Recovering your losses
The sad truth about scams is that most victims do not get their
money back. This is because it is often very difficult to track
down the person or group that has scammed you. If you have
sent money to an overseas company, Australian government agencies
cannot help you get your money back as those companies are out of
But do not despair. There are some immediate steps you can
take to reduce the damage.
Contact your bank
If you have sent money or information to a scammer, contact your
bank immediately. They may be able to stop a money transfer or
close your account if the scammer has your account details.
Report the scam
You should report the scam to stop it from
spreading. By making a report to the appropriate government agency,
you can help identify the scammers and warn others about the
scam. You should also warn your friends and family so they do not
become the next victims.
Avoid follow-up scams
If you have been caught up by a scam you may be the target of a
follow-up scam. Hang up on a scammer if they try the following
- Offering to swap your investment for another one to recover
- Telling you to 'hang in there' as your investment will increase
in value soon
- Offering to buy your shares at a premium but asking you to pay
a fee to have 'restrictions' on the shares lifted
- Asking you to pay a fee for a fake share certificate
- Claiming they can recover your losses for a fee they say is a
tax, deposit or refundable insurance bond
- Asking you to pay for travel and accommodation costs to find
the scammer who has taken your money
Even though scammers know you will never get your money back,
they still want to try and get more money from you.
Visit the SCAMwatch website
The ACCC's SCAMwatch website has more detailed information on
action you can take after being scammed, on their where to get help webpage.
Being scammed can have a devastating effect on
your life. You may need some help to recover.
Last updated: 14 Oct 2016