Fraud college was in session Wednesday at the University of Utah. The free program aims to teach Utahns how to detect investment scams and how to avoid becoming a victim of fraud.
The culture in Utah tends to be very trusting and it is believed that this contributes to Utah having the highest level of affinity fraud in the country.
In 2010, FBI handled 4,400 victims who had lost an estimated $1.4 billion. Experts believe that number is likely even higher, because people don’t report either because they are embarrassed or because the scam might have involved a family member.
“The presumption of trust, that’s a very good thing, we shouldn’t undermine that trusting set of relationships in our culture,” said Hyrum Chadosh, Dean of Law at University of Utah. “However, we have to be aware when someone puts out a premise that is too good to be true, that it is likely untrue.”
Fraud college is a one day event to help educate people about fraud schemes and to help point out red flags for individuals before they invest.