Financial fraud can be a devastating experience, leaving you feeling violated, hopeless, and even ashamed. But you’re not alone. Give an Hour works to create a community of individual, group, and community supports to improve the wellbeing of those who have experienced trauma as a result of financial fraud.
Dealing With Trauma from Financial Fraud:
How to Move Forward
Financial Fraud Can Directly Impact Your Mental Health
In addition to immediate, and even long-term financial consequences, many people also experience emotional turmoil after financial crimes that can have negative effects on their mental health, physical health and personal relationships.
Anyone Can Be a Victim of Financial Fraud
Financial fraud happens when someone deprives you of your money, capital, or otherwise harms your financial health through deceptive, misleading, or other illegal practices. This can be done through a variety of methods such as identity theft or investment fraud.
In 2023, BBB shared a report about the riskiest scams and who is impacted:
- Top 5 riskiest scams: Investment/cryptocurrency, employment, online purchase, home improvement, and romance scams
- 68.4% of scams perpetrated online: are more likely to result in a reported money loss than scams perpetrated in person or via phone
- Ages 18 to 24: reported the highest median dollar loss
- Emotions felt after being targeted: anxiety/stress for ages 18-44, anger for ages 45+
Understanding the Emotional Toll of Fraud
Financial fraud isn’t just about losing money; it’s a violation of trust that can leave you feeling:
- Betrayal
- Powerlessness
- Lack of control
- Vulnerability
- Negative appraisal of self
- Reduced self-esteem and confidence
- Perceiving self as a failure or weak
- Difficulty focusing or feeling scattered
- Social withdrawal
- Anxiety
- Depression
- Self-injurious behavior
Remember, being scammed is not a reflection of your intelligence or financial savvy. It can happen to anyone.
Terminology
Types of Financial Fraud
Identity Theft, Investment Fraud (including Ponzi or Pump & Dump schemes), Mass Marketing Fraud, Romance Scams, and Pig Butchering
Definition
What is it?
Financial fraud happens when someone deprives you of your money, capital, or otherwise harms your financial health through deceptive, misleading, or other illegal practice.
Consequences
Negative Impact
Long-term financial consequences as well as negative effects on victim’s mental health, physical health and personal relationships.
Information
For You to Print
Sometimes it’s helpful to have information printed out so you can make an action plan.
For Mental Health Professionals
For Survivors
For Allies
For the Aging Community
Financial Fraud Journey Map
Other Helpful Resources
- FINRA Foundation
- Scam Survivor Healing
- Consumer Financial Protection Bureau (CFPB), a U.S. government agency that makes sure banks, lenders, and other financial companies treat you fairly.
- Resources on how you can tell is a loved one is a victim of financial exploitation.
Report Fraud Here
Figuring out where to report fraud can be daunting.
Check out these reliable entities.
Give an Hour’s efforts for Financial Fraud Survivors and their Families is supported through funding from
Being a victim of financial fraud is devastating for both individuals and their loved ones. If you need crisis support, don’t wait—here are some reliable sources you can reach out to immediately.
