Public 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.

公共和私人组织定期开展打击金融欺诈的宣传活动。然而，几乎没有经验证据证明此类活动是否有效。本文探讨了一家具有系统重要性的丹麦银行针对 40 岁以上客户发起的一项大规模宣传活动。我们利用该活动作为准实验，并考虑多种线性概率模型，采用双重差分和回归不连续性设计。尽管控制了年龄、性别、关系状况、财务资金、城市居住和教育程度，但我们的模型都没有发现任何证据表明该运动产生了显着影响。结果表明，依靠大众信息的宣传活动（例如我们论文中所考虑的活动）在减少金融欺诈方面收效甚微。