4. What to Do if You're Scammed

Experiencing a scam can be frightening and overwhelming. However, knowing what steps to take can help you regain control and protect your assets. This chapter outlines essential actions to take if you fall victim to fraud, as well as key concepts and interactive activities to reinforce your learning.

Act Fast: Reporting and Recovery

The first thing you need to do if you suspect that you've been scammed is to act quickly. Time is of the essence in these situations, as prompt reporting can help mitigate damage and increase your chances of recovery. Here are some immediate steps you should follow:

1. Report the Scam: Informing the relevant authorities is crucial. You should report the incident to:

• Your bank or credit card company

• The Federal Trade Commission (FTC) at reportfraud.ftc.gov

• Local law enforcement, especially if you have lost money or personal information

2. Consider a Credit Freeze: A credit freeze is a powerful tool that prevents creditors from accessing your credit report, making it more challenging for scammers to open accounts in your name. To initiate a credit freeze, contact each of the three major credit bureaus (Equifax, Experian, TransUnion).

3. Develop a Recovery Plan: Create a structured recovery plan to regain control over your accounts. This could include:

• Changing passwords for online accounts

• Monitoring financial statements closely for unauthorized transactions

• Setting up fraud alerts on your credit report

Key Vocabulary

• Credit Freeze: Locking your credit to prevent misuse.

• Report: Informing authorities about a scam.

• Recovery Plan: Steps to regain control of your accounts.

Interactive Activities

📞 Role Play:

Practice a scenario where you call your bank to report stolen information. Think about what details you need to provide and how you'll communicate the urgency of the situation.

🧩 Safety Plan:

Create a list of three immediate steps you would take if you were to find out that you have been scammed. Consider things like whom to contact first, what information to gather, and how to keep track of your progress.

🧩 Wrap-Up Activity:

To reinforce your knowledge of online safety, create a “Stay Safe Online” pledge card. Write down your top five rules for preventing fraud. Here are some examples to inspire you:

1. Use strong, unique passwords for each account.

2. Enable two-factor authentication wherever possible.

3. Be cautious of unsolicited emails or messages.

4. Regularly monitor bank statements and credit reports.

5. Never share personal information unless you verify the recipient's identity.

Conclusion

Being scammed is a distressing experience, but knowing how to respond can empower you to take the necessary steps toward recovery. By reporting the incident, considering a credit freeze, and developing a recovery plan, you can regain control and protect yourself in the future. Engage in the interactive activities provided to cement your understanding and make a commitment to staying safe online.