The FINRA Investor Education Foundation (FINRA Foundation) today awarded Doug Shadel, Ph.D., the 2023 Ketchum Prize—its highest honor—in recognition of his outstanding service and research on protecting consumers, particularly vulnerable Americans.
Shadel is one of the nation’s foremost experts on financial fraud, having dedicated the past 30 years to safeguarding consumers, especially older people, through fraud investigation, research and education. Until his recent retirement, Shadel spent two decades at the helm of AARP Washington in Seattle. He also served as the strategy director for AARP’s Fraud Watch Network, which is now one of AARP’s most visible and valued initiatives to educate and protect its 38 million members. While at AARP, Shadel also developed fraud education curriculum that has been used throughout the U.S. for more than a decade.
“Doug Shadel’s tireless work protecting consumers and his groundbreaking research on financial fraud embody the ideals celebrated by the Ketchum Prize,” said FINRA Foundation President Gerri Walsh. “The experts serving on this year’s Ketchum Prize review committee were especially impressed by the many practical ways that his research has helped people from all walks of life recognize and counter the tactics used by fraud criminals. His work has helped tens of millions of people understand and avoid financial fraud.”
“I am honored and humbled to receive the 2023 Ketchum Prize from the FINRA Investor Education Foundation. To be recognized for my work is wonderful, but it is particularly meaningful coming from FINRA, which has been an important strategic partner in the fight against fraud. I have always believed that fraud fighting is a team sport,” Shadel said. “The problem has become so pervasive and complex that no one person or organization has the capacity to take it on alone. Together, we have done important work identifying what makes investors vulnerable to scams, which consumer education tactics are most effective at deterring the crime and how technology can be an effective solution to blocking access to vulnerable populations.”
Throughout his career, Shadel has conducted pioneering studies on fraud persuasion tactics, risk factors associated with fraud victimization, the role of emotion in scam victimization and the efficacy of forewarning messages to protect vulnerable consumers. He co-led a three-year U.S. Department of Justice/AARP Foundation study (2003) that was the first to document fraud prevention strategies capable of dramatically reducing victimization. He has also authored and co-authored several influential books and reports on these topics.
Before leading AARP Washington State, Shadel was the consumer affairs director and later the associate regional director of AARP’s West Region. Earlier in his career, he was a special assistant attorney general and fraud investigator in the Washington State Office of the Attorney General. Shadel currently serves as managing director for Fraud Prevention Strategies, LLC.
