March 11, 2011
Close to one quarter of members have had financial fraud attempts made against them, and, in the majority of cases, these succeeded.
The perpetrator of fraud is most likely a stranger, but can also be a family member or person in authority such as a broker or financial advisor.
Only about one half of fraud cases are reported to the authorities, and fewer than half of these are resolved satisfactorily.
Despite these alarming findings, three quarters of members say they are very or somewhat sophisticated and knowledgeable about financial matters, which is a good thing, because the vast majority of respondents are investors.