Scam warning letters and risky financial transfers
Intervention · Consumer Protection
How framing letters presenting risks and losses can help potential scam victims
Intervention Description
The Australian Consumer and Competition Commission aimed to respond to a high number of victims of financial scams. Differently worded warning letters were sent to potential victims of fraud. The messages contained implicit and explicit information framing risk in terms of gains or lossess. The letters resulted in a 75% reduction in risky finanical transfers. However this study did not provide clear results on the effectiveness of each message.
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