These clients are more likely to fall victim to a financial scam

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It’s not as simple as those who use inadequate or duplicate passwords. The research discovered that an individual’s world view – or ‘mental frames’ play a key role in their susceptibility to fraud.

Specifically, the mental frames governing compliance, opportunity, intelligence, and order, increased the risk.

These include beliefs such as:

  • Authority should not be challenged.
  • Financial opportunities are a zero-sum game with clear winners and losers.
  • The world is organized in a way that rewards good people.
  • Asking too many questions can make a person seem ignorant.

The study was conducted by The FINRA Investor Education Foundation (FINRA Foundation), Better Business Bureau (BBB) Institute for Marketplace Trust, and the University of Minnesota.

“This research gives us new ways to understand who is at risk for losing money to financial scams and opens novel possibilities for protecting people…

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