What to Do if You've Been Targeted By A Scam

Being scammed can be a distressing and overwhelming experience. The first thing to understand is that it’s not your fault: scammers are becoming increasingly sophisticated, and even the most tech and security-savvy people fall for them.

Knowing what steps to take after realising you’ve been scammed can help you mitigate the damage and protect yourself in the future. 

Recognise the Scam

The first step in dealing with a scam is recognising that you’re being targeted by a scam in the first place. If you can spot the scam, you can typically deal with it before it causes any damage. Scams can take many forms, including:

• Phishing emails
  These emails appear to be from reputable companies and ask you to provide personal information. 

• Phone scams
  Scammers may pose as government officials or representatives from well-known companies to gain your trust. 

• Online scams
  Fake websites, online shopping scams, and social media scams are prevalent. 

• Investment scams
  Offers of high returns with little risk are often too good to be true.

Common signs of a scam include unsolicited requests for personal information, high-pressure tactics, and offers that seem too good to be true. Trust your instincts—if something feels off, it probably is.

Stop Further Interaction

If you suspect that you’re being scammed, stop all communication with the scammer immediately. Do not respond to emails, texts, or phone calls. Block their numbers and email addresses to prevent further contact. Continuing to engage with scammers can put you at further risk.

Document Everything

Gathering as much information as possible about the scam will be crucial for reporting it and seeking help. Document the following details:

• Date and time of contact
  Note when you were first contacted and any subsequent interactions. 

• Name or alias used by the scammer
  Scammers often use fake names, but any information can be helpful. 

• Contact information they provided
  Record phone numbers, email addresses, and website URLs. 

• Description of the scam
  Write down how the scam unfolded and what was promised or threatened. 

• Copies of communications
  Save emails, texts, and screenshots of online conversations.

Having a comprehensive record will assist authorities and your financial institution in investigating the scam.

Report the Scam

Reporting the scam is a critical step in addressing the issue and preventing others from falling victim. In Australia, you should report scams to the following authorities:

• Scamwatch
  Run by the Australian Competition and Consumer Commission (ACCC), Scamwatch provides information on the latest scams and allows you to report your experience. Visit Scamwatch to file a report. 

• Australian Cyber Security Centre (ACSC)
  If the scam involves cybercrime, such as hacking or identity theft, report it to the ACSC through their ReportCyber portal. 

• Your bank or financial institution
  If you’ve provided financial details or lost money, contact your bank immediately to report the fraud. They can help secure your accounts and potentially recover lost funds. 

• Local police
  For significant financial losses or if you feel threatened, report the scam to your local police. They can provide additional support and begin a formal investigation.

Protect Your Identity

If your personal information has been compromised, take immediate steps to protect your identity:

• Change passwords
  Update passwords for all online accounts, especially those linked to your financial information. Use strong, unique passwords and consider using a password manager. 

• Monitor accounts
  Regularly check your bank statements and online accounts for suspicious activity. Report any unauthorised transactions to your bank immediately. 

• Consider a credit report
  Regularly check your bank statements and online accounts for suspicious activity. Report any unauthorised transactions to your bank immediately.

Seek Support

Being scammed can take an emotional toll, and seeking support is essential for your well-being:

• Friends and family
  Talk to trusted individuals about your experience. They can offer emotional support and practical advice.

• Counselling services
  Professional counselling can help you cope with the emotional impact of being scammed. Services like Lifeline (13 11 14) and Beyond Blue (1300 22 4636) provide free, confidential support.

• Financial Adviser
  Be sure to contact your financial adviser and inform them about the scam. Financial advisers can provide practical advice on safeguarding your financial information from scammers.

Educate Yourself

Preventing future scams involves staying informed and educating yourself about common tactics:

• Stay Informed
  Regularly check Scamwatch and other resources for updates on new scams. Sign up for Scamwatch email alerts to stay ahead of the latest threats. 

• Learn to identify scams
  Familiarise yourself with common scam tactics and how to avoid them. Scamwatch provides comprehensive guides on recognising and avoiding different types of scams. 

• Use security software
  Install and maintain reputable security software on your devices to protect against malware, phishing attempts, and other cyber threats. Ensure your operating systems and applications are up to date with the latest security patches.

Spread Awareness

Helping others avoid scams is an essential part of building a safer community:

• Social media
  Share your story on social media to alert your network. Use hashtags like #ScamAlert and #StaySafeOnline to reach a broader audience. 

• Community groups
  Inform local community groups or organisations about the scam. Many communities have local forums or newsletters where you can share your experience and tips for avoiding scams. 

• Workplaces and schools
  Encourage your workplace or school to host information sessions on scam awareness. The more people know about the risks, the better equipped they’ll be to protect themselves.

Experiencing a scam can be overwhelming, and it is something that you definitely need to respond to. As stressful as it can be, taking the proper steps can assist you in recovering and safeguarding yourself in the future.

There are a lot of scams out there. Stay alert and informed to safeguard yourself and your loved ones from future scams.

Important information – Oracle Advisory Group makes no representation or warranties as to the accuracy or completeness of any statement in it including, without limitation, any forecasts. The information in this document is general information only and is not based on the objectives, financial situation or needs of any particular investor. An investor should, before making any investment decisions, consider the appropriateness of the information in this document, and seek their own professional advice. Past performance is not a reliable indicator of future performance. The information provided in the document is current as the time of publication.