For more information, visit: https://www.lawdepot.com/?pid=pg-BFYM... A protection racket is a scheme where a person extorts money from a victim by suggesting that she needs “protection” from property damage or attacks. In exchange for money, the perpetrator promises to keep the victim safe, recover any stolen property, and collect reparations for damaged property. The person the victim needs protection from is usually the person running the scheme. If people refuse to pay up, they may experience harassment, property destruction, and other problems.