Chances are, you may have been swindled at some point in your life, or you know someone who has. Nearly half of consumers surveyed recently by Stanford University's Center on Longevity and the Finra Investor Education Foundation reported being a victim of financial fraud in the previous year—a far higher tally than earlier surveys indicated. No socioeconomic or demographic group is immune. "Men and women, college students and retirees, rich and poor—all are potential targets," the report's authors found. Nearly 40% of victims never told anyone about the fraud.
Estimates are problematic, but Americans are thought to lose some $50 billion a year to financial scams. And there are indirect costs: bounced checks, late fees, trouble meeting monthly expenses and even bankruptcy. So it's not surprising that the emotional cost of fraud is also high, with 50% of victims reporting severe stress and more than one-third citing depression. The toll is compounded for senior victims, who have little time to make up for lost resources. "When elderly people lose their life savings, they lose hope," says Ricky Locklar, an investment fraud investigator at the Alabama Securities Commission. "To me, those crimes are worse than someone robbing the corner drugstore at gunpoint."
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