If you’ve been the victim of fraud, you may feel helpless and frustrated. But don’t lose hope.

With a little planning, you can recover stolen funds and prevent future fraud. Read on to learn how.

1. Report the Crime

Whether you’re a business owner or an individual victim of fraud, you have a responsibility to report any crimes that may be committed against you. This can prevent other people from being harmed and help law enforcement get the perpetrators of crimes caught.

A good anti-fraud strategy is crucial to protecting your business and reducing the financial and reputational damage. The best way to do this is to build a strong culture and communication framework that emphasizes the importance of reporting suspicious behavior and how to do so confidently and with care.

Detecting fraudulent behavior is more important than ever, as banks continue to digitize and customers move their banking through mobile and online channels. Fraud can have a major negative impact on a company’s bottom line and damage its image among current and future customers.

2. File a Fraud Report

Small and mid-sized businesses are particularly vulnerable to fraud, and the consequences can be significant. The Association of Certified Fraud Examiners reports that organizations lose an average of five percent of their revenue per year due to fraud.

Detecting and managing fraud is crucial to the financial health of any organization. The best way to do this is to have formal hiring procedures and routines, conduct background checks on all employees, and ensure proper internal controls are in place.

A lack of adequate system controls can lead to unauthorized purchases and other financial crimes, such as theft of cash, wire transfer fraud, fraudulent billings or check writing, and identity theft.

When a business loses money to fraud, it may be able to deduct the losses on its income tax return. However, it is important to consult with a qualified tax professional before filing the return.

3. Contact Your Bank or Credit Union

If you suspect you’ve been a victim of fraud, contact your bank or credit union immediately. This will give them time to take steps to recover stolen funds and prevent future fraud.

Be wary of recovery scams that ask you to pay upfront fees or provide them with financial information before they can help you get your money back. Often these scammers pose as government officials, attorneys, or recovery companies.

Never make any payments or give out any information until you’ve talked to someone in person and verified they’re legitimate. If a telemarketer contacts you out of the blue, and asks you to make a payment in advance, hang up or call the police right away.

Also, watch out for phishing email or phone calls that pretend to be from your bank or credit union. These emails or phone calls usually contain links that lead to a fraudulent website that looks authentic and will allow the scammers to steal your personal information.

4. Contact the Police

One of the best ways to protect yourself from theft is to keep your personal information secure. This includes protecting yourself from identity theft and filing a fraud report with your bank or credit union as soon as you discover your credit card has been compromised.

The police will also be able to provide you with information on how you can prevent future fraud, such as not storing your PIN and security codes in plain sight, or using strong passwords. The police may even provide you with a fraud alert on your credit file, which will make it more difficult for the perpetrators to steal your information in the future.

The crime of misappropriation is a complex and multifaceted offense, so it’s best to discuss your case with an experienced criminal defense attorney as soon as possible. This will allow you to get the legal advice that you need, and may even help you avoid jail time in the first place.