Rebuilding After Losing Money to Fraud
Losing money to fraud affects finances, confidence and relationships. Practical next steps for your money and security, and where to find emotional and financial support.
Losing money to fraud can shake more than your bank balance. People describe feeling foolish, anxious, angry and reluctant to trust anyone. Recovery has practical and emotional sides, and both matter.
Practical steps
- Make sure the scam is reported to your bank and the police. See reporting financial fraud.
- Secure your accounts and identity. See protecting your identity.
- Review your budget for the next few months.
- If you borrowed or owe money, get free debt advice before taking new loans. See borrowing safely.
- Set up protections for the future: alerts, limits and a trusted person to talk to before big decisions. See alerts and limits.
Emotional recovery
- Talk to someone you trust. Silence gives shame more power.
- Remember that scams are designed by professionals. See why smart people fall for scams.
- Use victim support services where available.
- Be patient: trust returns gradually. See the emotional impact of scams.
Watch for second scams. Recovery offers target people who have just lost money. See fake recovery agents.
For more, see what to do if money is taken.
Frequently asked questions
Is it normal to feel ashamed?
Yes, very common, but the shame belongs to the criminals. Scams are designed by professionals to fool careful people.
Where can I get support?
Victim support services, free debt advice services, your bank's support teams, and people you trust. In the US, the AARP Fraud Watch Network Helpline is free for anyone.
How do I avoid being scammed again?
Victims are often targeted again, especially with recovery offers. Take time before any financial decision and talk it through with someone.
Sources
- What To Do if You Were Scammed, US Federal Trade Commission
- Report Fraud to the AARP Fraud Watch Network Helpline, AARP
- Victim Support, Victim Support
- How To Get Out of Debt, US Federal Trade Commission
