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

H. Lim () and J. C. Letkiewicz ()
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H. Lim: Kansas State University
J. C. Letkiewicz: York University

Journal of Consumer Policy, 2023, vol. 46, issue 2, No 1, 109-135

Abstract: Abstract This study utilizes the National Financial Well-Being Survey (NFWS) from the Consumer Financial Protection Bureau (CFPB) to investigate the profiles of American consumers who experience mistreatment or a type of fraud in financial services (compromised accounts). An integrative consumer vulnerability framework was used as the theoretical framework to examine how disadvantaged consumer characteristics and vulnerable consumer characteristics are associated with mistreatment and compromised accounts. Consumers in vulnerable states, due to low financial capability, cognitive decline, material hardships, financial shocks, and more exposure to various financial services, were more likely to report experiencing mistreatment and having their financial accounts compromised. Consumers from higher socio-economic status were more likely to have been victims of mistreatment and compromised accounts in financial services. These findings offer implications for consumer financial education and protection.

Keywords: Compromised accounts; Consumer mistreatment; Consumer vulnerability; Disadvantaged consumer; Financial fraud; Financial services (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/s10603-023-09535-w

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