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The rising phenomenon of financial scams: evidence from Japan

Author

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  • Yoshihiko Kadoya
  • Mostafa Saidur Rahim Khan
  • Tomomi Yamane

Abstract

Purpose - This study aims to examine the demographic, socio-economic and personality determinants of financial scams. Design/methodology/approach - This study uses data on scams collected in Hiroshima prefecture in Japan for the analysis and analyzes using the logit regression model. Findings - The results show that the current level of financial dissatisfaction increases the probability of being a victim of a financial scam. No other demographic or socio-economic factor is related to incidents of financial scams. Using the “big five personality traits,” this study finds that lower conscientiousness is the only personality trait that increases the probability of being a victim of a financial scam. Research limitations/implications - Overall, the results suggest that people with low conscientiousness could be easy targets of financial scams and financially dissatisfied people could engage in potentially risky and fraudulent projects. Originality/value - Financial scams are a long-standing concern for Japan. Every year, an increasing number of financial scams are being reported, though there are very few empirical studies examining victims’ profiles and other determining factors.

Suggested Citation

  • Yoshihiko Kadoya & Mostafa Saidur Rahim Khan & Tomomi Yamane, 2020. "The rising phenomenon of financial scams: evidence from Japan," Journal of Financial Crime, Emerald Group Publishing Limited, vol. 27(2), pages 387-396, January.
    • Handle: RePEc:eme:jfcpps:jfc-05-2019-0057
    DOI: 10.1108/JFC-05-2019-0057
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    Citations

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    Cited by:

    1. Nattanicha Chairassamee & Kanokwan Chancharoenchai & Pattrapa Tangtatswas, 2026. "Victim and Online Financial Scams: Understanding Heterogeneity in Susceptibility to Online Financial Scams," PIER Discussion Papers 245, Puey Ungphakorn Institute for Economic Research.
    2. repec:bcp:journl:v:8:y:2024:i:10:p:708-713 is not listed on IDEAS
    3. Norzitah Abdul Karim & Zainora Ab Wahid & Syahrul-Niza Kamarul Ariffin & Sharifah Heryati Syed Nor & Ahmad Najib Nazlan & Salina Kassim, 2023. "Financial Literacy among University Students and its Implications towards Financial Scams," Information Management and Business Review, AMH International, vol. 15(3), pages 124-128.
    4. Norzitah Abdul Karim & Amirul Afif Muhamat & Mohamad Nizam Jaafar & Munira Abu Bakar & Salina Kassim, 2024. "Non-Shariah Compliance Risks (NCR) and the Danger of Potential Fraud in the Islamic Financial Institutions: A Conceptual Framework," Information Management and Business Review, AMH International, vol. 16(3), pages 572-578.

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