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Without a strong financial foundation, improving one’s financial well-being can feel out of reach. Financial fraud, scams and exploitation threaten to derail Americans’ financial security and, ultimately, their confidence in achieving their long-term financial goals. This problem is not going away; it is accelerating. The nature of financial fraud is also changing rapidly, making it harder than ever to detect. Today, scammers are deploying Artificial Intelligence generated voice fraud to impersonate family members and government officials, deepfake videos to fabricate trusted faces, and highly personalized phishing messages that bypass the telltale signs people typically spot.
As Americans face a relentless barrage of financial fraud attempts, detecting scams on a timely basis can be challenging. Americans worry not only that they might be targets of financial fraud but also that their loved ones and vulnerable groups, such as children and the elderly, might become victims. When fraud occurs, uncertainty, shame or fear can delay action or prevent individuals from seeking help altogether. To make matters worse, victims who are scammed out of their life savings are sometimes forced to pay federal and state taxes on money they no longer have.
Understanding how Americans experience and respond to financial fraud can inform and strengthen fraud detection and prevention efforts, as well as bolster support systems for victims. These widespread experiences also highlight the important role that a competent, ethical financial professional, such as a CERTIFIED FINANCIAL PLANNER® professional, can play in helping clients defend against and navigate around difficult situations involving financial fraud, scams and exploitation.
CFP Board sought to better understand Americans’ experience with financial fraud and how they might manage the impacts when they are targeted.
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View the Resource Library for more tools, research and advocacy efforts focused on combating financial fraud, scams and misinformation.