主题：The costs of financial fraud victimization
主讲人：Ankit Kalda，印第安纳大学凯莱商学院金融学副教授
时间：5月20日（周三）上午10:00-11:30
地点：4-101教室
语言：英文
摘要：
This paper examines the extent of financial fraud victimization, who becomes a victim, and the costs of victimization. Our setting focuses on identity theft, one of the most common types of fraud, comprising over 20% of all reported fraud in the U.S. We find that between 2010 and 2022 credit profiles for over 26 million borrowers included a flag for being an identity theft victim. An average victim reported two fraudulent accounts on which they collectively owed $28,278. Low income, younger borrowers, and those with worse credit histories are more likely to become victims. While an average borrower takes three years to become aware that they have become a victim, over 26% of them find out when they apply for new credit. We find considerable costs associated with victimization as access to credit substantially declines for victims relative to non-victim borrowers following victimization. Victim borrowers are also more likely to file for bankruptcy, be foreclosed upon, and become delinquent post victimization. Costs are increasing in the time it takes victims to discover victimization, and are particularly severe for those who discover victimization through a credit application. Not only are low income borrowers more likely to become a victim but conditional on victimization they experience higher costs and decline in access to credit, thereby exacerbating the credit access gap over the income distribution.
主讲人简介：
Ankit Kalda is an Associate Professor of Finance and Rifkin Faculty Fellow at Kelley School of Business at Indiana University. His primary research interests include household finance, labor & finance, and behavioral finance. His research addresses questions related to the determinants and consequences of household debt with a special focus on the interaction between household debt and labor markets, impact of technology on household economic decisions, and drivers of firms’ hiring and firing decisions. His work has been published in top journals and has received attention from both media and policy makers including being cited in policy reports by the Congressional Budget Office. He received his PhD in Finance from Washington University in St Louis in 2019. Before joining the PhD program, Ankit completed his Bachelors and Masters in Economics from Indian Institute of Technology (IIT), Kharagpur.
