BISMARCK, ND (KXNET) — Oftentimes, we tend to associate abuse with physical, mental, or emotional damage... but it's important to remember that certain forms of it can also affect one's wallet. Financial abuse, which generally involves one exploiting their victim out of their money or taking out contracts in their name, is a concept that is different from most depictions of exploitation, yet still has the same effect of leaving those affected vulnerable and powerless. But what does this concept look like, and how many North Dakotans have been taken advantage of? As part of a study on financial abuse across the United States, Cardrates.com surveyed 3,000 Americans to find out how many have been affected. According to the research, one in three North Dakotans (33%) state that they have been victims of it in some form— and while this number seems high on its own, it is actually far lower than the national average of 43%. In contrast to this smaller statistic, states like Colorado, Wyoming, and Tennessee report much higher levels of abuse, with TN in particular surpassing even other more at-risk areas. While on the topic, CardRates also asked its survey respondents about which forms of financial abuse are the absolute worst. Most respondents (47%) pointed to having loans or contracts taken out in their name, but other notable options include unauthorized credit card use (25%), being denied access to bank accounts or money (18%), and being forced to surrender income or savings (10%). North Dakota one of the best states for remote work Regardless of the specific type of financial abuse in question, though, one cannot ignore the impact that it has, even long after the incident itself. 46% of those affected state that the act damaged their credit score, which harms their chances of receiving large loans like mortgages. Another 30% spoke of how the abuse made it more difficult for them to access the money they need for day-to-day essentials, and 24% said that these situations left them in significant debt. Despite the very real problems that come with financial abuse, many still believe that the field tends to be overlooked — with 65% of individuals saying that it is addressed either poorly or not at all when compared to other forms of adult or elder abuse. This same concern carries over into how companies and governments react to these cases: 52% of survey respondents continued on to state that they do not believe financial institutions do enough to protect customers, and only 26% had a firm understanding of their legal rights on the topic. To conclude their findings, Cardrates' study also made note of what factors stop victims from reporting these — the largest of which (as selected by 31% of respondents) was a lack of knowledge on how to do so. A further 23% stated a lack of evidence would be the largest barrier, and a slightly more pessimistic 17% believe that nothing would be done even if a case was filed. In what is perhaps the most concerning reason, a final 12% cited a fear of retaliation as the limiting factor, primarily because the abuser almost certainly knows where they live. “If you suspect that someone you know is financially abusive, contact a lawyer or seek professional advice straight away,” says Jon McDonald, senior editor at CardRates.com. “Financial abuse is often something that often occurs over years, and won’t stop on its own.” Card Rates offered some tips for people who fall victim to financial abuse. If you find you are a victim, here are some things you can do: Record the abuse Get in touch with your bank Hire a professional, such as a lawyer Secure your accounts with a PIN and two-factor authentication Secure your identity, including documents like your passport Monitor your credit score Get a financial advisor Have a safety net by keeping some money elsewhere To view the full study, including a detailed infographic on financial abuse in each state, visit this page on Cardrates' website. For more information on adult abuse and neglect in North Dakota — as well as how to report what you believe to be incidents of financial abuse — access the ND Adult Protective Services website here. Close Thanks for signing up! Watch for us in your inbox. Subscribe Now Today's Top Stories SIGN UP NOW