), report it to the FBI's IC3 at ic3.gov.

Social Security Administration (SSA): If your Social Security number was compromised, report it to the SSA at 1-800-772-1213.

Internal Revenue Service (IRS): If the scam involved taxes or someone impersonating the IRS, report it to the Treasury Inspector General for Tax Administration at 1-800-366-4484.

3. Secure your online accounts

Scammers may have gained access to more than just your financial information. If you clicked a malicious link or provided login details, assume your online identity is compromised.

Immediately change the passwords for any accounts involved in the scam, starting with your email. Since many password reset links go to your email, securing it first is vital to keeping your information secure. Use strong, unique passwords for each account and enable two-factor authentication wherever possible. This adds a critical layer of security by requiring a second verification step, like a code sent to your phone.

4. Place a fraud alert on your credit report

To prevent scammers from opening new accounts in your name, place a fraud alert or a credit freeze on your credit reports.

• Fraud alert: A free, one-year fraud alert requires lenders to take extra steps to verify your identity before issuing new credit. You only need to contact one of the three major credit bureaus and they will notify the other two.
• Credit freeze: A credit freeze is also free but more robust. It restricts access to your credit report, making it nearly impossible for anyone to open a new account. It can be temporarily lifted when you need to apply for credit yourself. You must contact all three credit bureaus for the credit freeze to be effective:

Equifax: 1-888-766-0008
Experian: 1-888-397-3742
TransUnion: 1-800-680-7289

 Protect yourself from future scams

Once you have contained the immediate damage, focus on future prevention. Building strong financial and digital habits and learning to spot red flags are the best defenses against fraud.

• Use secure banking tools: Sign up for tools offered by your financial institutions and credit cards, like instant notifications for transactions, logins or password changes. This allows you to spot unauthorized activity the moment it happens.
• Monitor your accounts and credit: Review bank and credit card statements carefully at least once a month and report any discrepancies immediately. Get free copies of your credit report annually from AnnualCreditReport.com to review for unauthorized accounts.
• Shred sensitive documents: Don’t toss documents with personal information in the trash. Invest in a cross-cut shredder to destroy old bank statements, credit card offers and expired IDs.
• Be skeptical: If an offer seems too good to be true, it probably is. If someone is pressuring you for immediate action or payment, it's a red flag.
• Educate yourself: Stay informed about common scam tactics. The FTC, AARP and your financial institution frequently update information on emerging scams. 
• Strengthen your digital security:

Enable two-factor authentication: Use 2FA wherever available (email, banking, social media) to add an extra layer of security.

Be wary of links and attachments: Don't click on suspicious links or download attachments from unknown senders.

Keep software updated: Ensure your operating system, web browser, and antivirus software are always current.

 Moving forward with confidence

Being scammed is a distressing experience, but it does not define your financial future. By taking decisive action and adopting safer habits, you can emerge from this situation resilient and empowered. Remember to use the resources available to you, stay informed, and never hesitate to reach out for help from your financial institutions.

Visit the Fulton Bank Education Center to learn how you can protect your personal information and keep your finances safe.