Stanford University’s Center on Longevity and the FINRA Investor Education Foundation have teamed up to launch the Research Center on the Prevention of Financial Fraud, covering issues from phishing scams to Ponzi schemes.

The organizations say the center will be an interdisciplinary resource for law enforcement, government and research groups studying financial fraud – a growing concern as emerging technologies fuel new methods of scamming people.

The aim is to support scientific research efforts in the area of financial fraud, and also find ways of connecting this to practical prevention and detection efforts.

Financial crime is exacerbated by the rise of cyber crime, which is reported to be the fastest growing type of criminal activity. Firms such as Citigroup, Sony and even the International Monetary Fund have come under attack.

Individual wealthy investors are also a frequent target of crimes including Ponzi schemes, identity and data theft, extortion and embezzlement. The Family Wealth Alliance, which last year formed the Alliance Security Council, has advised that most cases involving the ultra wealthy go unreported.

Particularly at risk, say Stanford University and FINRA, are the elderly.

"Financial fraud is a serious economic and social problem for people of all ages and our rapidly aging population places an increasing number of older adults at risk for fraud… the new Research Center on the Prevention of Financial Fraud seeks to enhance the financial security of Americans," said Dr Laura Carstensen, Stanford Professor in public policy, professor of psychology, and founding director of the Stanford Center on Longevity.