The FINRA Investor Education Foundation issued a new research report--Financial Fraud and Fraud Susceptibility in the United States--which reveals that over 80% of respondents have been solicited to participate in potentially fraudulent schemes, and over 40% of those surveyed cannot identify some classic red flags of fraud.
"When it comes to financial fraud, America is a nation at risk. 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," said FINRA Foundation President Gerri Walsh in a statement.
The FINRA Foundation's new survey of nearly 2,400 U.S. adults age 40 and older revealed that financial fraud solicitations are commonplace, many Americans are unable to spot fraudulent sales pitches, and older Americans (age 65 and older) are particularly vulnerable.
