Online Fraud Victims: Impacts and Challenges of Reporting to Financial Institutions and Local Police Services

• In Event: Perspectives on Financial Crime

Abstract

Several studies have highlighted the diversity and severity of the impacts of frauds on victims and the many issues victims may face when reporting these crimes to various institutions. However, little attention has been paid to victims of online fraud. This study aims to understand the experience of victims when they report online fraud to various organizations and the impacts those crimes had on them. Interviews with online fraud victims in Quebec, Canada, were conducted. Results show that victims must be separated into one-time victims and repeated victims. For both types of victims, the impacts of the crime varied greatly and could have repercussions on several areas of their lives.
Regarding their experience with reporting to their financial institution, one-time victims were satisfied, unlike with the police. For almost half of them, their reporting experience to the police led to a second victimization. Repeated victims were strongly dissatisfied with their experience reporting online fraud to financial institutions and law enforcement. Their reporting experience was more traumatic and destabilizing than the online fraud itself. The study highlights the need to provide better responses to the needs and expectations of online fraud victims to avoid causing any additional trauma during their reporting process.

Authors

• Fyscillia Ream, University of Montreal

• Morgane Coat, University of Montreal

• Benoit Dupont, University of Montreal