Dr. Cheung and Ms. Maheshwari identify six main factors that lead individuals to become victims of scams.
- Financial desperation: An important component. People who are struggling financially or who are looking to make quick money are more susceptible to con artists who offer easy money or large investment returns. Under such conditions, the desperate attempt to improve one’s financial status can impair judgment and make one more vulnerable to scams.
- Social engineering: Con artists are skilled at manipulating victims by taking advantage of personal connections and relationships. Scammers personalize their frauds to make them seem more genuine and reliable by using information obtained from social media and other sources.
- Lack of awareness: Scammers use cunning methods to trick their victims, and a lot of individuals are just ignorant of the different types of scams. A lack of knowledge about new and emerging fraud tactics, including those involving blockchain and cryptocurrency, leaves people more open to attack. By remaining ignorant, people unintentionally enhance their likelihood of being victims of frauds.
- Emotional triggers: To influence their victims, scammers frequently take use of emotional reactions. Scammers skew people’s judgment and force them to act impulsively by instilling feelings of urgency, anxiety, or exhilaration. Victims may find it difficult to assess the issue rationally due to elevated emotions, which might have unfavorable consequences.
- Trust and authority: One of the most prevalent strategies used by fraudsters is to pose as reliable people or powerful leaders. Scammers take advantage of victims’ trust by impersonating government authorities, business representatives, or law enforcement agents in order to obtain personal information, grant access to bank accounts, or carry out financial transactions. You run a higher risk of being a scam victim if you believe these imposters.
- Lack of vigilance: People who lead busy lives and are frequently distracted are less likely to notice warning indicators or questionable behavior. People can become victims of scams if they fail to perform appropriate investigation, do not confirm the legitimacy of messages or offers, and do not adequately protect their personal information.
According to Dr. Cheung, awareness provides people with the ability to recognize and steer clear of fraudulent activity, acting as a barrier against frauds. “In today’s world, where scams continue to evolve and adapt to changing circumstances, it promotes a vigilant mindset that is essential,” the man claims.
According to Ms. Maheshwari, whose work focuses on phishing attacks with a particular focus on smishing attacks—a type of phishing attack carried out via Short Message Service (SMS) or instant messaging on a mobile device—it is also critical to keep in mind that anyone can become a victim of a scam regardless of their age, education, or background. According to her, con artists are adept at taking advantage of weaknesses and playing on people’s emotions and trust.
Ms. Maheshwari also says she has seen younger generations, who are more prone to taking risks and are naturally curious, to believe that frauds won’t directly harm them, which makes them more susceptible. She recommends changing one’s perspective from “it won’t happen to me” to “it could happen to me, so I must remain aware and vigilant” in order to improve online safety.
She states: “Prevention of fraud and scams is mostly dependent on awareness and attentiveness. People who keep themselves informed and adopt a critical mindset are better able to make wise decisions and guard against being victims of fraud.
