If you’ve been targeted by a scam, it’s not your fault. Scammers are skilled at what they do, and they use tactics designed to trick even the most cautious people.
Financial scams don’t just hurt individuals. It can cause serious problems for businesses too - leading to financial loss, damaging reputations, and eroding trust.
Scammers are master manipulators. They use persuasive techniques and influence tactics based on psychology to defraud their target. If you have been victimized by financial fraud, you are not alone and among millions of individuals of all ages, education levels, and financial status who share this experience. There are some important steps to take if you have been a victim of a scam or suspect a scam.
Cut off all contact with the scammer as soon as you suspect something’s wrong. Don’t reply to messages, emails, or calls. Block their phone number and social media accounts.
Scammers often use pressure tactics or make tempting promises to keep you engaged. Ending communication right away helps protect you and prevents further harm.
Keep everything related to the scam:
Messages, emails, and receipts
Screenshots of conversations
Payment details and transaction records
Any usernames, phone numbers, or links the scammer used
These details are important for investigators and can help protect others.
Start by using the Commission's “Submit a Complaint” tool. It will accept your report or point you to the proper organization for your report, depending on the type of fraud you’ve experienced.
Learn more about Reporting Fraud
You should also report the scam to the Canadian Anti-Fraud Centre and your local police or RCMP. Even if you didn’t lose money, reporting helps others and may support future investigations.
If you’ve sent money to the scam:
Call your bank, credit card company or payment app to see if they can reverse charges or freeze your account.
If you paid with gift cards, contact the card issuer immediately.
For cryptocurrency payments, notify the crypto exchange and law enforcement right away.
If you shared personal or financial information:
Change your passwords immediately.
Turn on two-factor authentication for extra security.
Place a fraud alert on your credit file..
Watch your bank and credit card statements for suspicious activity.
If the scam affected your computer or device, run a security scan or get help from a tech professional.
Scammers may try again with recovery scams or offers that sound too good to be true. Familiarize yourself with how scams work and share this knowledge with others. Keep your accounts secure, monitor your credit, and sign up for investor alerts and consumer notices from the Commission. You can also sign up for Finfo’s newsletter to keep informed on financial topics, including current frauds and scams targeting New Brunswickers.
Many victims feel helpless after experiencing fraud. Not only do you have to overcome the financial loss, but you might also be experiencing a tremendous emotional impact. Common emotions resulting from financial fraud are:
Anxiety
Depression
Embarrassment
Loss of trust in others
Loss of a sense of security
Grief, Shame, Fear, Guilt, Anger
When it comes to addressing the impact of any trauma, including financial fraud victimization, overcoming these emotions is key to healing.
You can take steps to move forward:
Report the fraud to the right authorities.
Reach out for help—from family, friends, or a mental health professional.
Learn about common scams and the tactics scammers use. Knowledge is power and can help prevent future fraud.
Be on your guard. If you’ve been a victim of investment fraud, you’re more likely to be retargeted, perhaps for a different type of scam.
Shift your focus from what happened to what you can do now to heal and protect yourself.
Just like Isolation can intensify anxiety and depression, it can also do so with fraud trauma. Staying connected can help, for example:
Stay engaged with your social circle.
Spend time with family and friends, even if you don’t talk about what happened.
Consider joining a support group or connecting with others who’ve had similar experiences. Sharing your story in a safe space can make it easier to open up when you’re ready.
Remember, experiencing fraud is never your fault. Taking care of yourself and staying connected are important steps toward recovery.