Professional Steps To Take After Discovering Fraud

2 Mins read


Fraud is all too common in today’s world of commerce. Unfortunately, it can happen to the best of us. However, there are a few steps you can take at home from the comfort of your computer chair to help professional authorities track down and recover any stolen funds:

1. Record your conversations with the suspected fraudster

Record as many of your conversations as possible. Please pay special attention to any suspicious language they use, and record their voice. If you have any form of contact information suspected of having been sent, print them out and keep them in an organized fashion. This will play a considerable role in building up your case against the fraudster in case you decide against proceeding with legal action.

2. Save any evidence of financial changes

If the individual has the password to your checking or investment account, keep a close eye on them. Monitor how much money goes in and out of the account. It may be challenging to identify the individual at first, but ensure that you document every transaction they make. Similarly, you should monitor digital currency changes (Bitcoins, Litecoins, etc.).

3. Change your passwords

After changing all the passwords for your online accounts, ensure they are well-protected. Make sure you categorize them by email and banking account, etc. This will make it much easier for authorities to access specific accounts after finding and tracking down the perpetrator. In that period, do not open suspicious email links in case you receive some.

4. Keep an eye on your accounts

If you have the possibility of identifying an individual with linked accounts, report to the police as soon as possible. If a fraudulent person has already made attempts to withdraw funds from your account, document everything by taking photographs and screenshots of any signs that they have accessed your account information.

5. Keep a record of all emails

If the person has opened an email account in your name, immediately create an entirely new email address. Make sure to send all emails from that account to a different email address that you are keeping in an organized fashion. This will help officials discover the individual quicker and help them track the location in which they may be located.

6. Contact the Federal Trade Commission


The FTC works with many agencies to track down known fraudsters, so it is always a good idea to report any suspicious activity you notice with your accounts. By doing so, you are once again helping officials quickly trace the fraudster and help them track down those responsible for this crime.

7. Contact the authorities

Although this may seem the most obvious step, it is perhaps the most important. Notifying the authorities will allow them to immediately begin a search for you, giving you a much better chance of recovering lost funds. You should also contact your local bank to inform them that their security has been compromised.

When dealing with fraud and hacking, you must do everything within your power to protect yourself and your money. Fraud activities are rising, and there’s no telling when your account could be compromised. The best thing to do is stay one step ahead of the fraudsters, and these seven tips will help you do that! Parker & Waichman LLP offers the proper professional guidance on handling different fraud forms.