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Our final question of the week during Fraud Prevention Month asks what you should do if you do fall victim to an investment scam or fraud?
If you think you are the victim of a financial scam or fraud, do not sit idly by and do nothing. Take action! Here are some basic steps to take:
1. Talk - One of the most important things to remember when you think you’ve been scammed, is to talk about it. Many people suffer in silence and do nothing because of fear or embarrassment. Talk about it to your friends and family and get their help. Enlist a friend or family member who can assist you. Having moral support can be a comfort and help you from feeling overwhelmed.
2. Gather - Gather all information you have available. Look for statements, agreements, promotional materials, emails, notes and any other documents that you have.
3. Write - Write down what happened, when it happened and what was promised. That will come in very handy.
4. Report – Report the scam or fraud to your local securities commission and/or your local police office. We can help you with next steps. We can also send out alerts and warnings to the public so others don’t fall for the same scam.
5. Protect – Protect yourself from further financial damage by notifying your financial institutions, such as banks and credit card companies right away. They may be able to stop transactions on your accounts and possibly open a claim to recover lost money.
6. Inquire - Check your credit score through Equifax or Transunion. That way, you can see if someone else is trying to use your credit.
7. Question – You now may be on what scammers call a “sucker list,” so question any unsolicited offer, including someone who claims they can get your money back for a small fee. This may be an attempt to revictimize you and get more money out of you.
8. Inform – Inform and educate yourself on the red flags of fraud. This will help you avoid being victimized again.
9. Champion – Become an advocate for financial and investment safety. Share your new-found knowledge with others, and help them avoid being victimized. Scammers prey on lack of knowledge, so the more we know, the better protected we become!
10. Share – Help others avoid being victimized by sharing this post!