No one expects to be the victim of fraud, but the unthinkable sometimes happens. Scammers use all kinds of professional means to get money and information from their victims, even the most careful of marks. If you suspect, or have discovered, that you are a victim of fraud, it’s crucial to act quickly. The sooner you act, the less damage the fraud can wreak on your finances and personal life. 

Here’s what to do if you’ve fallen victim to fraud. 

Immediate steps

As soon as you discover the fraud, take these steps:

• Document the fraud. Collect all relevant information, including emails, receipts, account statements and any other documentation that can serve as evidence.
• Contact your financial institutions. Notify your credit union or bank, credit card companies and any other relevant financial institutions about the fraud. They can freeze your accounts, issue new cards and help prevent further unauthorized transactions.
• Change passwords. Immediately change passwords for any online accounts that may have been compromised, and use strong, unique passwords for each account.

Reporting fraud to the authorities

Reporting fraud to the appropriate authorities is essential for legal action and to help prevent future incidents. Here are the key organizations to contact:

1. Federal Trade Commission (FTC). The FTC is the primary agency for reporting fraud in the United States. You can file a complaint online or call 1-877-FTC-HELP (1-877-382-4357).
2. Local law enforcement. File a report with your local police department. Provide them with all the evidence you have collected. Obtain a copy of the police report, which can be useful when disputing fraudulent charges with creditors.
3. Internet Crime Complaint Center (IC3). For online fraud, report to the IC3, a partnership between the FBI and the National White Collar Crime Center. File a complaint here. 
4. State consumer protection offices. Many states have consumer protection offices that handle fraud complaints. Search for and check your state’s website for contact information.
5. Credit reporting agencies. Contact the major credit bureaus (Equifax, Experian and TransUnion) to place a fraud alert on your credit report. This alert warns creditors to take extra steps to verify your identity before extending credit.

Specialized reporting for specific types of fraud

Depending on the type of fraud, you may need to report to additional specialized agencies:

1. Identity Theft: Report identity theft to the FTC at IdentityTheft.gov. This site provides a comprehensive recovery plan and necessary forms to help repair your identity.
2. Securities Fraud: If you’re a victim of investment fraud, report it to the Securities and Exchange Commission (SEC) at SEC.gov.
3. Tax Fraud: For tax-related identity theft or fraud, contact the Internal Revenue Service (IRS) at IRS.gov or call the IRS Identity Protection Specialized Unit at 1-800-908-4490.
4. Mail Fraud: If fraud was conducted using the U.S. Postal Service, report it to the U.S. Postal Inspection Service at USPIS.gov.

Protect yourself from future fraud

Once you’ve reported the fraud and taken steps to mitigate the immediate damage, it’s important to implement measures to protect yourself from future incidents.

First, monitor your accounts. Check your checking account statements, credit bills and credit reports on a regular basis for unauthorized activity. Check with your financial institution; they may offer alerts for suspicious transactions.

Next, enable two-factor authentication for all online accounts that offer it. This adds an extra layer of security beyond just a password. It’s also important to use strong, unique passwords across all of your accounts. 

Never share personal information online, or offline, with an unverified contact. Shred sensitive documents before disposing of them and only use secure connections for online activities.

Finally, keep yourself educated about circulating scams so you know how to identify and avoid scams at all times. 

Fraud is an ever-present threat in today’s digital world, but by knowing how to report it and taking steps to protect yourself, you can minimize the risk and impact. Stay vigilant, stay informed and take proactive measures to safeguard your financial well-being.