Don’t be embarrassed: we need to report financial fraud

Lots of junk mail and telemarketing calls can mean that you are a prime target for fraud. But are these crimes reported? Stanford University researchers have found that the cost of financial fraud is estimated in the billions, but the true extent of the overall problem is unknown, due to the unwillingness of people to admit to being a victim. Underreporting, particularly by elderly victims, is attributed to embarrassment or trauma.

The study suggests several ways to better understand fraud, by improving the procedures for reporting, and encouraging victims, especially the elderly, to come forward and report their experiences. Another strategy is to monitor fraud trends, by integrating data systems, data-sharing and implementing more uniform definitions of different kinds of fraud.

Read more at Stanford University

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