An Unseen Cost of Financial Fraud and Scams: The Emotional Toll
Security
May 08, 2025
May Is Mental Health Awareness Month
An Unseen Cost of Financial Fraud and Scams: The Emotional Toll
Financial fraud isn’t just about losing money. In addition to any financial consequences that financial crime victims suffer, many also experience emotional turmoil that can have negative effects on their mental health, physical health, and relationships.
Fraud Is Bad and Getting Worse
Financial crimes are on the rise. According to the Federal Trade Commission (FTC), consumers reported losing more than $12.5 billion to fraud in 2024 — a 25% increase over the prior year. In addition, in 2023, 27% of people who reported fraud said they lost money, while in 2024, that figure jumped to 38%. (Take a look at the FTC’s 2024 Scammy Snapshot.)
The People Behind the Numbers
The shame and stigma some people feel after being conned out of their money can have a devastating impact on mental health.
Because financial fraud often occurs out of public view, many victims feel isolated and ashamed. The U.S. Department of Justice estimates that only 15% of victims of financial fraud report the crime. The other 85% do not because they are embarrassed, feel guilty, or think there’s nothing they can do to fix it.
Victims often report experiencing feelings of betrayal and distrust, guilt for not being attentive or vigilant, shame for being naïve, or anxiety and stress as they worry about their personal security and the risk of being victimized again. They may blame themselves; and unfortunately, their friends and loved ones may also say things that make the victims feel at fault instead of putting the blame where it belongs — on the criminals.
If you’re a victim, remember: Scammers work full time to fine-tune their techniques and tactics. They use psychological tools to persuade their victims. If you’ve been scammed, you are not alone. Millions of people of all ages, education levels, and financial status have been victims of financial fraud too.
How to Take Care of Yourself After Being Scammed
Emotional turmoil after being scammed is unpleasant but completely normal. It is not your fault. If you’re a victim, as your work through the aftermath of fraud, try these tips to help you recover:
- Give yourself grace. You might feel upset for a while. Remember this is normal.
- Seek out supportive people. Share your experience only with people you trust to be kind and nonjudgmental about what you have been through. (Even if you don’t talk about what happened, staying connected is vital to your mental health.) You could also consider joining a support group of others who have experienced similar crimes.
- Focus on what you can control. Document the details and report the crime. By doing so, you’re fighting back and helping to protect others. Educate yourself further on the ever-evolving tactics that scammers use so you’ll be more likely to recognize their tricks in the future.
- Get help if you need it. If feelings of guilt, shame, anxiety, or anger start to interfere with your daily life, consider seeing a counselor. A good therapist has tools to help you manage negative thoughts and feelings, develop coping skills, and move on from the negative experience.
More Help?
The BBB Institute for Marketplace Trust is the nonprofit educational foundation of the International Association of Better Business Bureaus. If you’re a victim of a scam, check out the BBB Scam Survival Toolkit for help.
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Did you know?
- Fraud is a criminal act to deceive a person and take their money through a transaction they didn’t know about or authorize.
- A scam is the act of tricking someone into making or authorizing a payment to a criminal’s account.
