What To Do If You Think You’re a Victim of Fraud
Discovering that you may have been targeted by fraud can feel overwhelming and stressful. Scammers thrive on creating pressure and secrecy—they may tell you not to talk to anyone, warn you that your accounts will be shut down, or insist you act immediately. This pressure is intentional. It’s designed to keep you from thinking clearly.
The most important thing you can do is pause, take a breath, and reach out to your financial institution right away. Your bank or credit union is your trusted partner. They can help you determine what happened and guide you through the right steps to protect your money and your identity.
When you call your financial institution, they may start with a simple statement like:
“I’m so sorry to hear this. Tell me what happened.”
From there, the questions they ask will help identify the type of fraud and the best next steps.
Common Types of Fraud and Questions You May Be Asked
Debit & Credit Card Fraud
Do you have the card in your possession?
Did you authorize anyone to use it?
Did you recently sign up for free trials or online subscriptions?
Have you contacted the merchant to cancel or request a refund?
ACH (Automatic Withdrawals) Fraud
Have you recently received calls about your computer or click on online ads/pop-ups?
Have you shared your account number with anyone?
Have you contacted the company to stop the transaction?
Online Banking / Bill Pay Fraud
Has anyone recently installed or updated software on your device remotely?
Did you follow instructions over the phone to update your computer?
Have you shared your login details with anyone (even family)?
Is your mobile banking app left unlocked?
Peer-to-Peer Payments (Zelle, Venmo, Cash App, etc.)
Did you set up the account yourself?
Do you know the person you sent money to?
What were the funds for, was it a purchase?
Did you personally approve the payment or accept a request?
Important Reminders:
Limits on these services exist to protect you from large losses.
Only use peer-to-peer apps with people you know and trust.
If a “friend” requests money, call and verify with them before sending.
Key Takeaways
Trust your financial institution. They are there to protect you, not pressure you. If someone is rushing you, telling you to keep quiet, or threatening consequences—those are red flags of a scam.
Act quickly. The sooner you report suspicious activity; the more options your financial institution has to help protect you.
You are not alone. Fraud can happen to anyone. By speaking up and asking for help, you are taking the smartest step toward resolving the situation.
Quick Checklist
What To Do First if You Suspect Fraud
Stop and breathe: Don’t let the scammer’s urgency cloud your judgment.
Call your financial institution immediately: They are your best resource for guidance and protection.
Don’t keep secrets: Real financial institutions will never ask you to stay quiet.
Gather information: Write down what happened, when, and who contacted you.
Secure your accounts: Change passwords, freeze cards, or block transactions as advised.
Stay alert: Watch for follow-up calls, texts, or emails from scammers pretending to “help.”