Life after a scam: what actions can be taken after falling victim to online fraud?

Unfortunately, falling victim to an online scam is an increasingly common reality nowadays. Scammers take advantage of people's vulnerabilities to obtain personal and financial information. 

If you or someone close to you has been a victim of cybercrime, our deepest sympathies. We are fully aware of just how frustrating this can be. On top of everything else is the fear of what might happen later on with the information that may have been stolen. 

So, after falling victim to fraud, it’s important to take immediate steps to minimize the damage and protect your personal and financial data. We'll now walk you through the steps you should take after falling for an online scam.

I've been scammed. What now?

Contact your financial institution

If you’ve shared financial information with scammers, or even transferred cash to them, contact your financial institution immediately. They can help you block your accounts and credit cards to prevent unauthorized transactions. 

Change your passwords and update your security settings

As soon as you discover that you have been the victim of a scam, it’s vitally important to change all your passwords, including those for bank accounts, email accounts, and social networks. Also, enable two-step authentication on all accounts offering this feature. This adds an extra layer of security by requiring you to provide an additional code before logging into an account.

Report the scam to the authorities

Reporting the scam to the authorities is one of the most important steps you can take. Besides aiding the authorities to investigate and arrest the scammers, you’ll also be helping protect others from falling victim to similar crimes. Contact your local police to report the incident and file a police report.

Inform the recipient's financial institution 

If you transferred money to the scammer's account, inform the bank or financial institution that received the money. They can block the account and try to recover the funds.

Contact consumer protection agencies 

If the bank or financial institution fails to resolve the problem, reach out to local consumer protection agencies.

Seek legal help 

If all the above are not enough to resolve the problem, seek legal help from a lawyer specializing in consumer law or digital law.

Is it possible to recover money lost in a scam?

If you’ve fallen victim to a financial scam, there are steps you can take to try to get your money back. The first thing you need to do is to file a police report at your nearest police station. The report is important so that the authorities can investigate the crime and identify those responsible.

Next, you should contact your financial institution to inform them about the fraud. 

PIX Special Return Mechanism

Brazil’s instant payment method, PIX, now features a special return mechanism that blocks funds in suspected cases of fraud. This means that if you immediately notify your institution through the official service channel, such as Customer Service or Ombudsman, the bank can use PIX infrastructure to notify the recipient institution to block the transfer.

Once blocked, both the payer's institution and the possible scammer's institution have up to seven days to undertake a deeper analysis to ensure the act indeed constitutes fraud. If fraud is proven, the recipient institution returns the funds to the victim.

Precautionary Blocking

Precautionary blocking is another alternative to increase the security of the instant payment method. This feature can be triggered if the payment recipient institution itself suspects a fraudulent situation. Upon crediting the account, this measure allows the institution to preventively block the funds for up to 72 hours. It then performs a more robust fraud analysis, increasing the probability of funds recovery by the victims. This measure can be used both in PIX instant payment transactions and in other types of transfers. 

Conclusion

In summary, falling for an online scam can be a traumatic experience, but there are steps you can take to minimize the damage and protect yourself in the future. 

To prevent the problem from recurring, try to learn more about the subject and brush up on your digital security. Read articles and guides on how to protect your personal and financial information online. Also, keep up to date on the latest tactics used by fraudsters to trick people. The more you know, the less vulnerable you are to these types of crimes.

Follow our blog to stay informed and more protected against cybercriminals!