It's estimated that consumer financial fraud cost Americans over $50 billion a year, and this number doesn't include the money used for its prevention or the social and emotional cost fraud imposes on Americans every year.
The FINRA Investor Education Foundation's 2013 research report, Financial Fraud and Fraud Susceptibility in the United States (PDF 417 KB), contributes to a deeper understanding of financial fraud by gauging exposure and response to traditional and Internet-based scams, and the relationships between susceptibility to fraud and various demographics.
- The ubiquity of fraud solicitations coupled with the inability of many people to recognize the red flags of fraud place a large number of Americans at risk of losing money to scams.
- Americans 65 and older are more likely to be targeted by fraudsters and more likely to lose money once targeted.
- The inability of researchers and policy makers to get an accurate measure of financial fraud constrains our understanding of the problem.