Findings from a Pilot Study to Measure Financial Fraud in the United States
72 Pages Posted: 10 Feb 2017
Date Written: February 9, 2017
Consumer financial fraud is a serious problem in our society. While researchers estimate that billions of dollars are lost to scams each year, measuring the true prevalence rate and costs of financial fraud has been hindered by a number of challenges. The FINRA Investor Education Foundation and the Stanford Center on Longevity — working in collaboration with the U.S. Department of Justice — embarked on a project to create, test and refine a survey instrument to measure the scope of the problem. This study reports the results of the pilot test for this new survey instrument.
Keywords: Financial Fraud, Scam, Prevalence, Taxonomy
JEL Classification: K40
Suggested Citation: Suggested Citation