Not Too Smart for Fraud…

November 2006
Journal of Financial Planning;Nov2006, Vol. 19 Issue 11, p12
Academic Journal
The article reports that fraud victims are generally more financially literate, more educated, and wealthier than non-victims, according to a report by the National Association of Securities Dealers' Investor Education Foundation. The report suggests that con artists succeed at swindling the elderly because they tailor their pitch to the psychological needs of the victim. The study analyzed hundreds of taped recordings of real sales pitches by con men to conclude that investment fraud victims are mostly male, self-reliant, and knowledgeable about finances.


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