Consumer Experience of Mistreatment and Fraud in Financial Services: Implications from an Integrative Consumer Vulnerability Framework

Lim, HanNa; Letkiewicz, Jodi C.

doi:10.1007/s10603-023-09535-w

Cited by 3 publications

(1 citation statement)

References 32 publications

Supporting

Mentioning

Contrasting

Unclassified

Order By: Relevance

“…현대사회에서 금 융리터러시는 개인의 삶의 질을 좌우하고 나아가 생존에 영향을 미치는 필수 소양이 되었다 (Hahn, 2017). 특히 다양한 금융상품 의 출현과 금융기관의 대형화, 글로벌화로 인해 오늘날 금융소비 자는 그 어느 때보다 복잡하고 불확실성이 높은 금융환경에 놓여 있으며 (Lee et al, 2017), 경제적 불황을 틈탄 불법 사금융 피해 및 금융환경의 디지털화로 인한 소외 사례도 증가하고 있다 (Lim, 2020). 이에 금융환경 변화에 적극적으로 대응하고 금융 시장을 최대한 효율적으로 활용함으로써 주어진 재산과 소득을 합리적으 로 관리하는 능력을 기르기 위한 '금융소비자교육'의 필요성 역시 커지고 있는 실정이다 (Hahn, 2017).…”

Section: Human Ecology Researchunclassified

Development of High School Home Economics Financial Consumer Education Program based on Backward Design

Cha,

Park

2023

Hum. Ecol. Res

View full text Add to dashboard Cite

The purpose of this study was to develop a high school home economics financial consumer education program based on backward design and validation by experts. The program was designed and developed by first selecting learning content elements through a review of existing research and an analysis of relevant literature. The next step was to categorize these elements into seven themes and apply the backward design instructional design model 2.0. The program was prepared in the form of a 21st teaching-learning course plan and workbook and was verified by nine home economics teachers with working experience in high school. The evaluation revealed that the average value for all questions was 3.81 (out of 4 points) and the CVR was .99, indicating that the program was valid. In addition, positive evaluations were received in terms of learning goals, content level, and learner participation by class. This study has significance in that a systematic financial consumer education program was developed by Education of Home Economics to improve the financial literacy of high school students. It can therefore be used as an elective course (mini-course) in Home Economics in the high school credit system. A follow-up study will be required to assess the improvement in financial literacy after implementing this program.

show abstract

Section: Human Ecology Researchunclassified

Development of High School Home Economics Financial Consumer Education Program based on Backward Design

Cha,

Park

2023

Hum. Ecol. Res

View full text Add to dashboard Cite

show abstract

Spatiotemporal patterns of consumer financial fraud in the United States

G. Nejad,

Sabzian

2024

IJBM

View full text Add to dashboard Cite

PurposePrevious studies on consumer financial fraud (CFF) have primarily focused on micro-level relationships. This study seeks to provide a holistic macro-level perspective of CFF patterns in the USA. We explore whether CFFs follow a geographical pattern in the USA and evaluate whether and how the patterns and strength of spatial interrelations between states have changed over time, particularly pre-, during and post-COVID-19 Pandemic.Design/methodology/approachThis research investigates the spatial patterns inherent in four CFF variables – total reported frauds, percentage of frauds reporting a loss, total losses and median loss – across the contiguous USA from 2018 to 2022. An in-depth examination was conducted at the state level by applying Moran's I method on the consumer sentinel network data, a database administered by the Federal Trade Commission.FindingsThe findings provide robust and statistically significant spatial autocorrelation of four CFF variables across the contiguous USA that are persistent from 2018 to 2022, consistent across all discerned patterns. Moreover, upon aggregating average values over the entire study period, total losses emerge as the dimension displaying the most pronounced positive clustering. Finally, the strength of spatial autocorrelation patterns has increased post-COVID-19 Pandemic for total reported frauds, percentage of frauds reporting a loss and total losses, and it has reduced for the median loss.Practical implicationsThe sustained spatial autocorrelation in total losses underscores an elevated interconnectedness in economic and social dynamics among neighboring states. This implies that states in close proximity are predisposed to exhibit analogous levels of total and median losses. This reveals a discernible pattern in the distribution of total losses across contiguous US states, even though the values of total reported frauds and total losses variables were adjusted based on the state population.Social implicationsThe findings furnish valuable insights for policymakers, consumer protection agencies, federal and local government agencies and law enforcement agencies, offering a nuanced understanding and targeted interventions to address the spatial dimensions of CFF effectively. The increase in the strength of the spatial dependencies following COVID-19 shows the increased importance of considering spatial dependencies when designing policies and activities to combat CFF activities. The sustained spatial autocorrelation in total losses underscores an elevated interconnectedness in economic and social dynamics among neighboring states. States in close proximity are predisposed to exhibit analogous levels of total and median losses. This finding reveals a discernible pattern in the distribution of total losses across contiguous US states. To account for state size, the total number of reported frauds and total monetary losses variables were adjusted based on the state's population.Originality/valueThe study provides empirical evidence for spatial autocorrelation for CFF patterns across the states within the contiguous USA. The work shows that adopting a spatial approach to studying CFF offers a promising area for future research.

show abstract

Effectiveness of long-short term memory network in financial fraud detection

Qiao

2024

Preprint

View full text Add to dashboard Cite

To limit the impact of the financial frauds in capital market, it is essential to create a rigorous and effective financial fraud identification model. Our paper discusses the effectiveness of long-term and short-term memory (LSTM) network in detecting financial fraud. In total, 660 Shanghai and Shenzhen listed companies from 1994 to 2018 have been selected as our research samples. Among them, 165 entities were with records of false financial information disclosure. Different types of research approaches are adopted during two stages of the study. The first stage is data preprocessing, during which Artificial neural networks (ANN) are used to screen important variables. In order to accomplish a high-precision financial fraud detection model, both financial and non-financial variables are included. The second stage is the performance evaluation and classifiers comparison. Various classifiers are used to execute and compare the performance of the model: support vector machine, K-Nearest Neighbor (KNN), random forest, multilayer perceptron and LSTM neural network. The results show that the variables screened by ANN and processed by LSTM neural network have high accuracy in identifying financial statement fraud.

show abstract

Consumer Experience of Mistreatment and Fraud in Financial Services: Implications from an Integrative Consumer Vulnerability Framework

Cited by 3 publications

References 32 publications

Development of High School Home Economics Financial Consumer Education Program based on Backward Design

Development of High School Home Economics Financial Consumer Education Program based on Backward Design

Spatiotemporal patterns of consumer financial fraud in the United States

Effectiveness of long-short term memory network in financial fraud detection

Contact Info

Product

Resources

About