Profiling Victims of Investment Fraud: Mindsets and Risky Behaviors

Deliema, Marguerite; Shadel, Doug; Pak, Karla

doi:10.1093/jcr/ucz020

Cited by 100Securities Regulation and Market PracticesFinancial Literacy, Pension, Retirement AnalysisCybercrime and Law Enforcement Studies

Profiling Victims of Investment Fraud: Mindsets and Risky Behaviors

Deliema, Marguerite, Shadel, Doug, Pak, Karla·2020·Journal of Consumer Research

DOI 10.1093/jcr/ucz020

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Abstract

Millions of Americans are targeted by investment scams, resulting in billions of dollars lost each year. Previous research indicates that investment fraud victims are more likely to be male, white, and married, and to have higher socioeconomic status compared to the general US population, but little research examines what behaviors and mindsets differentiate them from other investors. A telephone survey was administered to 214 investment fraud victims and 813 general investors recruited using random digit dialing. Based on the opportunity model of predatory victimization, the aim was to identify differences in investment behaviors and psychological mindsets that may affect exposure to investment scams and make individuals more attractive and susceptible targets. In addition to being older and male, victims were more materialistic than general investors and were more frequent stock traders, and purchased more investments sold through unsolicited calls, emails, television advertisements, or “free lunch” seminars, but were less likely to invest based on a social network member’s recommendation. As more retirees begin to take on managing their retirement assets, many may be tempted by unreasonable investment returns promised by unscrupulous brokers. Findings point to specific areas where investor education is needed to counteract poor investment decision-making and risky mindsets.

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Many fraud studies focus on a narrow subtype of mass marketing scams, and risk factors do not necessarily generalize across the universe of consumer fraud.
“One reason is that many fraud studies focus on a narrow subtype of mass marking scams-such as investment fraud or romance scams (e.g., Buchanan and Whitty 2014;Deliema et al. 2020), and risk factors do not necessarily generalize across the universe of consumer fraud.”
From Profiling consumers who reported mass marketing scams: demographic characteristics and emotional sentiments associated with victimization (2024) · cites this paper as Deliema et al. 2020
DeLiema, Pak, and Shadel (2020) found that investment fraud victims were more likely to be male compared to general investors.
“DeLiema, Pak, and Shadel (2020) found that compared to general investors, investment fraud victims were more likely to be male.”
From Profiling consumers who reported mass marketing scams: demographic characteristics and emotional sentiments associated with victimization (2024) · cites this paper as DeLiema, Pak, and Shadel 2020

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Authors: Deliema, M., Shadel, D., & Pak, K.
Affiliations: University of Minnesota (US)
AARP (US)
Corresponding author: Deliema, Marguerite
ORCID: Deliema, Marguerite
Venue: Journal of Consumer Research
Publisher: Oxford University Press (OUP)
Published: 2019-05-28
Volume: 46
Issue: 5
Pages: 904-914
ISSN: 0093-5301 (ISSN-L)
1537-5277
DOI: 10.1093/jcr/ucz020
OpenAlex: W2955622632
Cited by: 100
References: 39
Citations by year: 2026: 25 · 2025: 21 · 2024: 12 · 2023: 19 · 2022: 14 · 2021: 6 · 2020: 3
FWCI: 7.55
Type: journal article
Language: en
Open access: closed
Licence: academic.oup.com/journals/pages/open_access/funder_policies/chorus/standard_publication_model (vor, 10 d)
Locations: Journal of Consumer Research (publishedVersion)
RePEc: Research Papers in Economics (submittedVersion)
Funders: Fraud Watch Network
AARP’s Fraud Watch Network
Topics: Social Sciences › Business, Management and Accounting › Marketing › Securities Regulation and Market Practices
Social Sciences › Business, Management and Accounting › Accounting › Financial Literacy, Pension, Retirement Analysis
Physical Sciences › Computer Science › Information Systems › Cybercrime and Law Enforcement Studies
Keywords: investment fraud, investment scams, opportunity model, materialism, retirement investing, investor education, investor decision-making

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Profiling Victims of Investment Fraud: Mindsets and Risky Behaviors

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