There are a number of ways an individual may be victimized by fraud, including telemarketing fraud, fraudulent acts that involve consumer goods or services, or fraudulent acts that involve financial advice, such as insurance coverage plans, investment packages, or business schemes. Repeat victimization is common. An examination of victim characteristics shows that greater education is not a protective factor against victimization; the evidence points to the reverse. Much evidence also suggests that older people are not at greater risk for fraud victimization. It may be that younger and better-educated people have wider interests, engage in a broader range of activities, and have more consumer participation in the marketplace than other demographic groups, thereby increasing their exposure to fraudulent solicitations and transactions. Risk heterogeneity (predisposing characteristics of persons or locations) and state dependence (the influence of prior victimization on the likelihood of subsequent victimization) both apparently contribute to repeat victimization. The study found that fraud attempts are less likely to succeed if the offender is a stranger, the initial contact is by telephone or mail, the potential victim has heard of this type of fraud, or the potential victim tries to investigate the person or proposition before responding. Targeted campaigns aimed at fraud victims should be mounted. Enhanced and routine data collection at the national level is necessary, together with the anticipation of new methods of fraud. 2 tables and 25 references