Falling victim to a scam can feel overwhelming, it’s not just the loss of money, but the loss of control, trust, and confidence that follows. Whether it’s a quick online marketplace sale gone wrong or a slow burn romance scam, recovery is about more than finances. After the scam, it’s just as important to rebuild your sense of security as it is to recover your finances.
According to Angela Martin, Financial Wellbeing Program Manager at BankVic, the first step to take post scam is understanding exactly what has been compromised.
“The first thing I would do is actually check to what extent you’ve been scammed,” Martin explains. “Especially if it’s a romance scam, you need to know how much your identity, passwords, or accounts that person [the scammer] has access to.”
Secure Your Accounts
Before you do anything else, take back control of your finances.
“Contact your bank, your credit provider, whatever financial institution [you have accounts with] — possibly even close off some of those accounts and reset,” Martin says. “A lot of financial institution have that now, it gives you an extra layer of protection,” she adds.
Once you’ve locked things down, go through your transaction history carefully. “Check your accounts and see what’s coming in and out. Do a full review so you can spot any unusual activity early.”
Report and Rebuild
Once your accounts are secure, report the scam.
“Whether that’s to your bank or the platform it happened on; Facebook, Instagram, Marketplace, let them know so they can protect your account going forward,” Martin says.
For scams connected to social media or online marketplaces, Martin recommends reporting directly to the platform’s help centre and even closing or recreating your profile if necessary.
Then, use the moment to re-evaluate your finances.
“It’s a good time to do a health check,” she suggests. “Do you need as many credit cards as you’ve got? Should you move your savings into an account that isn’t connected to a debit card?”
Rebuild Your Financial Security
Rebuilding financial confidence takes consistent effort.
“You need to really do intentional, regular check-ins,” Martin says. “I check my accounts most days, if not every day, then every second day.”
That awareness helps you spot problems before they grow. Martin also encourages people to maintain some financial independence, even in close relationships.
“Don’t share your passwords with anybody,” she stresses. “You can have joint accounts for bills or rent but keep your income and personal accounts separate. That way you’re still protecting yourself.”
Set Up Systems That Work for You
“Set up different accounts for different purposes; one for transactions, one for savings and one for bills,” Martin advises.
For those trying to rebuild saving after a loss, she recommends secure, separate options.
“If you do have money to put aside, even a term deposit can be a good option,” she says. “It’s locked away, it’s secure, and nobody can access it through a debit card.”
She also suggests reviewing your insurances and superannuation to make sure everything aligns with your current circumstances. It is also a good time to check who has financial authority on your behalf, such as reviewing or updating any existing power of attorney arrangements.
“Double check your health, car and life insurance, and make sure your super beneficiaries are up to date. If the scam involved a relationship, you might even want to change [your insurance policies].”
Protect Your Wellbeing
Recovering from a scam isn’t just financial — it can be emotional too.
“If your mental health is affected, your trust in people can be too,” Martin explains. “It’s really important to rebuild from the trauma.”
She encourages reaching out for support.
“Talk to friends, family or a counsellor. You’re not alone. I can almost guarantee someone close to you has experienced something similar.”
“Invest in some counselling if you can,” she adds. “It helps you rebuild mentally, physically and financially and gives you the confidence to move forward.”
Stay Aware and Keep Learning
Scams evolve fast, so keeping informed about the latest threats is essential.
“Be aware of what the latest scams are. Awareness is everything,” Martin says. “As technology advances and scammers become more sophisticated, you need to educate yourself regularly.”
She recommends checking in at key life stages — from saving for a home to preparing for retirement — to make sure your goals, accounts, and protections still make sense.
“Your income and expenses change over time, so reset your goals and review your budget,” she says. “If you’re ever unsure about a transaction or think a message or email might be a scam, give your bank a call to check. It’s better to be safe.”
Recovering from a scam takes time, patience and self-compassion. Each small step, from securing your accounts and rebuilding savings to updating your protections and seeking support, helps you regain control and confidence. Scammers rely on silence and shame, but knowledge and action are your best defence. With the right safeguards and support, you can move forward feeling stronger, wiser and back in charge of your financial future.
We’ve partnered with BankVic to help keep our community safe from scams and criminal activity while online! Stay up to date with the latest tips and information in one convenient place, empowering you to prevent online crime and outsmart scammers. Together, we can create a safer internet for everyone!
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Been scammed?
Step 1
If you have given any financial details or have already lost money, contact your bank immediately.
It’s also important to change your passwords, monitor your accounts closely, and consider placing a fraud alert on your credit file.
Step 2
Report the scam to police at cyber.gov.au or at your nearest police station.
Additionally, report the scam to Scamwatch and your local authorities to help prevent others from falling victim.
If you think you have been scammed online, IDCARE can help for free! Call 1800 595 160 or visit their website www.idcare.org
Step 3
Getting scammed online does not mean you are not smart. Cybercrime keeps changing, so anyone can be a target. Do not be embarrassed or hard on yourself! Learn about new scams and take steps to stay safe instead.
If you need support after falling victim to a scam talk to friends and family or contact:
Lifeline: 13 11 14
Beyond Blue: 1300 22 4636
Step 4
If you have given any financial details or have already lost money, contact your bank immediately.aFinally, talk about different types of emerging scams and if you have been scammed share your experience with family and friends so they can better recognise the signs of scams.
Smart Scam Guide
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