Can You Get Your Money Back After a Scam?

April 28, 2025

If you’ve been the victim of a financial scam, it’s only natural to wonder whether there’s any way to recover your money. Unfortunately, recovery is not always possible, but you can improve your odds by taking quick action.

Here at ScamFerret, we know that the best way to protect your finances is by being wary of requests for money or sensitive bank information. However, if you have already lost money to a scam, here’s what steps you should take.

Contact Your Bank Immediately

If a scammer has obtained your credit or debit card number, call your bank or credit card company as soon as possible. Almost every major banking institution gives customers a chance to dispute fraudulent charges. Reversing a transaction is most likely to be successful when it is reported quickly — waiting weeks or months could hinder your chances.

This also applies if you wired money through a service like Western Union. If you realize you have sent money to a scammer right away, you may be able to cancel/stop the transfer before the scammer has your money permanently.

Unfortunately, gift cards do not have the same ability. Once a scammer has a gift card number and spends the money, you are unlikely to get those funds back.

Cryptocurrency Is Especially Difficult to Recover

If you have sent cryptocurrency like Bitcoin to a scammer, the reality is that you are unlikely to get this money back. That’s because transactions are not reversible, not covered by normal banking regulations, and not backed by governments or central banks. In many cases, there may not even be an agency or institution to which you can appeal for help.

Given the anonymous and irreversible nature of crypto, it’s no wonder that scammers so often seek this form of payment from their victims. Accordingly, you should be extra suspicious when someone asks you to make a payment with crypto.

Reporting Your Scammer

Even if you can’t get your money back, it’s a good idea to report scams to the authorities. File a report to the FTC, your local police department (if the stolen sum is high enough), and the Internet Crime Complaint Center. A more detailed explanation of how to report a scam is available here.

Protect Your Money from Future Scams

With the prevalence of scams these days, whether you’ve previously lost money to a scammer, or have just heard the horror stories from loved ones, protecting yourself and your finances is the responsible choice. ScamFerret is a service that can help you detect phishing schemes, dangerous links, and manipulative messages before you accidentally hand over money or cryptocurrency to a scammer. Subscribe to ScamFerret today!