**<u>Table 3: Definitions and Summary Statistics of Key Variables</u>**

|Variables|Definitions|Obs|Mean|Std.Dev|Min|Max|
|---|---|---|---|---|---|---|
|Panel A: all urban HH|s||||||
|Victim|=1 if fraud victim|25,635|0.038|0.191|0|1|
|Victim_loss|Economic loss subject to fraud<br>(1,000 RMB Yuan)|25,630|0.897|29.886|0|3000|
|Credit_cons|=1 if credit constraint|25,635|0.159|0.366|0|1|
|Panel B: approached u|rban HHs||||||
|Victim|=1 if fraud victim|17,087|0.057|0.231|0|1|
|Victim_loss|Economic loss subject to fraud<br>(1,000 RMB Yuan)|17,082|1.345|36.600|0|3000|
|Victim_loss<br>(>0)|Economic loss subject to fraud<br>(1,000 RMB Yuan)|959|23.961|152.779|0.004|3000|
|lnVictim_loss|Economic loss S.t. fraud(in log)|17,087|0.412|1.771|0|14.914|
|Credit_cons|=1 if credit constraint|17,087|0.154|0.360|0|1|
|Lincome|Household total income<br>(RMB Yuan, in log)|16,433|10.891|1.279|0|18.421|
|Head age|House head age|17,087|51.454|14.943|16|90|
|Schooling|Head years of schooling|17,087|10.769|3.942|0|22|
|Illness|=1 if head is ill|17,087|0.380|0.485|0|1|
|Alone|=1 if head is living alone|17,087|0.046|0.209|0|1|
|Male|=1 if head is male|17,087|0.687|0.464|0|1|
|Branch|total # of bank institutions within 5<br>kilometers (in 1,000)|16,439|0.103|0.096|0|0.444|
|PPR|=1 if experienced Property<br>Privatization Reform|17,087|0.186|0.389|0|1|
|log(Internet exp.)|expenditure in internet (in log)|16,377|3.891|1.820|0|11.002|
|Finan. Literacy|||||||
|- correct D|=1 if correctly answers all questions|17,087|0.116|0.320|0|1|
|- correct #|total number of correct answers|17,087|0.489|0.694|0|2|
|Illiquid dummy|=1 if having an illiquid account|17,087|0.257|0.437|0|1|
|log(Illiquid asset)|the amount of illiquid asset (in log)|16,978|2.781|4.820|0|16.811|
|Illiquid/total asset|the ratio of illiquid asset over total<br>asset|16,507|0.182|0.334|0|1|
|Social_exp|expenditure in commuting<br>+telephone services / total<br>expenditure|16,206|0.008|0.008|0|0.050|
|Informal dummy|=1 if using informal credit|17,087|0.208|0.406|0|1|
|Cooperation|=1 if compliant during the interview|17,087|0.576|0.494|0|1|

Note: This table describes the summary statistics for key variables. All urban households are included in panel A. Approached urban households are included in panel B. _Victim_ is a dummy variable that equals to 1 if a household has been a victim of fraud, _Victim_loss_ measures the total economic loss subject to fraud scheme, _Credit_cons_ is a dummy variable indicating whether household is credit constrained. Being credit constrained is defined as unable to borrow money for any of the following reasons: (a) need loan, but rejected by bank or other credit institutions; (b) unable to obtain sufficient loan from bank or other credit institutions; (c) didn’t apply for loan because no collateral/complex paperwork/outstanding loan/maybe rejected. _Lincome_ is the logarithm of the total sum of household income, which consists of labor income, business income, agriculture income, investment income, transfer income and other income. _Schooling_ is the years of schooling for the household head. _Illness_ is a dummy variable to indicate if the household head suffers from at least one chronic disease, such as hypertension, hyperlipidemia, diabetes, stroke, heart disease, mental issue, Alzheimer's disease, and Parkinson. _Alone_ is a dummy variable to indicate whether the household head lives alone. And _Male_ equals to 1 if respondent is male. _PPR_ is the property privatization reform experience dummy which equals to 1 if household members working in various level of state owned enterprises or the government in 1994. _Branch_ is the local bank density, which is measured by the total number of bank institutions (in 1,000) within 5 kilometers of the households’ current residence. Internet exp. is measured by total household expenditure on internet, magazine, newspaper and other information sources. Financial literacy (correct D) equals to 1 if the respondent correctly answers all questions related to financial literacy, financial literacy (correct #) is the total number of correct answers. Illiquid dummy equals to 1 if households possess illiquid account, illiquid asset is the amount of illiquid asset, and illiquid asset/total asset is the ratio of illiquid asset over total asset. Social_exp. is the ratio of household 34