Most victims of fraud also suffer secondary consequences, such as severe stress, anxiety, or depression, according to new research from the FINRA Investor Education Foundation.
The U.S. self-regulatory organization’s investor education arm has issued a new report, which found that nearly two thirds of victims of financial fraud victims also experienced at least one serious non-financial cost, too. The most commonly cited non-financial costs of fraud are severe stress (50%), anxiety (44%), difficulty sleeping (38%) and depression (35%).
The report indicates that nearly half of victims blame themselves for the fraud. And, it says that nearly half of fraud victims report incurring indirect financial costs associated with the fraud, such as late fees, legal fees and bounced checks.
“Fraud’s effects linger and cause distress well after the scam is over. For the first time, we have data on the deep toll that fraud exerts on its victims, and the results are sobering,” said FINRA Foundation president Gerri Walsh.
The report is based on an online survey that was carried out in August 2014, involving 600 self-reported fraud victims.