The Emotional Undercurrent of Financial Scams

Foreword

This report, sponsored by BioCatch, explores the financial and emotional impact of scams on victims of various backgrounds, as well as critical evidence needed for the financial services industry to successfully combat scams. 

This report was adapted from data collected by Javelin Strategy & Research’s 2024 Scams and Financial Loss survey, fielded in May 2024. Javelin Strategy & Research maintains complete independence in its data collection, findings, and analysis.

Overview

The impacts of identity fraud and scams cannot be understated—from the financial to the emotional and psychological. Victims of financial scams are often left feeling helpless in the wake of the crime perpetrated against them, not knowing whom to report the crime to, what steps are needed to resolve issues, or if they are even entitled to any sort of financial safety net in the form of provisional credit or reimbursement from their financial institution. Understanding the typical victim profile, the anatomy of a scam, and life after the scam provides essential guidance to the financial services industry as work continues to lessen the financial and emotional toll on scam victims.