"The FINRA Investor Education Foundation has issued a new research report, Financial Fraud and Fraud Susceptibility in the United States, based on a survey of nearly 2,400 U.S. adults age 40 and older. The report reveals that over 80 percent of respondents have been solicited to participate in potentially fraudulent schemes, and over 40 percent cannot identify some of the classic red flags of fraud."
According to experts, this fraud activity may be costing Americans about $50
billion annually (view
"When it comes to financial fraud, America is a nation at risk," said
FINRA Foundation President Gerri Walsh. "Fraudsters are very effective at
reaching and enticing vulnerable populations into turning over their money. And
far too few Americans are able to detect likely fraudulent sales pitches."
Survey results revealed that financial fraud solicitations are commonplace, and
Americans age 65 and older are particularly vulnerable. Read
more about the report.