HotNews No. 158: Victim of Cyber Fraud? Here’s What You Must Do

If you have become a victim of cyber fraud, it is important to react quickly and thoughtfully. An improper response or delay may lead to additional financial loss.

1. Immediately cease all contact with the fraudster.
Block all phone numbers, email addresses, and accounts through which communication was conducted. Do not attempt further communication, explanations, or attempts to “verify” their intentions.

2. Urgently notify your bank or payment institution.
Contact your bank, card issuer, or payment platform (PayPal, Wise, etc.) without delay. Time is a critical factor for any potential blocking or recovery of funds.

3. Preserve all documentation and evidence.
Save screenshots of messages, emails, calls, links, fake websites, profiles, and transaction details (date, amount, IBAN, account number, wallet addresses). Do not delete or alter the original data.

4. Change passwords and enable two-factor authentication.
Immediately change passwords for your email, banking, and social media accounts, and enable two-factor authentication wherever possible.

5. File a criminal complaint.
Filing a criminal complaint is important even if a refund is not always possible. The report serves as an official record and may be significant in further proceedings and in communication with banks and institutions.

6. Special warning – follow-up calls and “fund recovery agencies.”
After a fraud incident, victims are often contacted by individuals claiming to be officials of central banks, regulatory bodies (e.g., the FCA – Financial Conduct Authority), London-based financial institutions, or “fund tracing and recovery firms.”

These individuals typically claim that your funds have been “frozen due to money laundering” or that a certain fee, tax, or cost must be paid for the funds to be released.

IMPORTANT: Central banks, regulatory authorities, and government institutions never directly contact individuals to collect fees or to recover funds. In the vast majority of cases, this is a so-called secondary scam, often connected to the original fraudsters.

Do not transfer additional funds, do not provide personal data, and do not sign any documents without consulting a lawyer.

7. Seek legal advice.
Timely consultation with a lawyer can prevent further damage and help ensure the proper handling of the case.

Your DefendMe Team