Why You Shouldn’t Face Banks Alone: The Importance of Professional Help in Scams

Senior Consultant Cristian Sepulveda, part of the team at T&H Consulting, offers valuable guidance on Why You Shouldn’t Face Banks Alone and The Importance of Professional Help in Scams

After falling victim to a scam, most people immediately contact their bank to report the issue. While this seems like the right step, it often leads to frustration, delays, and unmet expectations. Banks may follow strict procedures that don’t favor the customer, leaving individuals overwhelmed. Without professional guidance, it’s easy to overlook important details or fail to present your case effectively. In this blog, we explore common scams, the necessary steps after being scammed, and the challenges of facing banks alone. We also explain the Importance of Professional Help in Scams and how expert help increases your chances of a positive, timely resolution.

Types of Scams

Many people believe they are immune to money scams, but this is far from true. As per The Federal Trade Commission (FTC) reported that scammers defrauded U.S. citizens of over $10 billion in 2023. This marks a $1 billion increase compared to 2022. As, scammers continue to evolve and use various tactics to deceive individuals into transferring money.

Here are some common types of money scams:

• Imposter scams
• Debt collection, settlement, and relief scams
• Phishing Scams
• Social media scams
• Investment scams
• Romance scams
• Charity scams
• Blackmail scams
• Ticket Scams
• PayPal scams
• Selling nonexistent products or services

Among these, imposter scams remain the most prevalent as the FTC estimates scammers stole $2.7 billion in 2023 alone. Scammers often pose as trusted sources, such as a bank’s fraud department, government officials, or a distressed relative. They also impersonate businesses or tech support experts to trick individuals.

Steps to Take After Falling Victim to a Scam

Once you realize that you have been scammed, your first priority should be to report the scam. Therefore, It is essential to act quickly as it reduces the scammer’s chances of succeeding and may help recover your funds. So, make sure to report the scam to your bank, the Federal Trade Commission (FTC), and relevant authorities, including local law enforcement.

After reporting the scam, take these immediate steps:

• Freeze Your Cards: Contact your bank or credit card provider to freeze any transactions. Verify your account and mailing address before requesting a new card. This step prevents further unauthorized transactions while the issue is being investigated.
• Change Your Passwords: If scammers may have compromised your passwords, change them immediately. Updating passwords for banking and sensitive accounts is essential to protecting your information. The longer your accounts stay vulnerable, the harder it becomes to regain control and resolve the issue.
• Activate Two-Factor Authentication (2FA): If you haven’t done this yet, now is the time as Two-factor authentication adds an extra layer of protection. This security feature prevents unauthorized access, even if scammers have your passwords. Make sure to implement 2FA for online banking, social media, and other important accounts.
• Scan for Malware and Viruses: If the scam involved downloading suspicious files, scan your device for malware. This is important as scammers may use malicious software to steal your data. Make sure to check for and remove any threats before updating your compromised passwords to keep your device secure.

Why Seeking Professional Help in Scams is Crucial

Professional help in scams, especially when reporting to the bank, is crucial because navigating legal and financial matters can be overwhelming. Since banks have expert legal teams skilled in complex financial laws, which can make understanding these details feel like reading a foreign language for most people. It’s not just about knowing right from wrong; it’s about applying the law to protect your rights as without proper legal knowledge, individuals may struggle to manage these challenges and safeguard their interests. This is why professional help is essential—experts explain the laws and effectively stand up for you.

Additionally, consumers face a significant information gap compared to banks. Banks have insider knowledge, resources, and industry secrets that most people don’t. Therefore, this disadvantage makes it difficult to make informed decisions or negotiate fairly. Which is why, professional advice bridges this gap, providing valuable insights and allowing you to handle disputes with confidence. Therefore, with their guidance, you can make better decisions and assert your rights, reducing the bank’s advantage.

Legal cases against banks often involve strict rules and procedures, and it’s easy to miss important details without experience. Having professional support helps guide you through each step, from filing paperwork to courtroom representation, reducing the risk of mistakes and increasing your chances of success. In short, handling banks on your own after a scam can be daunting. This is why, seeking expert help levels the playing field, protects your rights, and ensures you manage banking disputes effectively.

If you have been a part of a similar scam, You can contact us for professional guidance and help you to report your case to your bank.