How to recover after being scammed

Alexis Abramson, Ph.D., a fraud prevention expert, called a family member to check in. When she asked where they were, they said, “I’m at the bank. My friend is out of the country and ran out of money. Somebody stole her bags and her passport, and she needs me to wire money.”

Alarm bells went off for Abramson. Although her relative felt as if they were helping a friend, they were actually about to be scammed.

Wire or money transfer fraud happens when fraudsters try to convince you to send them money. Another common scam is phishing. That’s when scammers pretending to represent a company you trust reach out via email or text. Then they ask you to click on a link or contact them to provide personal information.

In 2025, Americans reported losing about $16 billion to fraud—the highest amount ever recorded, according to the Federal Trade Commission (FTC). The FTC is a government agency that protects consumers from scams and unfair business practices.

Many people ask: What should you do if you lose money to a scam? First, take a deep breath, Abramson says. By clearing your mind, you can make the right first move.

Then, read the guidance below from our security experts on how to recover after being scammed. These steps can help you recover money and protect yourself in the future.

If you suspect you’ve been scammed, it’s important to act fast and secure your account. Here’s what the experts say you should do first:

Contact your bank or credit card issuer right away to report the scam and request a new account number, says Mason Wilder, a certified fraud examiner. You also will need to be issued a new debit or credit card. Make sure to share all the information you provided to the scammer. That way, the bank or card issuer can best guide you toward securing your account(s) and protecting your identity.

You can also find resources about what to do when scammed on your bank’s website. You may need to take further action depending on your specific case. For example: filing a report with the police or the Social Security Administration.

If you’ve been a victim of fraud or identity theft, file a report with the FTC. In 2024, the FTC was able to issue over $337 million in refunds to people who lost money to illegal business practices.

No matter the type of scam, Abramson recommends documenting the details of your case. As you work to recover the money you lost to a scammer, these details are important for your bank or the FTC. Also, make copies of everything. That includes any email, text or social media message you received from a scammer or your bank statement with fraudulent charges highlighted.

Stay patient during this process. Both Wilder and Abramson say the timeline to recover money from a scammer can vary based on the amount and your case’s specific details.

“There are several factors at play. For example, the type of scam, how much money they stole, how much information they obtained and where the money was stolen from,” Abramson says.

When it comes to protecting your money and personal information, it’s best to be proactive. Follow these steps for how to recover from being scammed:

If you were scammed and your personal information has been compromised, consider placing a credit freeze on your credit report. A credit freeze is a way to restrict access to your credit report. Taking this action can help prevent a scammer from taking out a loan or a line of credit in your name, Wilder says.

“I’d recommend a credit freeze to anyone who has discovered they are a victim of identity theft or who has found unauthorized purchases on their debit or credit cards,” Wilder says.

To freeze your credit, contact the major credit reporting organizations: TransUnion, Equifax and Experian. Note that a credit freeze will remain in place until you ask them to lift it.

What other ways can you use to keep your personal information safe? Abramson recommends a fraud alert, available to anyone free of charge. To place a fraud alert, contact TransUnion, Equifax or Experian.

If you have a credit freeze in place, there’s no need to take this step. A fraud alert wouldn’t be seen by new or prospective creditors until the freeze is lifted, Wilder explains.

Unlike a credit freeze, a fraud alert can be helpful in preventing future fraud. Credit organizations would need to verify your identity in order to allow new lines of credit, Abramson says.

There are different types of fraud alerts you can consider based on your situation and needs. Fraud alerts may stop someone from opening new credit accounts in your name, but they may not prevent the misuse of your existing accounts, the FTC notes.

If you’ve been scammed, it’s important to act quickly. Most banks and credit card issuers have specific timelines for reporting fraud, often within 60 days of the fraudulent transaction. Once reported, your financial institution will typically start an investigation. How long will this take? Expect 10 business days for early findings and up to 45 days for full resolution. The exact timing depends on the case. 

What if you’re unable to recover funds through your bank or issuer? Filing a complaint with the FTC at ReportFraud.ftc.gov can help document the fraud and support their prevention efforts in the future.

When you’re recovering from being scammed, Abramson recommends resetting your passwords. Focus on any compromised accounts or accounts that may be linked to your payment info. Some examples include your mobile banking app or online shopping sites.

Rather than something easy to remember (“Password1234”), create a password that mixes uppercase and lowercase letters, numbers and special characters. Think you’ll forget? Try an online password manager. These tools can help you create strong passwords and store your new credentials.

Two-factor authentication is an additional layer of security that requires a second form of identity confirmation besides your username and password. If you enable two-factor authentication, a one-time code will be sent to you via text or email each time you log into your account. Only someone with the registered phone number or email address will be able to verify and log into the account.

Whether on social media or your mobile banking app, this added security is another way to help make sure that you, and not a scammer, are the one accessing your account.

When recovering from being scammed, you may also want to enable alerts on your bank accounts to help you spot suspicious activity. Consider setting up alerts for every transaction or for transactions over a certain dollar amount. You may also be able to set up alerts for ATM withdrawals or if your account is overdrawn.

Unsure about the security of a transaction? Wilder and Abramson both suggest using a credit card rather than a debit card.

“If you’re going to make a purchase in a situation that carries higher risk of being intercepted, use a credit card,” Wilder says. That’s because credit card disputes are easier to resolve. On the other hand, fraudulent debit card charges come straight out of your bank account.

After working to recover from being scammed, become familiar with the most common types of scams. By understanding how a scammer works, you may be able to spot a potential scheme. You’ll also have a better idea of what experts consider to be red flags. 

Here are some ways to spot scammers and help protect yourself from fraud:

Scammers frequently use phone calls to trick people into sending money or sharing personal information.

Be suspicious of a caller who asks you to spend money right away, Abramson says. Scammers often pose as respected companies to gain your trust. They may ask you to give personal information, which they can use to pretend to be you when interacting with your bank or credit card company. The most common examples are your user ID, password, one-time codes and financial details.

Slow down. “You should really be concerned about that and make sure that you don’t act too quickly,” Abramson says.

Similar to scam calls, phishing emails are used by scammers to try to access your personal information or to get you to download harmful software.

Phishing emails are often full of poor spelling and bad grammar, Abramson says. So you’ll want to pay close attention to those signs.

Suspicious links are another clue, so think twice before clicking. That’s especially true if an email prompts you to provide sensitive information like your user ID or password. Before clicking a link in an email, look at the sender’s email address to make sure it matches the company, Abramson says. If the email address doesn’t appear to match the company name, don’t click.

“If the sender uses a brand name when they contact you, phone the company. Have them confirm that this is an email they are actually sending to customers,” Abramson says.

Another way to confirm whether you’re being scammed is going to a scam database, such as the Better Business Bureau’s Scam Tracker. These databases can help you make sure there aren’t any complaints against the business the sender claims to represent, Abramson adds.

During times of economic hardship, scammers may target consumers who are looking to help those in need. For example: a recession or public emergency. As Wilder notes, crowdfunding scams increased during the COVID-19 pandemic.

“People will impersonate real organizations, or create fake ones, and take advantage. Sometimes they’ll use other people’s photos or copy somebody else’s plea for help. Then they’ll try and get it spread around on social media,” Wilder says.

To avoid falling for this kind of scam, don’t assume all crowdfunding requests are legitimate. Consider vetting donation requests or donating only to people or organizations you know and trust.

The most common mistake people make is thinking getting scammed could never happen to them, both Abramson and Wilder say. Even trained professionals can fall for scams, especially with artificial intelligence (AI) making it easier to pretend to be someone else.

Whether you’re wondering how to recover after being scammed or are just interested in learning more about how to protect yourself, it’s smart to keep up to date on the latest scams. By staying informed and protecting your private information, you can help keep yourself safe.

• Pause before you act. Scammers often create a sense of urgency to pressure you into making quick decisions. 
• Never share personal information until you’ve confirmed who you're communicating with through a trusted source. 
• If something doesn’t feel right, trust your instincts. It’s always better to verify a request than risk becoming a victim of fraud.

If you ever misplace your debit card, it’s easy to lock and unlock it right away in the Capital One mobile app.