What To Do If You've Been Scammed.

 

Have you ever been scammed?  If so, you are not alone. New FTC Data Show Consumers Reported Losing Nearly $8.8 Billion to Scams in 2022.  That's more than a 30% increase from 2021 with investment scams showing the highest reported loss ($3.8 Billion) followed by imposter scams ($2.6 Billion). 2.4 million consumers filed fraud reports with the FTC in 2022.  Imposter scams were the most commonly reported scam followed by online shopping scams. 

 

Scam vs. Fraud 

There is a subtle difference between a scam and a fraud.  "A scam almost always involves money or transactions that involve monetary loss to the victim.  But on the other hand, fraud is a broader term which might involve money or other gains or even bringing disrepute to a person." (What's the difference between scam and fraud?) 

 

Types of Scams 

There are many types of scams to be aware of. According to ConsumerFraudReporting.org, the Current 2023 Top 10 List of Scams and Frauds are: 

1. Identity Theft, Phishing and Pharming 
2. Phone scams 
3. Debt Collection 
4. Fake Government Officials 
5. Scam Text Messages 
6. Loan Scams/Credit Fixers 
7. Fake Prizes, Sweepstakes, Free Gifts, Lottery Scams 
8. Internet merchandise scams 
9. Automobile-Related Complaints 
10. Fake Check Payments 

Followed by Recovery/Refund Companies; Computer Performance Scams; Credit Bureaus; Scholarships, Student Loan and Financial Aid Scams; Online Dating Scams; Facebook Fake Friend Scam; Click Bait Scam; Fake bills and invoices; Tech Support Scam; Medical Alert Scam; eBay/Auction Reseller Scam; Arrest Warrant Scam; Invisible Home Improvements; Casting Call Scam; Foreign Currency Scam; Affordable Care Act Scams, etc. For more information about these scams check out the link above. 

 

AARP's 14 Top Scams to Watch Out for in 2023 also provides a list of popular scams and how to avoid them. 

 

What to do if you are scammed 

If you think you have paid a scammer, given out personal information or had your computer/phone compromised report it to the Federal Trade Commission and follow the steps provided in What To Do if You Were Scammed, including who to notify. Realistically, you probably won't get your money back, or at least not all of it, but by reporting the fraud to the FTC you can help your friends, family, community and others avoid the scam themselves, keeping their money and information out of the hands of criminals.  Reporting the scam with the FTC also helps their investigators use your information to build cases against scammers and help stop them. 

 

Emotional and Mental Toll 

According to Lorraine Glendon’s 2018 Consumer Reports article What to Do If You've Been a Victim of Scams or Fraud, one study estimates that only 14% of people report the scam.  This may be due to embarrassment, a feeling of futility, or they just didn't know where to report it.   

 

Above, I dealt with where to report the scam and why you should, so now let me address the emotional and mental toll being scammed places on an individual.  I myself was recently scammed by someone pretending to be my internet provider.  I should have known better.  If it sounds too good to be true, it is, but I was seeing dollar signs (save 50% off my internet monthly fee!) and ignoring the red flags (prepay first year with gift cards. Gift Cards??? Never pay bills with gift cards.). They got me.  The money I spent is most likely gone, but I also had to go through the hassle and frustration of reporting it, disputing fraudulent charges, and getting a new credit card to be safe.   

 

It was a costly mistake, but I'm one of the lucky ones.  I can afford the loss and won't go into debt because of it.  I felt so foolish though. I was so smug that with all my training, no scammer would be able to fool me.  The experience also made me very angry. Angry at myself and angry at the scammers who would do this to another human being.  But by remaining upset, I was letting them continue to victimize me.  They taught me a valuable lesson that I won't soon forget.  Now it's time to forgive myself and go back to enjoying my life. 

 

For more information on how to deal with the aftermath of being scammed, check out this article The Emotional Impact of Fraud and Scams by LifePaths.  It recommends that you accept the emotions, turn to supportive family and friends, self-care, monitor and change your thinking, and ask for help when you need it. 

 

Any scam warnings you would like to share in the comments?