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Myth #4: Unlike other crime victims, the victims of fraud crimes do not experience much of the pain and trauma typically associated with crime victimization, by Anthony Pratkanis
Hollywood movies and the mass media in general often romanticize the cunning cleverness of the con grifter and fail to show the consequences to victims, as if fraud was a victimless crime.
Research reveals a much different reality, one in which fraud victims experience much pain and trauma, in addition to their financial losses. Ganzini and her colleagues found that among the victims of a Ponzi scheme, 45% experienced generalized anxiety, 29% were clinically depressed, and over 6% had suicidal thoughts (all rates greater than a matched control). Boyd and his colleagues investigated the victim impact of the Eron securities fraud and observed that among those losing more than $50,00, 54% stated it harmed their emotional well-being, 29% their physical health, and over 20% noted that it had damaged friendships and family and marital relationships. In a UK survey looking at the victims of frauds such as bogus investments, fake lottery, advanced fee fraud, and identity theft, Button and his colleagues showed that victims reported feeling anger and stress, with 39% reporting psychological and emotional issues, 17% damage to family and partner relationships, 11% physical health problems, and just under 2% reporting an attempted suicide.
Sadly, these research findings are often observed by those who work with fraud victims. As victim advocate Debbie Deem describes, fraud victimization often results in a loss of trust in others, in society and its institutions, in family and friends, and even in one’s own ability to make decisions.
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