Fraud Recovery: Financial Protection and Emotional Support

While victims of financial fraud may feel isolated and alone, the reality is far from it. In fact, the Federal Trade Commission (FTC) reported receiving three million claims from consumers with fraudsters stealing $15.9 billion in 2025 alone.¹  Through a variety of in-person, phone, and more commonly today, online scams—such as phishing, social engineering, and computer malware—the victim either mistakenly reveals personal information or succumbs to a plausible request for money.

For victims of financial fraud, the damage is twofold. There are the monetary consequences in terms of funds lost to a scammer, but the emotional toll of having been deceived can be just as costly, resulting in feelings of insecurity, anxiety, and even depression. This can also lead many to have a deep sense of shame and embarrassment, made worse by a victim-blaming culture that suggests the crime is their fault, e.g., “You should have known it was too good to be true.”²

But falling prey to a financial fraudster isn’t anything to be ashamed of or a sign of personal weakness. Today’s scams are complex, emotionally manipulative, and often executed by organized criminal networks. As fraud grows more sophisticated, even the most aware, vigilant and intelligent individuals can be tricked.  

Fraud can happen to anyone

There’s a common notion that fraud victims tend to be found in the elderly—perhaps not tech-savvy, more isolated—population, but that’s not what the numbers show. According to the FBI, scammers are equal-opportunity offenders when it comes to the ages of their targets, but approach demographics in different ways:

• Ages 18–29. Highest frequency of reported scams, often involving social media and online shopping.
• Ages 30–39. Adults in their prime earning years report fraud at higher rates relative to population size, often linked to identity theft.
• Ages 40–59. More frequently  targeted for investment fraud, job scams, and phishing, often losing money to fake investment opportunities.
• Ages 60+. Typically experience significantly higher monetary losses per incident, often lured by tech support and investment scams.

You’ve been scammed. Now what?

Taking immediate action can help limit financial loss and protect your identity:

• Call credit card issuers and financial institutions to let them know what happened and see if accounts need to be closed or restricted and what other actions should take place to minimize exposure, reclaim account security, and potentially begin a funds recovery process.
• Report the fraud to the police, FTC (ReportFraud.ftc.gov and, if you suspect identity theft, IdentityTheft.gov), the FBI’s Internet Crime Complaint Center (IC3), and if applicable, call the National Elder Fraud Hotline at 833-FRAUD-11.
• Immediately change all online passwords. Make them long and unique (12+ various characters) and store them in a password manager; enable multi-factor authentication as an extra layer of security.
• Curb identity theft by contacting all three credit bureaus: Equifax, Experian, and TransUnion to place fraud alerts which tell prospective lenders they should take extra steps to verify the identity of a loan applicant. You can also place a credit freeze at Equifax, Experian, and TransUnion that keeps identity thieves from opening new accounts in your name:
• Don’t buy into recovery scams. Scammers pay for lists of victims and pretend to be with the government or an official-sounding company claiming they will get back the money you lost—if you first pay a fee.
• Stay vigilant about monitoring credit card and other financial statements for suspicious transactions. Keep an eye out for anything that’s not the norm.

Next: Let the emotional healing begin

Several organizations provide free resources for victims of fraud who are seeking emotional and psychological support to regain feelings of safety, security, and confidence:

• FightCybercrime.org offers a trusted network of other victims, personalized resources, and licensed counselors specifically geared toward healing the scars left by romance and crypto investment fraud scams.
• Give an Hour is an organization that provides peer support programs, guided by licensed professionals, and is dedicated to rebuilding individuals’ mental health.
• AARP Fraud Watch Network provides guidance for older individuals and features a free helpline at 877-908-3360, where trained specialists offer peer counseling, support, and referral services to fraud victims and their family members; also, the National Elder Fraud Hotline is available at 833-FRAUD-11.

Onward and upward

To help reduce the odds of being victimized again, take these important protective measures:

• Lock down social media by sharing less, reviewing privacy settings, and accepting requests only from people you know.
• Protect personal identifiers (DOB, account details, ID numbers) and don’t provide sensitive info when asked unexpectedly.
• Use secure tech hygiene such as trusted private Wi-Fi for financial activity, updated antivirus/security software, and strong passwords plus multi-factor authentication
• Treat unexpected links, attachments, and sender addresses as suspicious—verify before you click or reply.
• Don’t engage with unsolicited sales calls/emails and independently look up official contact info to restart the conversation.
• Avoid unusual payment methods (wire, gift cards, crypto) and walk away from “too-good-to-be-true” investment offers or social media promotions.
• Pause before acting and confirm requests for money or sensitive data with a trusted person or through a second, verified channel. Urgency and silence only benefit the threat actor—talk about your experience or what’s being asked of you before giving any information or sending funds.

Remember: Fraud can happen to anyone. It’s a crime, not a personal failure, and being targeted is not a reflection of one’s intelligence or worth. To recover financially and emotionally, taking the right steps and getting support can help a victim regain control and move forward with confidence.