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Who Is Next? A Study on Victims of Financial Fraud in Japan.

ABSTRACT: Japan has seen an increase in the incidents of financial frauds over the last couple of decades. Although authorities are aware of the problem, an effective solution eludes them as fraudsters use innovative swindling methods and continually change the target group. Using a nationwide survey conducted by Hiroshima University, Japan, in 2020, this study investigated the socioeconomic and psychological profiles of victims of trending and special financial fraud such as fictitious billing fraud, loan guarantee fraud, and refund fraud. It was found that financial fraud victims' profiles are dissimilar at the aggregate and specific levels. At the specific level, victim profiles were diverse, that is, in fictitious billing fraud, loan guarantee fraud, and refund fraud cases. Males, married, and financially less satisfied people were more often victims of fictitious billing fraud; less anxious people were more likely victims of loan guarantee fraud; and older, asset-holding, and less-income-generating respondents were found to be victims of refund fraud. Our results also show some commonalities in the victims' profiles. For example, financially less-literate people were found to be more likely victims of fictitious billing fraud and loan guarantee fraud. Finally, respondents who lived with their family, those who did not have careful buying habits, and those who suffer from bouts of loneliness were found to be common victims of all types of special financial fraud. The results of our study suggest that a one-size-fits-all policy cannot effectively combat financial fraud.

SUBMITTER: Kadoya Y

PROVIDER: S-EPMC8283193 | biostudies-literature |

REPOSITORIES: biostudies-literature

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Project description:ObjectiveThe aim of this study is to investigate the association between financial literacy and age as well as gender differences in financial literacy.MethodsWe analyse a sample of 25,000 individuals from 'The Financial Literacy Survey 2016' conducted by the Central Council for Financial Services Information (Bank of Japan). The analysis focuses on the relationship of age and financial literacy as well as that of age and self-rated financial knowledge. To consider factors accounting for gender differences in financial literacy, we use the Blinder-Oaxaca decomposition method. To further our understanding of financial literacy, we conduct additional analyses on financial behaviour and attitude.ResultsAlthough age is associated with increased financial literacy (Men, β: 0.249, standard error [SE]: 0.030; Women, 0.354, SE: 0.026), the growth rate decreases among the older respondents (Men, β: -0.002, SE: 0.000; Women, -0.003, SE: 0.000). However, the association between age and self-rated financial knowledge among men moves in the opposite direction (Age, β: -0.021, SE: 0.009, Age2, β: 0.000, SE: 0.000). Furthermore, female respondents are likely to be less financially literate than their male counterparts (β: -0.586, SE: 0.095) due to gender differences in the distribution of the factors that affect financial literacy (specifically education), their responses to financial literacy, and the interactions of these effects. In contrast to knowledge-based financial literacy, financial behaviour and attitudes among women are more preferable to those among men, namely, more premeditated.ConclusionFinancial literacy increases until about one's early 60s, after which it declines, while confidence in financial literacy reflects the inverse trend, especially among men. Additionally, men are more financially literate than women; however, these differences could be mitigated through education. Meanwhile, financial behaviour and attitudes among men are less premeditated. Thus, policies are needed that can help older adults with their financial decision-making, enhance women's financial literacy, and improve men's financial behaviours and attitudes.

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Who Is Next? A Study on Victims of Financial Fraud in Japan.

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