Living in a time when technology has so ingeniously brought people closer to one another, it has simultaneously opened the doors for some amazingly sinister scams. Ranging from phishing emails to schemes based on relationships, financial fraud is increasing day by day and is leaving millions of victims not just with monetary losses but also very strong emotional wounds.
In 2023, the FBI reported scams targeted individuals aged 60 and older caused over $3.4 billion in losses – an increase of approximately 11% from the year prior. The impact of falling victim to a scam goes beyond the balance sheet— it can shake your sense of security, self-worth, and trust in others. Mental health services such as Give an Hour have seen firsthand the emotional toll financial fraud can take and offer practical strategies to help victims recover and reclaim their lives.
Most victims’ first reaction to learning they have been frauded is shock and disbelief. The idea of anyone causing financial harm and betraying a position of trust seems impossible. This reaction may evolve into an amalgam of emotional feelings, including anger, shame, powerlessness, betrayal, and guilt. Victims may berate themselves for failing to catch the scam earlier and think they should have “known better.”
Feelings of self-blame in this manner can lead to isolation, as victims often feel too embarrassed to share their experiences with others. Where the scam involves a personal connection, such as a relationship-based fraud, the sense of betrayal can be even more profound. Victims may grieve not only the financial loss but also the perceived loss of a meaningful relationship if it was fabricated or misleading.
The effects are profound: anxiety, depression, and even symptoms of post-traumatic stress disorder among scam victims. Many others live in general, broad-based fear of being targeted again, a caution carried through the activities of daily life.
Why Scams Are So Devastating
Financial scams are uniquely painful because many meld emotional manipulations with real consequences. Scammers are particularly effective at capitalizing on psychological nudges to gain trust and compliance, ranging from playing on a sense of urgency and hope to infiltrate a victim’s personal life. These approaches often not only inhibit the potential ability of the targeted individual to perceive the incident as a scam but also leave the victims feeling further victimized and helpless in light of the uncovered fraud. Moreover, the financial debacle can escalate psychological trauma. Many victims are struggling with navigating lost savings, high and increasing debts, or a poor credit rating. For some people, such loss disrupts normalcy in everyday life and results in significant adjustments of lifestyle.
Coping and Healing
Recovery from the impacts of monetary fraud requires addressing both emotional and practical aspects in the aftermath. Some important strategies that shall help a victim regain their grounds include:
1. Acknowledge your feelings
It is normal to feel guilty, angry, sad, or anxious after being defrauded. Allow yourself to process these emotions without judgment. Understanding and accepting feelings are the first and most important steps in healing.
2. Seek Emotional Support
Sharing your feelings with a trusted friend, family member, or professional counselor lessens the emotional burden. Professional counseling, like cognitive-behavioral therapy (CBT), also helps in the psychological aftermath of fraud. Peer support groups, such as those at Give an Hour, among scam victims & their families, share experiences and empathy.
3. Focus on What You Can Control
Scammers work on the principle of making their targets feel helpless. Recovery involves reinstating a feeling of control. Break down concrete steps, such as reporting the fraud to authorities, securing your accounts, and reviewing finances, into small, manageable tasks. Every little action taken leads to regaining your sense of agency.
4. Limit Exposure to Triggers
If dealing with financial institutions or hearing about similar scams increases your stress, then set boundaries. Take breaks when you need to, and invest your time in activities that bring you peace and stability.
5. Practice Self-Compassion
Dealing with feelings of shame is one of the major problems facing scam victims. Remember, fraud can happen to anyone, smart and cautious individuals alike. Go easy on yourself and try not to dwell on what you “should have” done differently.
6. Create a Supportive Circle
Isolation can deepen feelings of anxiety and depression. Stay connected with loved ones, and consider joining a peer support group. Rebuilding trust in others is a gradual process, but surrounding yourself with a supportive community can make it easier.
Victims of financial fraud are often victimized again. To minimize the possibility of being revictimized, one should be informed and proactive. Participate in public awareness about common scams, invest in tools for identity protection, and take technology training to avoid online scams. A personal scam safety plan may be developed regarding trusted emergency contacts as a backup safety measure.
Allies and loved ones can play an important role in the psychological support of a victim of fraud. It requires open, no-blame communication. Allow him or her to describe the feelings. Be helpful in encouraging them to reach out for more resources, such as calling a mental health professional for treatment and/or finding a certified financial counselor to assist in recovery.
Equally important is the building of a supportive community. Victims of scams often feel isolated and distrustful. By encouraging positive social connections and creating a safe, understanding environment, loved ones can help them regain their confidence and resilience.
While financially traumatic experiences can be emotionally debilitating, victims can indeed heal. Give an Hour has resources available, such as the “Supporting Your Mental Health: Actionable Steps after Financial Fraud” guide, that offer practical advice for coping with the emotional aftershocks of scams. Additionally, our partnership with the FINRA Investor Education Foundation helps empower individuals with the knowledge to protect themselves and their loved ones from financial fraud.
Keep in mind that if you have been a victim of financial fraud, you are certainly not alone. Healing takes time, but with patience, self-compassion, and the support of a trustworthy community, one can heal and re-grow a sense of security and well-being.
