The investor education arm of the U.S. Financial Industry Regulatory Authority (FINRA) has launched an interactive game designed to help investors spot and avoid investment fraud, the Washington, D.C.-based self-regulatory organization said Wendesday.

The FINRA Investor Education Foundation (FINRA Foundation), along with a U.S. non-profit Doorways to Dreams Fund, have created a game that aims to “help investors spot the psychological persuasion tactics used by con artists.”

Con ‘Em If You Can, is available as a mobile app, or can be played on a desktop computer.

Players work alongside Connor, a fraudster, and use the types of tactics commonly employed to perpetuate financial fraud to accumulate wealth and strength. Meanwhile, Fiona, the Fraud Fighting Agency’s lead agent tries to track them down.

The game “is designed to help investors outsmart investment fraud criminals,” FINRA Foundation says, and notes that research shows learning to spot these sorts of tactics can reduce their effect, and increase an individual’s ability to avoid fraud.

“Video games are an effective strategy for building financial capability, and Con ‘Em If You Can is an innovative game that will expand the reach of fraud prevention messages,” says Tim Flacke, executive director of Doorways to Dreams.

The “goal is to give investors an interactive tool they can use to help them recognize the red flags of fraud,” says Gerri Walsh, FINRA Foundation president, and “Con ‘Em If You Can challenges users to really understand the psychology behind scams.”

U.S. investors lose up to US$50 billion per year to fraud, according to the Financial Fraud Research Center, and research funded by the FINRA Foundation indicates that more than 80% of respondents over the age of 40 have been solicited to participate in potentially fraudulent schemes.

See: Investment fraud is a major concern for regulators on both sides of the border

A report released last week by the Ontario Securities Commission noted that fraud is a major problem in Canada, with approximately 6% of older Canadians saying that they have been victimized by fraudsters.