Online Scams Can Have Serious Mental Fallout. Here’s How to Deal (And Heal!)

Table of ContentsView AllTable of ContentsIt Can Happen to YouHow Scams Typically WorkCoping Strategies For Healing and Recovery

Table of ContentsView All

View All

Table of Contents

It Can Happen to You

How Scams Typically Work

Coping Strategies For Healing and Recovery

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You’d be correct if it feels like online scams are EVERYWHERE these days. And when the fraudsters manage to con you (it can happen toanyone) the emotional fallout can be devastating.

According to the Federal Trade Commission (FTC), one in four Americans reported losing money to scams last year, amounting to a staggering $10 billion. Those numbers will likely be much higher when you consider cases that have gone unreported.The risk is practically inescapable.

While the financial toll of scams gets the most attention, the damage goes beyond pinched wallets and broken pride. “Many people underestimate how much a scam can affect one’s mental health unless they have experienced it firsthand,” saysHolly Schiff, PsyD. “It’s also harder to quantify emotional distress versus financial loss,” she notes.

At a GlanceThe emotional and psychological toll of a scam can be profound. Addressing these aftereffects is as necessary as dealing with the financial loss to find healing and prevent long-term mental repercussions. Through self-compassion, patience, inner work exercises, and social support, scam survivors can work through their emotions, rebuild their confidence, and regain control of their lives.

At a Glance

The emotional and psychological toll of a scam can be profound. Addressing these aftereffects is as necessary as dealing with the financial loss to find healing and prevent long-term mental repercussions. Through self-compassion, patience, inner work exercises, and social support, scam survivors can work through their emotions, rebuild their confidence, and regain control of their lives.

Take this story from Texas retiree Leonid Shteyn. It started as an innocuous call from a saleswoman. When Shteyn answered his phone the day before Thanksgiving, he had no idea his life was about to change forever.

The caller offered an opportunity to invest in cryptocurrency trading. Shteyn, a savvy businessman who immigrated from the Soviet Union decades ago, did his due diligence. Everything looked legit and above board. One of his friends was also their client. Shortly after, Shteyn opened an account with the company and deposited $250.

By the time he caught on, Shteyn had lost over $250,000, nearly all of his life savings.

“There are no words I can use to describe my state of mind,” says Shteyn. “You do not expect to question your own sanity. It felt like life was over,” he shares.

How to Tell if Someone Is Lying

Another widespread way people arescammedis via fraudsters impersonating an authority that is calling to tell you something is amiss with one of your accounts. This could be someone pretending to be your bank, from the social security agency, from a hospital, etc. They prey on your concerns about the security of your accounts and get you to provide them with important personal information that they then use to steal from you.

“In psychology, we call this ‘confirmation bias.’ The victim is trapped so deeply in the confidence scheme that they convince themselves it is true,” explainsEric O’Neill, former FBI operative and cybersecurity expert.

Scammers often make up scenarios that play on your emotions and vulnerabilities, inducing fear, excitement, or anxiety. These heightened emotional states, together with time pressure, can cloud judgment and compel rushed decisions, making it harder for people to recognize the red flags as their logical thinking is overridden.

When you first realize you’ve been deceived, the profoundshockcan manifest as disbelief or denial of what has happened. The sudden realization can also make you feel disoriented, temporarily impairing your ability to think clearly.

In order to cope, it’s important to first acknowledge and accept your feelings. “Denying or suppressing these emotions can make them worse,” notes Dr. Schiff.

Also, consider these self-care strategies to help heal and recover from the aftermath of a scam:

Lastly, remember it’s normal to feel what you are feeling after experiencing a scam. You’re not alone.

How to Find a Therapist

3 SourcesVerywell Mind uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Read oureditorial processto learn more about how we fact-check and keep our content accurate, reliable, and trustworthy.Bungo, Larissa.Think you know what the top scam of 2023 was? Take a guess.Federal Trade Commission. 2024.Wen X, Xu L, Wang J, et al.Mental states: a key point in scam compliance and warning compliance in real life.Int J Environ Res Public Health. 2022;19(14):8294.Traeger L.Cognitive restructuring. In: Gellman MD, Turner JR, eds.Encyclopedia of Behavioral Medicine. Springer; 2013:452-452.Additional ReadingFederal Trade Commission.Think you know what the top scam of 2023 was? Take a guess.Wen X, Xu L, Wang J, et al.Mental states: a key point in scam compliance and warning compliance in real life. Int J Environ Res Public Health. 2022;19(14):8294. doi:10.3390/ijerph19148294AARP.AARP Fraud Victim Blaming Report.Traeger L.Cognitive restructuring. In: Gellman MD, Turner JR, eds. Encyclopedia of Behavioral Medicine. Springer; 2013. doi:10.1007/978-1-4419-1005-9_166.

3 Sources

Verywell Mind uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Read oureditorial processto learn more about how we fact-check and keep our content accurate, reliable, and trustworthy.Bungo, Larissa.Think you know what the top scam of 2023 was? Take a guess.Federal Trade Commission. 2024.Wen X, Xu L, Wang J, et al.Mental states: a key point in scam compliance and warning compliance in real life.Int J Environ Res Public Health. 2022;19(14):8294.Traeger L.Cognitive restructuring. In: Gellman MD, Turner JR, eds.Encyclopedia of Behavioral Medicine. Springer; 2013:452-452.Additional ReadingFederal Trade Commission.Think you know what the top scam of 2023 was? Take a guess.Wen X, Xu L, Wang J, et al.Mental states: a key point in scam compliance and warning compliance in real life. Int J Environ Res Public Health. 2022;19(14):8294. doi:10.3390/ijerph19148294AARP.AARP Fraud Victim Blaming Report.Traeger L.Cognitive restructuring. In: Gellman MD, Turner JR, eds. Encyclopedia of Behavioral Medicine. Springer; 2013. doi:10.1007/978-1-4419-1005-9_166.

Verywell Mind uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Read oureditorial processto learn more about how we fact-check and keep our content accurate, reliable, and trustworthy.

Bungo, Larissa.Think you know what the top scam of 2023 was? Take a guess.Federal Trade Commission. 2024.Wen X, Xu L, Wang J, et al.Mental states: a key point in scam compliance and warning compliance in real life.Int J Environ Res Public Health. 2022;19(14):8294.Traeger L.Cognitive restructuring. In: Gellman MD, Turner JR, eds.Encyclopedia of Behavioral Medicine. Springer; 2013:452-452.

Bungo, Larissa.Think you know what the top scam of 2023 was? Take a guess.Federal Trade Commission. 2024.

Wen X, Xu L, Wang J, et al.Mental states: a key point in scam compliance and warning compliance in real life.Int J Environ Res Public Health. 2022;19(14):8294.

Traeger L.Cognitive restructuring. In: Gellman MD, Turner JR, eds.Encyclopedia of Behavioral Medicine. Springer; 2013:452-452.

Federal Trade Commission.Think you know what the top scam of 2023 was? Take a guess.Wen X, Xu L, Wang J, et al.Mental states: a key point in scam compliance and warning compliance in real life. Int J Environ Res Public Health. 2022;19(14):8294. doi:10.3390/ijerph19148294AARP.AARP Fraud Victim Blaming Report.Traeger L.Cognitive restructuring. In: Gellman MD, Turner JR, eds. Encyclopedia of Behavioral Medicine. Springer; 2013. doi:10.1007/978-1-4419-1005-9_166.

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