The Emotional Undercurrent of Financial Scams

The financial and emotional impacts of identity fraud and scams cannot be understated. Victims of financial scams are often left feeling helpless and confused, not knowing who to report the crime to or what steps are necessary to resolve the issue. Not surprisingly, financial institutions are the first place that nearly 70% of scam victims turn to first immediately following the crime, demonstrating the critical role they play in the victim experience.

This important study, commissioned by BioCatch and conducted by leading analysts at Javelin Strategy & Research, surveyed 500 scam victims who suffered a monetary loss in the past two years. The goal of the research was to understand the victim experience before and after the crime and how financial institutions can translate these insights into positive outcomes.

Access the full report to reveal:

• The profile of scam victims and differences between generations

• How victims were targeted and steps they took following the crime

• How satisfied victims were with their bank’s resolution

• Steps financial institutions can take to improve the experience for scam victims