The Financial Fraud Research Center just released a study on fraud and the impact on victims of fraud. According to this study, tens of millions of adults fall victim to fraud, losing tens of billions of dollars annually. Estimates vary depending on what types of fraud are measured and whether figures rely on independent self reporting or on responses to surveys.
The study also makes clear that financial fraud is more than a financial crime. Its victims experience non-financial costs. Fraud is commonly seen as inflicting only financial damages on its victims. This may in part be the result of a lack of research in this area, with only a few interview studies and anecdotal efforts to uncover non-monetary costs. Unlike financial losses, which can be measured in dollars and cents, psychological and emotional impacts are more challenging to track.
In addition, non-financial consequences are not limited to the fallout of victimization itself. Hours and days spent attempting to recoup losses are just the beginning. For retired victims without the necessary working years to recover from a major fraud, there is the ongoing mental trauma of losing a child’s inheritance, of losing a sense of security, and/or of losing the ability to support oneself through old age.
If you suspect that you are a victim of fraud, contact Wittenberg Law at (310) 295-2010. We deal with these issues on a daily basis and have deep experience recovering financial losses on behalf of our clients who have been the victims of fraudulent conduct.