You’ve been scammed. Now what? Start with ‘a big cry.’ Then get to work

Many Canadians have experienced the shock of being scammed, losing funds to fraudsters. Stacy Yanchuk Oleksy, CEO of Money Mentors, a non-profit credit counselling agency, advises those affected to first "have a big cry." This emotional release helps them process the distress caused by the incident.

Next, report the fraudulent transaction to the company or bank that issued the payment, requesting a reversal. However, the chances of success are minimal for most types of payments other than credit card charges. Yanchuk Oleksy notes that cheques, email money transfers, wire transfers, cryptocurrency payments and gift card purchases are much harder to recover.

When contacting the transaction firm, use the legitimate contact information found on the company's official website or bank statement, not any details provided by the scammers. Report the crime to the police via a non-emergency line and file a report with the Canadian Anti-Fraud Centre. For cryptocurrency transactions, law enforcement may request additional details such as transaction IDs, cryptocurrency type and involved web addresses.

Victims must remain vigilant to prevent future scams. Scammers may attempt to re-contact victims through fake financial institution or lawyer impersonations, seeking personal information or passwords. It's crucial to be cautious and not provide any sensitive data to unsolicited callers or messages.

Additionally, individuals should regularly monitor their bank statements and credit reports for any suspicious activity. Should they detect any unauthorized transactions or potential identity theft, they should promptly inform their bank or credit card issuer. In cases where the scam has impacted credit scores, organizations like the Credit Counselling Society can provide guidance on rebuilding credit.

Experts emphasize that feeling shame or guilt over being scammed is normal, but victims should not let these emotions hinder their pursuit of justice. By following these steps, Canadians can mitigate the emotional and financial fallout from scams and take proactive measures to protect themselves against future attempts.