The Five Steps to Take After a Scam

The realization that you’ve been scammed can be unsettling. Whether it’s a fraudulent charge on your account, a deceptive email caused you to share your personal data, or a sophisticated scheme targeting your business accounts, navigating the next steps can feel overwhelming. Scammers are skilled at creating a sense of urgency to prevent you from thinking clearly. But by keeping a level head and taking strategic action, you can regain control, protect your finances, and secure your information.

Step 1: Stop communication with the scammer

Your first moves are important to stop any further damage and begin the recovery process as quickly as possible. While it may seem obvious, the best first step is to stop all communication and payments to the scammer. They may try to contact you again, but it’s important not to provide any additional personal information.

Step 2: Contact your bank

Your bank can act as a crucial line of defense. A Financial Scams and Consumer Trust report found that more than half of people who were scammed and reported the incident to their bank recovered most or all of their funds, compared to just 12% of those who did not report it. Call your bank, explain the situation, and ask what they can do to help.

Step 3: Place a credit freeze and initial fraud report

To prevent the scammer from doing more damage, place a credit freeze and initial fraud alert on your credit report. These will prevent anyone from opening a line of credit in your name and alert businesses if someone does try to open a line of credit in your name.

Beyond the initial 24 hours after a scam, you can place an extended fraud report that lasts up to seven years if you’ve been a victim of identity theft.

Step 4: Secure personal information

You will also need to secure any other information, depending on what you gave the scammer. This can include changing passwords or getting new credit or debit cards issued. The Federal Trade Commission has a tool that you can use to get a personalized recovery plan.

Step 5: Report the scam to authorities

While the details are still fresh, collect all the information you have related to the scam. This includes names, websites, emails, phone numbers, account statements, and records of payment like wire transfer receipts or credit card statements.

Report what happened to authorities. Between local authorities and government entities, it can be confusing to determine who to reach out to. A great resource is to walk through USAGov’s Scam Tool to determine the best place to reach out. You can always reach out to your local authorities or the Federal Trade Commission for additional help.

Falling victim to a scam is disorienting, but it doesn’t need to render you powerless. By acting swiftly and strategically, you can protect yourself from further harm and begin the process of recovery.

If you are a WSFS Bank Client and have concerns about your account’s security or suspect fraudulent activity, contact our team at 888.973.7226 7 a.m.-7 p.m. ET (Monday to Friday) or 9 a.m.-3 p.m. ET (on weekends). You can also visit any of our banking offices to talk with an Associate directly.