Attention readers! If you’re reading this I need someone to call or tag Dick Wolf because we have a new Law & Order series. Law & Order: Financial Crimes! (Dun-dun) Alright, well honestly, I don’t know if a financial crime show would have the same fan base as say Law & Order: SVU (oh how we love Olivia Benson) but financial crimes are a very serious matter. In fact, so serious, that the FBI actually has an Office for Victim Assistance which provides information on what you should do if you are a victim of a financial crime.
Although financial crimes are not regarded on the same level as crimes like homicide or arson; they can be extremely devastating to those impacted. Luckily, there are things you can do. So, what should you do if you were a victim of a financial crime?
What to do after a financial crime?
Collect and save everything related to your loss.
Getting financially organized is hard but in a situation where a crime has occurred saving your documents/receipts everything is essential to you having any shot at getting restitution. Saving expenses you incurred,
Speak with a tax advisor
Believe it or not some of your losses may be tax-deductible. To find out, you should speak with a tax specialist or the Internal Revenue Service to see if your losses qualify.
Consider civil lawsuit
If you believe the perpetrator has assets or if the amount you’re suing for is greater than the limits imposed in small claims court, then you may want to file a civil lawsuit. As always discuss your legal options with a legal professional.
Consider small claims
Small claims, which are a type of civil lawsuit, may be more appropriate depending on the amount you’re suing for. The amount varies by ordinance (city, county, state) so it’s important to discuss your legal options.
Going through a financial crime can be deflating and lonely. Who should you contact?
Who to contact about financial problems after crime?
Creditors/Nonprofit Credit Counseling Service
If someone has access to your financial information then they may use that knowledge to make unauthorized purchases. If your information was compromised you should immediately reach out to your creditors for steps to protect your credit.
Local & National Credit Reporting Agencies
Once again protect your credit by reaching out to credit reporting agencies and asking them what identity protection solutions they offer.
Your Case Agent or your state’s Consumer Protection Agency
If your information was compromised by a company especially a fraudulent business then you should report them to your state’s Consumer Protection Agency
Emotional Support Person
Dealing with the aftermath of a crime can be emotionally exhausting. You may feel a range of emotions from anger, resentment, frustration, shame, guilt, embarrassment, feeling isolated, hopeless, betrayal, etc. Firstly, your feelings are completely valid and understandable. However, if you feel stuck in your feelings it maybe good to speak with a therapist, religious authority, or anyone else you feel comfortable expressing yourself with.
Will you get your money back?
Unfortunately, getting justice doesn’t always mean everything will go back to how things were prior to the crime being committed. Even if you successfully win your case legally, the reality is that that doesn’t automatically guarantee you’ll get your money back. This is typically the case when convicted defendants have no money or limited potential to make money which would result in them being unlikely to make a meaningful restitution. This problem gets worse when there are many victims for instance those pursuing a class action lawsuit. However, there is a silver lining. An order of restitution is enforceable for 20 years from the date of judgement or after the convicted defendant’s release from prison. That means you potentially have two decades to get your money back which may be worth it depending on the amount.
Crime sucks! And being a victim of a crime can leave you feeling extremely vulnerable and disturbed. What’s worse is that our growing reliance on technology just increases our vulnerability to data breaches and cyberattacks. So, if you do find yourself as a victim of a financial crime feel empowered knowing that there are things you can do to mitigate the damage and potentially seek restitution.
