100% of Americans are targets of scams. Yet most people think that financial fraud affects only the elderly and believe that they themselves would never fall for it. In fact, millions of Americans of all ages fall victim to scams, with costs of some $50 billion a year.
To generate strategies for preventing financial fraud, SPARQ, in partnership with the Stanford Center on Longevity, convened a Research Clinic on Oct. 14, 2016. In attendance were SPARQ faculty affiliates, Stanford Center on Longevity affiliates, and representatives from AARP, the National Telemarketing Victim Call Center, and FINRA Investor Education Foundation.
The group discussed several challenges, including:
- How do we help consumers overcome the illusion of invulnerability and understand that anyone can become a victim of financial fraud?
- How can we inoculate consumers against scams?
- How can we reduce the shame of victimization so that victims report fraud to the appropriate authorities?