Skip to main content

Dealing With Trauma from Financial Fraud:

How to Move Forward

Connect to Peer SupportConnect to Other Support

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.

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 2022, IBM did a global fraud study and found that people of all ages and backgrounds in the US can be victims of financial fraud. Here’s a breakdown by generation:

  • Millennials (born 1981-1996): Most frequent victims overall, especially through digital payment apps. They spend the most time recovering lost funds and checking for suspicious activity.
  • Gen Xers (born 1965-1980): Second highest for credit card fraud and spend significant time resolving fraudulent charges.
  • Gen Zers (born 1997-2012): Third highest for losing money to fraud, most impacted by digital payment app scams, and spend the second most time addressing fraudulent activity.
  • Baby Boomers (born 1946-1964): Lowest instances of fraud overall, but least likely to purchase from businesses with fraud protection.

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 Survivors

For Mental Health Professionals

External Resources

Give an Hour’s efforts for Financial Fraud Survivors and their Families is supported through funding from

  

If you are seeking more resources, check out Scam Survivor Healing.