Fraud and cybercrime impact victims financially and psychologically

Recent reports highlight the significant financial and emotional toll of fraud and cybercrime on individuals. In Canada, the Royal Canadian Mounted Police (RCMP) emphasizes the importance of reporting all incidents, including unsuccessful attempts, to the Canadian Anti-Fraud Centre (CAFC). Reporting helps law enforcement identify emerging trends, patterns, and links between incidents across jurisdictions to improve prevention and enforcement.

A report from the US-based Identity Theft Resource Center (ITRC) underscores the psychological aftermath of scams. Research indicates that 54.8% of scam victims who sought assistance reported feeling shame or embarrassment. Beyond financial loss, victims often face anxiety, sleep disturbances, and self-blame.

The ITRC also noted that 64% of identity theft victims spent more than 40 hours attempting to resolve their cases, many of which remained unresolved. Additionally, nearly 79% of victims fell victim to secondary recovery scams by paying third parties who promised to retrieve lost funds.