The days and weeks after a scam can feel overwhelming. You may be unsure who to call first or what you should do. The good news is that the sooner you take action, the better your chances of limiting the damage and recovering your money.

If you’ve been scammed, take three immediate steps:

  1. Contact Welch State Bank to stop unauthorized charges.
  2. File a report with the Federal Trade Commission.
  3. Document everything you can recall about the scam.

Take a moment to learn how to recognize the tactics scammers use, review actions to take if you've been scammed, and find out how to protect your accounts going forward.

5 steps to take after discovering fraud

Acting quickly gives you the best foundation for stopping additional losses and beginning the recovery process.

Quick-action checklist

Action What it does Next steps
Contact your bank Stop further unauthorized charges; cancel and replace your card Call, visit a branch, or use My Cards
File FTC complaint Report the fraud, join investigations, and possibly recover money Use the online fraud reporting tool on the FTC website
Document everything Build your evidence trail for the bank and FTC Take notes, save screenshots, and review bank statements
Reset passwords Prevent scammers from accessing additional accounts All financial and shopping accounts
Freeze or alert your credit Block fraudulent accounts from opening in your name Visit the three nationwide credit reporting companies (Equifax, Experian, and TransUnion) to freeze your credit records for free

Step 1: Contact your bank immediately

Call or visit your bank as soon as you realize you’ve been scammed so your bank can stop further unauthorized charges and replace your compromised card.

Ask your bank to:

  1. Flag and investigate any unauthorized transactions.
  2. Cancel your debit or credit card and issue a replacement.
  3. Document the incident in your account file.
  4. Review recent transactions with you for anything suspicious.

If you bank with Welch State Bank, we can shut off your debit card and issue a new one at any branch location. You can also manage your card around the clock using My Cards, found in the WSB_Mobile app that lets you turn your card on or off and review for unauthorized charges at any time.

Step 2: File a complaint with the FTC

File a report with the FTC if you believe you're the victim of a scam. This helps authorities track fraud trends, investigate bad actors, and issue refunds to victims in some cases.

The FTC has returned millions of dollars to consumers who lost money to illegal business practices. Your complaint contributes to that enforcement work, even if your individual case is not resolved immediately.

When you file, include:

  • The date and method of contact (call, email, text)
  • What the scammer claimed or asked you to do
  • How much money changed hands and how (wire transfer, gift card, check, etc.)
  • Any phone numbers, email addresses, or account names the scammer used

Step 3: Document everything

Thorough documentation gives your bank and the FTC the evidence they need to investigate your case and potentially recover your funds.

Write down everything you remember as soon as possible. Details fade quickly, and a strong paper trail significantly improves your chances of recovery.

Record:

  • Exact dates and times of any communications
  • What the scammer said, as closely as you can recall
  • Screenshots of email, texts, or websites involved
  • Bank statements showing any unauthorized transactions
  • Any receipts, confirmation numbers, or wire transfer records

Recovering money from a scam takes time. Be patient with the process and keep copies of every document you submit.

How do you secure your financial accounts after a scam?

After a scam, reset your passwords, set up account alerts, and either freeze your credit or place a fraud alert to prevent scammers from opening new accounts in your name.

Even after the initial scam, scammers may use your personal information to attempt further fraud. Taking security steps closes those doors.

Should you reset your passwords after a scam?

Yes. After a scam, change the passwords on every financial account, email account, and online shopping site as soon as possible.

Strong passwords are your first line of defense. Current guidance from security experts recommends:

  • At least 12 characters in length
  • A mix of letters, numbers, and symbols
  • No personal information such as your name, birthday, or address
  • A unique password for each account (do not reuse passwords)

Consider using a password manager to generate and store strong, unique passwords securely.

How do account alerts help protect you after a scam?

Account alerts notify you immediately when activity occurs on your account, so you can catch unauthorized transactions as soon as they happen.

You can set alerts for:

  • Low balance thresholds
  • Deposits or withdrawals over a set amount
  • Debit card transactions
  • Login activity on your online banking account

Welch State Bank customers can manage debit card alerts and controls through My Cards, available free at any time.

What is the difference between a credit freeze and a fraud alert?

A credit freeze fully locks your credit so no new accounts can be opened, while a fraud alert requires lenders to take extra steps to verify your identity before approving credit.

Both options protect you from scammers trying to open new accounts in your name. Here’s how they compare:

Credit freeze Fraud alert
What it does Fully locks your credit file; no new credit can be opened Requires lenders to take extra verification steps before approving credit
Strength of protection Stronger — blocks credit entirely Moderate — may not stop all fraud
Effect on your credit You must temporarily lift the freeze to apply for new credit Your credit remains accessible; extra steps are added for lenders
Where to set it up Equifax, Experian, and TransUnion (all three separately) Contact one bureau; they are required to notify the other two

You do not need both a credit freeze and a fraud alert. Choose the option that fits your situation. If you are actively concerned about new accounts being opened in your name, a freeze typically offers stronger protection.

How do scammers usually contact people?

Scammers most commonly reach people through phone calls, email, and text messages, often impersonating a trusted company, government agency, or even a family member in distress.

Recognizing how scams work is one of the most effective ways to protect yourself from future attempts. These are the most common frauds and scams.

What are the warning signs of a phone scam?

The biggest warning sign is urgency. A caller who pressures you to act immediately, send money right now, or keep the call secret is almost certainly running a scam.

Other warning signs to watch for:

  • They claim to be from a government agency, bank, utility company, or tech support.
  • They ask you to pay using gift cards, wire transfers, or cryptocurrency.
  • They ask you not to tell anyone about the call.
  • A family member is supposedly in trouble and needs money immediately.
  • The caller asks for personal information like your Social Security number or account numbers.

Legitimate organizations, including Welch State Bank, will never ask you to send money via gift card or wire transfer to resolve an account issue.

How do you recognize a phishing email?

Phishing emails try to trick you into clicking a link or providing personal information by pretending to be a company or person you trust.

Common signs of a phishing email:

  • The sender’s email address does not match the company it claims to be from.
  • Poor grammar, unusual spelling, or awkward sentence structure.
  • Links that do not match the company’s website when you hover over them.
  • Urgent requests to verify your account, reset your password, or confirm a transaction you did not initiate.
  • Unexpected attachments you were not expecting.

When in doubt, do not click any links in the email. Instead, go directly to the company’s website by typing the address into your browser, or call the company directly using a number you find on their official site.

Frequently asked questions

Recovery depends on how quickly you report the scam and the method used to transfer the money. Contact your bank immediately as early action gives you the best chance.

Wire transfers and gift card payments are the hardest to recover because they move money quickly and are difficult to reverse. Debit card and credit card transactions offer somewhat more protection because your bank can dispute them. In all cases, the sooner you report the fraud, the better your chances. However, this does not mean you will recover your funds.

Yes, especially if you lost a significant amount of money. Your bank or insurance provider may require a police report that creates an official record.

Contact your local police department to file a report. Bring your documentation, including notes, screenshots, and bank statements. You can also report internet-based fraud to the FBI’s Internet Crime Complaint Center (IC3).

There is no guaranteed timeline. Recovery can take weeks, months, or may not be possible, depending on how the money was transferred and how quickly you reported the scam.

Be patient with the process. Continue cooperating with your bank and the FTC, provide any documentation they request promptly, and keep copies of everything.

Contact the Social Security Administration, place a credit freeze with all three bureaus, and monitor your credit reports closely for signs of new accounts or activity.

You can also file an identity theft report through the FTC. That site walks you through a personalized recovery plan based on what information you shared.

No. A credit freeze only prevents new credit from being opened in your name. It does not affect your existing accounts, credit score, or ability to use your current cards.

You can temporarily lift a freeze online when you need to apply for new credit, then re-freeze your file afterward.

Yes, but reset your passwords and enable account alerts before logging back in.

Online and mobile banking help you monitor for additional fraud. Use account alerts to receive instant notifications about transactions, and review your recent activity regularly.

Call or visit Welch State Bank. A team member can walk you through your options and help you take the right next steps.

You can also report fraud to the FTC online or by calling 1-877-382-4357. A step-by-step recovery plan is available for victims of identity theft.

Key takeaways

  • Contact your bank immediately after a scam to stop unauthorized charges and replace your card.
  • Report fraud to the Federal Trade Commission (FTC) online or by calling 1-877-382-4357.
  • Document every detail you can recall, including dates, communications, account numbers, and amounts.
  • Reset passwords on all financial accounts and set up transaction alerts.
  • A credit freeze (stronger) or fraud alert (moderate) can prevent scammers from opening new accounts in your name.