Posted by on Jan 27, 2016 in Fraud, USA Law |

It is said that recovering the lost money after a financial fraud is nearly impossible. Unfortunately, this is often true, because it is usually very difficult to track down the fraudulent person who has taken your money by scam. However, if you happen to be a victim of a financial scam, not all is lost. There are still certain steps you can take in order to try and recover the loss.

Businessman Stealing MoneyYour bank representative has probably warned you to report the stolen or lost credit card as soon as you notice that it is missing. The procedure is the same if you have given the credit card details to a third party yourself, as a result of a phone, online or e-mail scam. If any of these has happened to you, you need to contact your bank as soon as possible, because they can be able to stop the money transfer from your account, block your credit or debit card or close the account if necessary.

If you were a victim of an organized scam, like the above mentioned phone, online or e-mail scams, make sure to report the scam to the Federal Trade Commission (FTC). Many people refrain from taking this step because they feel embarrassed, but keep in mind that nobody will judge you, and the priority is to find the scammers and stop the scam from spreading further. Also, if the scammers are found, you may hire a Fraud recovery attorney, file a lawsuit and recover the money you have lost.

Depending on the scammer, you may file a lawsuit against a company, or it can be filed upon an individual.

There is no guarantee that your money will be fully recovered, because there are various factors that influence the outcome of the lawsuit, some of which are:
• Whether the money is located in the same country or state, or it is located in another country or even overseas
• Whether the scammer is located in the same or different country
• How many claimants of a lawsuit are there other than you
• How available are the scammer’s assets
• What the total amount of loss is, bot yours and of other claimants (if there are any)
banner-topIf you decide to file a lawsuit against the scammer, you may seek for other scammed people and form a group, so you can take a class action. Since legal expenses can be very high if you file a claim as an individual, forming a group and filing a claim as one can be useful in order to split the costs among the group members and thus reduce them for each individual of the group. Another advantage of such action is that the members of the group can split the duties, support each other and they together can provide more helpful information than only one individual.

Remember, if it has happened to you that you have been scammed, there is nothing to be ashamed of.

Instead, react promptly, as soon as you realize you have been scammed, search for legal assistance and consult other scam victims, in order not only to recover your loss, but to prevent the scam from spreading.

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