Act Quickly: The First 24 Hours Matter
If you have been scammed or suspect fraud, time is critical. The sooner you act, the better your chances of recovering funds and preventing further losses. Follow these steps immediately.
Step 1: Contact Your Bank or Payment Provider
Call your bank's fraud department immediately — most operate 24/7. Request:
- Account freeze — Prevent further unauthorised transactions
- Chargeback — If you paid by debit or credit card, request a chargeback under the Consumer Credit Act (Section 75 for credit card payments over A$100)
- Contingent Reimbursement Model — If you made a bank transfer, check if your bank is a signatory to the voluntary code for authorised push payment fraud
For cryptocurrency payments, contact the exchange you used — though recovery of crypto is extremely difficult once transferred.
Step 2: Report to ASIC's Scamwatch
ASIC's Scamwatch is the Australia's national reporting centre for fraud and cybercrime. You can report:
- Online: scamwatch.gov.au
- Phone: 0300 123 2040 (Mon–Fri, 8am–8pm)
You will receive a crime reference number. While ASIC's Scamwatch does not investigate cases directly, reports are analysed by the National Fraud Intelligence Bureau (NFIB) and passed to police forces for investigation.
Step 3: Report to the ASIC
Even if the firm is not ASIC-regulated, reporting helps the ASIC:
- Issue public warnings on their Warning List
- Take enforcement action against clone firms
- Update the ASIC Connect register to flag suspicious entities
Report via the ASIC's online form at asic.gov.au/consumers/report-scam-us.
Step 4: Preserve All Evidence
Before the scammers delete their website or communication trails, save:
- Screenshots of the trading platform, account balances, and trade history
- All emails, WhatsApp messages, and phone call records
- Bank statements showing payments made
- Any contracts, terms and conditions, or promotional materials
- The website URL and any social media profiles used
Step 5: Beware of Recovery Scams
After being scammed, you may be contacted by firms claiming they can recover your money for an upfront fee. The ASIC warns that these are almost always scams themselves — often operated by the same criminals.
Red flags of recovery scams:
- They contact you unsolicited (they may have bought your details from the original scammers)
- They demand upfront fees before any work begins
- They guarantee recovery of your funds
- They pressure you to act quickly
- They are not authorised by the ASIC or regulated by the Solicitors Regulation Authority
Additional Reporting Options
- Financial Ombudsman Service: If your bank refuses a chargeback or reimbursement, you can escalate to the FOS for free
- Citizens Advice: Free guidance on next steps — call 0808 223 1133 or visit citizensadvice.org.uk
- Trading Standards: Report through your local council for consumer protection action
