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P140 Think you can detect fraud? Think again.
Short Description
To better understand the relationships between consumers’ perceptions of fraud, the prevalence of fraud, and the ability to detect fraud, we collected data from 1,004 consumers using a probability-based, mixed-mode panel. Results indicate that 14 percent of U.S. consumers have experienced a financial loss due to fraud. Despite consumers’ widespread confidence in their ability to detect financial fraud, when asked if they would invest in an opportunity that contained two red flags for investment fraud—that is, a risk-free and very high return—two-thirds of consumers indicated that they would. Although most consumers worry about experiencing fraud, only 12 percent indicated they seek out information on financial fraud to stay informed.
Type of presentation
Accepted Poster Presentation