Abstract
AbstractPublic and private organizations regularly run awareness campaigns to combat financial fraud. However, there is little empirical evidence as to whether such campaigns work. This paper considers a campaign by a systemically important Danish bank, targeting clients over 40 years of age with a mass message. We utilize the campaign as a quasi-experiment and consider a multitude of linear probability models, employing difference-in-differences and regression discontinuity designs. None of our models, though controlling for age, sex, relationship status, financial funds, urban residence, and education, find any evidence that the campaign had a significant effect. The results indicate that awareness campaigns relying on mass messaging, such as the one considered in our paper, have little effect in terms of reducing financial fraud.
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