What to do if you think you’ve been scammed

From calls about fake debts to too-good-to-be-true offers, scammers are constantly inventing new ways to lure in unsuspecting victims. Given the sophistication of today’s hoaxes, phishing, and scams, even the most vigilant individuals can be at risk.

Contact the financial institution

Immediately contact your financial institution or payment provider to report any unauthorised payment transactions. The sooner this step is taken, the better. Financial institutions and payment providers are more likely to take action to prevent further damage to an account if they are alerted to the activity soon after it’s happened. They may also provide additional resources and support to help you recover lost funds.

Report the scam

Reporting the scam to local authorities is another way to stay safe online. This can help assist law enforcement agencies take action against scammers and work on ways to prevent them from targeting other unsuspecting individuals.

For example, it’s possible to report a scam to Scamwatch, a website run by the Australian Competition and Consumer Commission (ACCC). It is also possible to report suspected fraud to the Australian Federal Police.

Understand rights as a buyer

If you think you’ve been scammed while making a purchase, your online payment provider may offer protection.

For instance, PayPal's buyer protection¹ may be available for eligible purchases that don’t arrive or significantly don't match the seller’s description. PayPal also monitors every transaction 24/7 to help prevent fraud, unauthorised transactions and identity theft. Plus, every transaction is encrypted using advanced encryption technology.

Update or change passwords frequently

Changing passwords regularly is best practice for securing accounts — especially after a scam.

Immediately changing passwords after suspicious activity may help prevent scammers from using stolen login credentials, gaining access to accounts, and additional sensitive information.

When changing an email password, don’t reuse one that’s already been used or one that’s currently used for a different account. Instead, consider choosing unique and complex passwords that are difficult to guess or crack. You could also consider using a password manager to generate and store strong passwords for each account.

Investigate bank statements and accounts

Have you asked yourself, “What to do if I get scammed out of money?” Monitoring bank statements, transaction histories, and other account activity can be helpful when it comes to identifying and tackling unauthorised transactions. This is particularly important if you suspect that money has been fraudulently deducted from your account or you have made a purchase from a fake business.

If you notice any unknown charges on your account, contact your financial institution or payment provider as soon as possible to report the suspicious activity and define next steps.

Looking out for red flags, contacting your financial institution or payment provider, reporting scams, understanding rights as a buyer, using strong passwords and updating them regularly, and investigating bank statements and accounts are some of the steps you can take if you think you’ve been scammed.

Learn how PayPal can help you deal with suspicious activity here.