I’m a victim of investment fraud! What do I do?

No one plans to be a victim of investment fraud, but unfortunately it still happens. You should know what to do in case you or someone you care about becomes a victim.

One of the most important things you can do if you’re a victim of investment fraud is to talk about it. Don’t hide what happened. Too often victims of investment fraud feel ashamed or embarrassed by what has happened and try to hide it, move on, and forget about it. Do not do this. Talk to friends and family. Moral support can be a comfort and help you with the next steps.

This next step should be to gather as much information about the investment fraud as possible. This could include emails, statements, receipts, notes, or promotional materials. Anything the fraudster may have given you, and any communications you have with them that has been saved, should be collected.

Write down everything that happened and when it happened if you can. Do this as soon as possible so everything is fresh in your memory.

Report the investment fraud to your local securities regulator and your local police. They can help you with the next steps and warn the public, so others do not fall victim to the scam or fraud.

After reporting the fraud be sure to notify your bank and anywhere else you have financial accounts, and your credit card company. You should monitor your accounts and credit cards for any suspicious activity or fraudulent charges. You should also check your credit score and monitor your credit report for any unauthorized activity.

Be wary of anyone contacting you about the fraud from any organizations you have not already been in contact with. Victims of fraud can often be put on a list that is used by fraudsters to try and revictimize them through another scam or through a recovery room scam.

The main thing we recommend victims of investment fraud to do is learn more about fraud and investing. The most powerful tool you have against fraud is education. Learn about the red flags of investment fraud. Learn about common types of fraud and how to spot them. You can also share these educational resources with friends and family. No one wants to become a victim of investment fraud. Sharing these educational tools can help protect your friends and family from fraud.