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The Rise of Financial Fraud

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  • Kimberly Blanton

Abstract

Individuals save for decades to ensure that they will have financial security in retirement. That security can be threatened or eliminated virtually overnight if an individual who is in or near retirement becomes the victim of a financial fraud, such as a Ponzi scheme or sham investment in high-yield securities. Fueled by the Internet, the incidence of financial fraud is on the rise. Law enforcement officials and fraud experts expect the trend to continue or accelerate as aging baby boomers increasingly become targets. According to the Federal Trade Commission (FTC), Americans in 2010 submitted more than 1 million complaints about financial and other fraud – up 35 percent in just three years. But these data do not fully represent fraud’s pervasiveness, because researchers say that it often goes unreported to the authorities...

Suggested Citation

  • Kimberly Blanton, 2012. "The Rise of Financial Fraud," Issues in Brief ib2012-5, Center for Retirement Research, revised Feb 2012.
    • Handle: RePEc:crr:issbrf:ib2012-5
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    File URL: http://crr.bc.edu/briefs/the-rise-of-financial-fraud/
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    Cited by:

    1. Davit Khachatryan & Brigitte Muehlmann, 2017. "Determinants of successful patent applications to combat financial fraud," Scientometrics, Springer;Akadémiai Kiadó, vol. 111(3), pages 1353-1383, June.
    2. Annamaria Lusardi & Olivia S. Mitchell, 2014. "The Economic Importance of Financial Literacy: Theory and Evidence," Journal of Economic Literature, American Economic Association, vol. 52(1), pages 5-44, March.
    3. Reurink, Arjan, 2016. "Financial fraud: A literature review," MPIfG Discussion Paper 16/5, Max Planck Institute for the Study of Societies.
    4. Md. Khaled Bin Amir & Md. Zobayer Bin Amir & Mohammad Ariful Islam, 2022. "Phenomenon of bank scams in Bangladesh: Analysis on behavioral issues," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 11(7), pages 189-200, October.
    5. Sigurdur Gudjonsson & Inga Minelgaite & Kari Kristinsson & Sigrún Pálsdóttir, 2022. "Financial Literacy and Gender Differences: Women Choose People While Men Choose Things?," Administrative Sciences, MDPI, vol. 12(4), pages 1-9, November.
    6. Michael P. Keane & Susan Thorp, 2016. "Complex Decision Making: The Roles of Cognitive Limitations, Cognitive Decline and Ageing," Economics Papers 2016-W10, Economics Group, Nuffield College, University of Oxford.
    7. Sharad Agarwal & Marie Vasek, 2022. "Investigating the concentration of High Yield Investment Programs in the United Kingdom," Papers 2205.08569, arXiv.org.
    8. Keane, M.P. & Thorp, S., 2016. "Complex Decision Making," Handbook of the Economics of Population Aging, in: Piggott, John & Woodland, Alan (ed.), Handbook of the Economics of Population Aging, edition 1, volume 1, chapter 0, pages 661-709, Elsevier.

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