· Listen
The moment it clicks that it was a scam, two feelings tend to arrive together: embarrassment and the urge to wait. The FTC's guidance points the other way. Its first step, for almost every payment method, is to report it immediately.
The simple version
What comes first depends on how the money left. For nearly every payment method, the FTC's first step is the same: contact the company that moved the money, right away, and ask for it back. Then report the scam to the FTC at ReportFraud.ftc.gov. If personal information was exposed, IdentityTheft.gov offers a recovery plan.
How it actually works: the first call, by payment method
| How the money was sent | The FTC's first step |
|---|---|
| Credit or debit card | Report it to the card issuer, bank, or credit union immediately and ask for a refund |
| Bank transfer or Zelle | Report it to the bank or credit union immediately and ask for the payment to be reversed |
| Wire transfer | Report it to the wire transfer company immediately, say a scammer tricked you, and ask for a refund |
| Payment app | Report it to the app immediately and ask for the payment to be reversed |
| Gift card | Contact the gift card issuer immediately and say a scammer got the card number and PIN |
| Cryptocurrency | Contact the exchange or crypto ATM operator immediately and report a fraudulent transaction |
If personal information went out
- A Social Security number: the FTC points to IdentityTheft.gov to report it and get a recovery plan.
- An account password: the FTC's guidance is a strong new password and two-factor authentication on that account.
- Worried about new accounts opened in your name: see Credit freezes, decoded, in this series.
The Real Cost lens
Time is the variable. For a debit card used without permission, the FTC's summary of federal law shows the limit growing with time. Reported within 2 business days, the most you could owe is $50. Reported later but within 60 days of the statement, it is $500. After that, it can be all the money taken, and possibly more. The same loss gets more expensive the longer it waits.
Common mistakes
- Waiting until you are sure. The FTC's first step is to report immediately.
- Using contact information the scammer provided. The FTC's guidance is to reach the organization through a phone number, website, or email address you know is real.
- Throwing away the evidence. The FTC advises keeping the gift card and store receipt.
What this lesson is NOT
This is not legal advice, and not a promise that money can be recovered. It is not a substitute for the specific instructions of your bank, card issuer, or app, or for a police report where one is needed. It is the FTC's general sequence, in one place.
Related on this site
- Lessons in this series: How investment scams actually work, Impostor scams, Payment app scams, and Credit freezes decoded.
- Tool: the Financial Fitness Check.
Frequently asked questions
Will I get my money back?
There is no guarantee, and it depends on how the money was sent. The FTC's guidance for every method is to contact the company that moved the money immediately and ask for it back.
Where do I report a scam?
At ReportFraud.ftc.gov. If personal information such as a Social Security number was exposed, IdentityTheft.gov lets you report it and get a recovery plan.
What if I gave a scammer my password?
The FTC's guidance is to create a strong new password for that account and turn on two-factor authentication.