And in 2024, it unfortunately seems that most of us have some experience with getting scammed.
Not only does it harm individual financial well-being, but it can also seriously affect people’s mental well-being.
At a Glance
Scams are a major problem.
Michela Buttignol / Verywell Mind / Getty Images
Research on who is susceptible is mixed.
The Psychology of It All
There are a variety of psychological factors that scammers exploit.
For example, people who tend to bemore agreeablemay be more likely to comply with scams.
Trust and Credibility
“Scammers often impersonate trusted authorities or entities to establish credibility.
“Once trust is gained, victims are more likely to comply with instructions without scrutiny.”
Scammers often learn more about their victims and target their messaging to make themselves seem more trustworthy and authoritative.
They might go to great lengths to appear legit.
Emotional Manipulation
Fear is a major factor that makes people more vulnerable to scams, saysDr.
Our brains are wired to react quickly to perceived dangers.
Our capacity for critical thinking and logical decision-making suffers under a state of anxiety.
A scammer might tell you to act quickly because something bad will happen.
Or they might make you think youll miss a once-in-a-lifetime opportunity if you dont act now.
When this happens, we’re more likely to fall for the scam without evaluating the situation rationally.
Cognitive Biases and Heuristics
Cognitive biasesand heuristics are also key factors in falling for scams.
These handy cognitive rules of thumb are efficient; they speed up decision-making and are often accurate.
However, they also make us susceptible to mistakes and bad choices.
Scammers exploit this heuristic by fabricating reviews and testimonials.
Vulnerability Factors
There are several factors that can make you more vulnerable to scams.
However, its important to remember that anyone can be deceived.
The mistakes others make might seem obvious in hindsight but are a lot more ambiguous in real time.
Plus, our belief in our invulnerability often makes us underestimate the likelihood of becoming victims ourselves.
If the scam promises a solution to eliminate your money woes, it can muddle your thinking.
Its important to keep in mind that if something seems too good to be true, it probably is.
Fraudsters exploit this need for human connection to establish fake relationships and eventually defraud their victims.
Telemarketing scams can be particularly effective on lonely, isolated people.
Factors likestressand anxiety can also contribute to a susceptibility to scams.
So you’re able to imagine how hard it would be for a digital novice.
This lack of knowledge and awareness leaves people more prone to trusting imposters.
Older adults, in particular, are frequently the target of telemarketing, internet, and other scams.
Many scammers today use sophisticated methods and rely on highly effective psychological tactics to exploit their targets.
Because they are able to trigger feelings of fear (someone is stealing your money!)
and urgency (it’s crucial that you act fast to stop this from happening!
), you might hand over crucial information about yourself without thinking things through.
For example, a scammer might call pretending to be from your internet service providers tech support department.
They then tell you they need to access your setup so they can fix a security issue.
Phishing often relies on social engineering strategies.
These schemes use fake emails or text messages that look real.
But online marketplaces aren’t the only target of scammers.
Scammers are also increasingly making use of AI technology to help them run their schemes.
“Sadly, I witnessed my 80-year-old neighbor go through this.
Unfortunately, by the time we knew, it was already too late.
Her entire life savings was gone,” saysK.D.
Gates, a writer and master’s in clinical mental health counseling student.
Examples of scams you should watch for include:
Scams leave both financial and emotional wounds.
After falling victim, you might be left feelingashamed, embarrassed, guilty, and isolated.
In fact, many people refuse to acknowledge that theyve been swindled.
That can make reaching out for help or reporting what happened harder.
Remember, falling for a scam doesn’t mean you’re foolish!
It just means that scammers are skilled deceivers.
Anyone can fall victim to a scam.
“Developing this ability helps people to become more sensitive to their emotional responses in perhaps dangerous circumstances.
This higher self-awareness enables a pause between stimulus and response, freeing more room for more logical decisions.”
Recognize Red Flags and Warning Signs
Keep your eye out for things that don’t seem right.
Even if a link, email, or phone call seems legit, maintain some healthy skepticism.
When in doubt, call the source directly and ask if they are really trying to contact you.
Strong Security Habits
Do a personal security check-up on your own habits.
Dont use an easy-to-guess password, and avoid reusing other places.
Guard your personal information carefully.
Turn on multi-factor authentication when it’s available as an added layer of security.
“Remember that financial scams can, and do, happen to anyone.
Don’t feel embarrassed.
Share your experience with friends and family and ask for help,” Kingsley suggests.
It happens to almost all of us at some point.
Being skeptical, learning about scammers' tactics, and practicing good safety strategies can help minimize your risk.
Gallup.Scams: Relatively common and anxiety-inducing for Americans.
Experian.Who gets scammed the most?
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Levy I, Schiller D.Neural computations of threat.Trends Cogn Sci.
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Federal Trade Commission.What to do if you were scammed.
