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The invention of the internet & technology has been a blessing to the world in more ways than one. And right now, we rely on it for just about anything. There’s not even one industry that has not benefited from the internet & technology; from transport, communication, health, construction, fashion, entertainment, education, you name it.
While this is true, the internet & technology is not without challenges. Cyber insecurity is one of those challenges and probably the worst of them all. When you are busy using technology to do good, someone else uses it to perform criminal activities. And truth be told, these activities have ruined so many lives and businesses across the planet.
Cybercrime takes many different forms including,
- Identity theft
- Child trafficking
- Cyber terrorism
- Data breach
- Invasion of privacy
- Blackmail etc.
In this article, we will talk about financial cybercrime and the possible solutions.
- What is Financial Cyber Crime
Financial cybercrime refers to any activity used to obtain money or financial gain illegally through the computer. That includes
- Attempts to steal financial account information, credit/debit card, or any other card payment information
- Ransom attacks
- Identity fraud
- Internet fraud etc.
Financial cybercrime can happen to anyone and any business regardless of the size, and the consequences can be very tragic.
- How to Recover Your Money from a Fraudster
The first thing you need to learn is how to protect yourself from a Financial cyber-attack. It is always safer that way.
- Be on high alert and extra careful during your online transactions
- Never make payments through unofficial sites or suspicious sites that do not inspire confidence
- Be very careful when clicking links etc.
But fraudsters are very intelligent and very good at what they do. Avoiding them can be very tricky, especially if you are their target. For that reason, you also need to know how to go about a cyber-attack in case it happens.
Below are a few ideas on how to recover money from a scammer
- Inform Your Bank/ Financial Institution
If the scammer has your bank information or somehow managed to get into your bank account, you will need to contact your bank or the relevant financial institution. Your bank will advise you on the best course of action, depending on the scenario. That could be anything from canceling a wire transfer, stopping a check payment, opening a new account, etc. Your bank can also provide you with the necessary support you will need to trace the scammer and recover your money.
- Avoid Making Too Many Calls to The Scammer.
When most people get scammed, they panic. That is normal. But if you want to get your money back, you need to stay calm. No one said this is easy! But you have to do it!
To begin with, do not make too many calls to the scammer. If you call them once or twice in vain, leave them; otherwise, they might block you or change their contact altogether. Without their contact information, tracing them will become twice as difficult.
If you are still in contact with the scammer, try as much as possible to maintain regular communication. Do not let them suspect that you are on to them. Show them it’s business as usual.
Nowadays, most, if not all banks, have an e-fraud team on standby, ready to respond to any distress calls or emails. If you do not have the contact information for the e-fraud team, you can always visit the bank’s official website; you will find them there. Doing so will allow the bank to take the necessary course of action, like banning the scammer’s bank account to protect your money. The bank can also give you advice on the best way to resolve the issue without losing so much of your time and money.
- Hire a Professional or Funds Recovery Company
Last but not least, you can hire a professional to help you recover your money from a scammer. A professional recovery agency deals with scammers and fraudsters every day, so you can rest assured they have the experience needed to get your money back.
The services come at a fee, but the cost is well worth the price. As long as you choose a trustworthy agency, you are good to go.
Rich or poor, no one wants to lose their hard-earned cash to a scammer. But if you are unlucky, you need to minimize your loss by recovering some of your lost cash. And now you know how to go about it.
Remember, when it comes to scammers and recovering your money, time is of the essence. The faster you take action, the better your chances. And the longer you take to act, the lesser your chances.