First 4 things to do if you fall for a financial scam

Every year, millions of people fall for online financial scams. Fraudsters have become increasingly sophisticated, and online scams are appearing more realistic than ever. With the help of AI, criminals are using advanced impersonation to steal money and personal data. 

In 2024, Kaspersky reported nearly 900 million phishing attempts, a 26% increase from 2023.

Cybersecurity incidents in India increased to 22.68 lakh in 2024 from 10.29 lakh in 2022, as per a PIB explainer dated October 8, 2025. With over 86% of households now connected to the internet, it has become very important to combat cyber fraud.

Additionally, in 2025, Kaspersky detected an average of 500,000 malicious files per day, up 7% from 2024. There was a 59% increase in password stealer detections globally, as per the report. 

If you ever fall victim to a financial scam, here are the steps you should take immediately: 

Don’t panic and document everything

It’s human to panic when you realise you’ve been scammed, but you need to stay calm and make sure you don’t act irrationally at the most crucial time. 

Save every piece of information, including screenshots of messages, emails, links and transaction references. These will be important during investigations and filing complaints. 

Change passwords

If you logged into any account using your email, bank app, UPI app or social media account, change your password immediately. Make sure you log out of the previously active sessions and set a strong password. In case your two-factor authentication isn’t turned on, enable it. 

Block accounts

In financial fraud cases, time is of the essence: contact your bank, block your account/debit cards/credit cards/mobile banking logins and UPI IDs. Many banks have fraud teams that detect scams and suspicious activity before the user does, so there is a chance that bank officials will contact you before you reach out to them.

However, don’t wait before calling the bank; contact them immediately and try to ask if they can freeze the transactions. 

File a cybercrime complaint

Go to the official cybercrime complaint portal, the National Cyber Crime Reporting Portal at cybercrime.gov.in, and register a complaint. You can also call 1930 (the national cybercrime helpline) to file a complaint. Many people skip this, as they’ve already lost money and have blocked their accounts, but this is very important because:

• It creates an official record of the case, which can help you seek refunds.

• Authorities can use it to trace and recover your funds.

• It helps the National Cyber Crime Reporting Portal identify fraud patterns and protect more people.

After reporting online, you can also visit your local police station or cybercrime cell to file a First Information Report (FIR). Remember to carry all the necessary evidence documents. 

As per Kaspersky's recent reports, phishing has evolved with AI-driven scams, voice cloning and deepfakes. This makes it harder for individuals to spot suspicious messages. 

Many victims fall for a secondary scam as well, as fraudsters send messages offering help. Users must be aware of these tactics and act fast by using official reporting platforms and authorities. 

When you file a complaint on the NCRP and go to local authorities, it helps the system protect other users. The details you submit, including phone numbers, bank accounts, UPI IDs, links, or social media profiles used in the fraud, are analysed to identify patterns and common sources, helping authorities detect mule bank accounts and block fraudulent websites and numbers.