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While there are a host of top practices you can employ to make sure that you reduce the risk of fraud, there is always the possibility that you fall victim to a fraudulent scam. As we have mentioned in prior postings, it can happen to anyone, and the tactics that fraudsters deploy are not only psychologically manipulative but also increasingly technologically sophisticated.

Discovering you’ve been a victim of fraud can be a frightening and disorienting experience. As a bank customer, the silver lining is that you’re never alone. Hickory Point Bank has a team of experts who have guided customers through all kinds of situations compromised by fraud. Fraud can strike anywhere; the key is knowing how to respond effectively and regain control of your financial situation.

Immediate Actions: Regain Control

1. Contact your bank: Oftentimes, customers will learn they have been defrauded through their bank’s fraud alert system or by looking through transaction histories. Your bank will always be a strong partner once fraud has been detected. After suspecting fraud, notify your bank immediately. Even if you’re unsure if you have been defrauded, opening the line of communication with your bank is the first step in protecting yourself.
2. Review and document: Go through your account statements and document any discrepancies or unauthorized transactions, no matter how small they seem. Oftentimes fraudsters will try to fly under the radar, with transactions you might not normally notice.
3. Change login credentials: If you suspect your login information has been compromised, change your passwords, opting for strong and unique combinations that don’t contain personal details that would be easy to guess.
4. Freeze your credit. If the fraud was a severe case of fraud, such as identity theft, consider contacting one of the three major credit bureaus (i.e., Transunion, Equifax, Experian) to freeze your credit, which stops anyone from opening new accounts in your name.

Reporting the Fraud

1. Local authorities: Even if the fraud seems digital or intangible, report it to your local police. They can help guide you on next steps and, in some rare cases, help you with recovery of what you lost through fraud.
2. National Fraud Reporting: The Federal Trade Commission often will handle fraud cases and they can monitor for any similar cases of fraud.
3. Credit Bureaus: Report the fraud to major credit reporting agencies and they can monitor your credit for suspicious activity as well as offer protections for your account.

The Road to Recovery

After you’ve been defrauded, it’s important to take the following steps to protect your accounts as well as your personal well-being:

1. Monitor your accounts regularly: In the aftermath of being defrauded, make it a habit to check your accounts regularly. Now that you have had personal experience, you know what to watch for and can more easily detect unfamiliar activity.
2. Stay informed: Join a credit monitoring service, many of which allow you to monitor your credit account and check for any suspicious openings.
3. Seek counseling: This could take several forms. Many find it helpful to speak to a financial advisor to recover from the often financial ramifications of being defrauded. Additionally, having been defrauded is often an emotional and traumatic experience. If you are struggling in this area, it’s important to speak with a counselor who can help you through the situation.

Remember, it’s not your fault

Fraudsters are increasingly sophisticated. They target unsuspecting individuals with refined tactics. Even if you’re certain that fraud will never happen to you, just remember that fraudsters are often an organization of people, refining their tactics over time and defrauding dozens of individuals. They have experience. As individuals, we often lack experience and have only encountered a potentially fraudulent situation once or twice.

The blame for fraud always lies solely with the criminals. Instead of dwelling in self-blame:

1. Educate and share: Turn the experience into a lesson. Share your story with friends and family to prevent the same thing from happening to them.
2. Engage in community: There are many support groups and online communities for fraud victims that can provide both emotional support but also practical advice.
3. Promote awareness: Join or support campaigns that promote fraud awareness to help make a difference and support others in avoiding similar pitfalls.

In Conclusion

Fraud can be a jarring experience but, with immediate action and vigilance, you can regain control. The journey may seem daunting but with support, awareness, and determination to safeguard yourself and others, you can make sure that a more secure financial future awaits ahead. If you have any questions or would like a consultation on how you can better avoid fraud, our banking experts at Hickory Point Bank have worked with many customers on better securing their financial future from fraud and would be happy to speak with you about your questions and concerns.

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