What to do if You Are Being Scammed | 5 Steps to Recover Losses

What To Do If You Are Being Scammed?

Realize that you have been scammed? If yes, then don’t waste more time victimizing yourself and take the necessary steps to recover your losses. Here is a detailed guide to what to do if you are being scammed. Along with this, there are a few tips to protect yourself from future frauds.

Is it Possible to Recover Money from a Scammer?

Doesn’t matter whether you are a working professional, a retired person, or a student scams can happen to anyone, anytime. To protect yourself, it is important only to stay aware and alert.

However, if somehow you get trapped in the scammer’s trap take the right step at the right time. It can help you get your lost funds back.

Yes, you read it right. You can get your lost amount back.

We receive multiple complaints where people get scammed in IPO fraud, telegram scams, account handling or profit sharing scams, and lots more. But most of those are able to recover more than 70% of their lost amount.

All of those victims had one thing in common. They all took the right initiative and instead of playing the victim card or feeling embarrassed, they decided to raise their voice.

However, each case is different and needs to be handled differently. But there are a few basic steps that one can take to get scammed.

The following steps can help you to recover losses and to protect you from getting scammed again.

1. Avoid Paying More Money

Most of the scammers play smartly. They first display high profits and returns on their initial capital to victims and later ask to deposit more funds to unlock profits.

Victim just to recover their initial capital end up adding more funds.

So, once you realize that someone played with your hopes and dreams, stop falling more into their traps. It can only lead to more losses. So stay alert.

2. Collect Scammer’s Details

Instead of victimizing take immediate action. Start collecting all the data and documents of the scammer you have.

This includes his name, phone number, email address, website link or app link (if any), Telegram Channel or WhatsApp group name, and most importantly bank details and UPI details where you have transferred funds.

Document every small detail to take further action against the scammer.

3. Protect Your Accounts

If you have been scammed in the frauds like account handling or profit sharing then the first step you must take is to protect your account from further access.

Make sure you change account login details and transfer the whole capital to your bank account.

In case you have shared any other details make sure you either block that account or change details to protect it from further access.

4. Report Your Case

Now if we divide cases at the broader level, then it is 2 major types:

One is done by a registered entity like a Stock Broker, Research Analyst, or Investment Advisor, and the other one is done by an unregistered entity like fake finfluencers through YouTube, Telegram, and Instagram.

Based on this you can report the complaint against the registered entity to SEBI and file a complaint in Cyber Crime in the case of the unregistered entity.

To lodge a complaint in SCORES, a portal of SEBI, you need to register first by entering your PAN card and other necessary details. After registration, log in and fill in the details along with the proofs.

To file a complaint to Cyber Crime you need to visit the cyber crime portal to register by entering your name and mobile number. Once done you can log in choose the type of scam and submit other details.

Make sure that you take proper follow-ups and reply promptly to every response you receive.

5. Stay Alert to Protect Yourself from Future Scams

Victimization can become the biggest reason for your falling into another scam. It is therefore important to be alert and aware of yourself after you encounter the first financial fraud.

Irrespective of the type of scams the modus operandi of these scammers are more or less similar. Hence it is important to stay alert so that you can protect your capital if you encounter any such incidents that lead to fraud.

Now the most important step you must take is to validate all the details and invest only in the regulated and registered schemes. Even if you are associated with the registered entity make sure the entity follows all the rules.

Avoid sharing your details, bank or account details even with the registered entity. Last but not least, prevention is better than cure and hence you must stay away from messages or links that you receive from any Unknown Source.

Conclusion

Scammers can scam you because they can read and understand your psychology. They take every necessary step that they know can help them to meet their objectives successfully.

One of those tactics is to create greed and pressure you to take instant action by creating FOMO.

You just need to identify these tactics to prevent yourself from falling into such traps and learning the way what to do if you are being scammed.

Have You Been Scammed?

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