Getting scammed can be emotionally devastating. The good news is that consumers can usually get their money back if they do the right thing.

Scammers often ask consumers to pay with gift cards, cryptocurrency, or wire transfers through companies like Western Union or MoneyGram. This article will show you how to recover your money from these types of transactions.

1. Report The Scam

Whether it’s an online purchase, a wire transfer or a gift card, scammers make it hard for victims to get their money back. But the sooner you report a scam to Action Fraud, the more likely your bank is to reverse the fraudulent transactions. If a scam is reported within a few hours of the incident you may be able reclaim all or most of your lost funds.

To begin recovering your money, the first step is to stop all communication with the scammer. This includes emails, phone calls, texts and social media messages. It is also important to not send any additional money to the scammer, whether through cash, a wire transfer, prepaid debit cards or cryptocurrency, according to the Federal Trade Commission (FTC).

Research by the FTC has shown that scammers target people who are victims of a previous scam. That’s because they can use your name, contact information and other details to target you with follow-up scams — even months after you’ve been taken by a different fraudster.

Documenting the scam details is the next step. Keeping a chronological record of your interactions with scammers and retaining receipts or copies of communications can help investigators track down the scammers. Having a complete record can also speed up the process of getting your money back, she adds.

It’s also important to avoid discussing the scam in public online forums, where other people could read your posts and try to steal your information again. It’s also a good idea to change your social media security settings to limit who can contact you on your accounts, so that scammers can’t find your contact information.

You should also contact the fraud department at the company that you believe has been hacked or defrauded. Many companies have 24/7 phone lines to help you with your complaints. You can also visit the local branch during normal business hours. The more specific your complaint is, generally, the higher the chances of it being accepted.

2. Contact Your Bank

Banks can help you if you report unauthorized purchases. In some cases, they can reverse the transactions or reimburse money stolen from your accounts (though this depends on how quickly you report fraud, the details of the scam and your bank’s policies). The sooner you report a problem to your bank, the more likely it is that they will be able reverse or refund any unauthorized debit card transactions.

You can prevent future scams by monitoring your financial accounts and using alerts to flag up suspicious activity. You can set up an alert for every transaction or when a certain amount is transferred from the checking account. Alerts are also useful for spotting unusual ATM withdrawals. You can also request to be notified if your balance falls below a certain amount.

Reporting fraud to your bank and breaking off contact with the scammer is important. Document all communication, including emails or text messages. Take screenshots of documents or conversations. You can use these screenshots as evidence if needed to file a complaint at the FTC.

If you’ve already reported a scam to the bank, be sure to check back frequently to see if the process is progressing. Depending on your banking policy and the type of scam, it can take up to 10 business days for a bank to complete an investigation and provisionally credit your account. In some cases it can take longer, especially if your bank is in an EU country or another with different rules about how quickly banks have to investigate unauthorized credit cards or electronic transfers.

Be aware that scammers often try to spoof your bank, by posing as a government agency, consumer advocacy group, law firm, or other trusted organization. If you have any doubts about who is calling, do a quick online search to see if there are any complaints about the organization or individual. You can also search for the customer service number on your bank’s website, the bottom of the paper check or the back of your card.

3. Contact The FTC

The FTC has been able to refund money to consumers scammed by illegal business practices. The agency issued more than $392 million in refunds to victims of fraud, identity theft, and other types of financial harm. Abramson recommends that consumers begin by documenting the incident. It’s important to keep everything that can serve as proof, whether it is an email or a text message from the scammer, or a bank statement that has fraudulent charges highlighted.

Then, the consumer, regardless of what payment method was used, should contact their own bank. They should also notify the company that operates the payment system (like PayPal or Cash App) and any government agencies responsible for regulating it. An accumulation of complaints may lead to eventual law enforcement actions against the scammer, or a complicit middleman that will result in restitution to the consumer.

Finally, consumers can contact their local law enforcement agency. Depending on the type of scam, it may be possible to get a warrant out for the scammer’s arrest and have them jailed. It may be possible to freeze the fraudulent account and/or enter a judgment against the scammer which will require that they pay restitution.

When consumers get scammed, it can feel hopeless. But experts say they should stay calm and take action. Never give out personal or financial information to anyone who asks for upfront fees, including prepaid cards and cryptocurrency. And never fund trades or investments using wire transfers, Western Union or MoneyGram, or by sending cash by express mail to a stranger. Instead, fund transactions with credit or debit cards, online, or at banks and money transfer services that offer a secure, verified address. It’s best not to pay in cash. Scammers can easily steal it and victims find it difficult to reverse.

4. Chargeback

Getting your money back from a scam can be easier said than done, but it’s not impossible. If you’ve been the victim of fraud, taking prompt action can help maximize your chances of recouping your losses. These six steps will help prevent further thefts, report the crime and begin the recovery.

Report the incident to your financial institution as soon as you become aware of it. This is a crucial step because delayed reporting may cause the bank to consider you liable for the charges and refuse your request for reimbursement.

If you paid with a credit, debit or pre-paid card, your bank can file a claim on your behalf to get your money back from the seller through a process known as a chargeback. While a chargeback isn’t a legal right, it is a valuable tool that can be used to protect your financial accounts from fraudulent activity.

When filing a chargeback, be sure to include all relevant details about the transaction and your experience with the scammer. This includes screenshots of communication with the scammer, as well as your own records of the event (such as chat logs or emails). Your bank will need to have this information in order to investigate and resolve the issue.

The time frame in which you receive a reimbursement depends on a number of factors, including how you paid for the scam and how quickly you reported the scam. For example, in the US, banks are required to investigate and resolve a fraud report within 30 days of receiving it. The process can take longer if there is a large amount of money involved or the fraud involves wire transfers.

It’s a smart idea to file a formal complaint with the FTC or Consumer Financial Protection Bureau if your bank refuses to refund you. Both agencies can offer guidance on financial fraud issues and assist you with resolving your case. They can refer you to the local law enforcement agency for help with criminal charges against scammers.