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Victim and Online Financial Scams: Understanding Heterogeneity in Susceptibility to Online Financial Scams

Author

Listed:
  • Nattanicha Chairassamee
  • Kanokwan Chancharoenchai
  • Pattrapa Tangtatswas

Abstract

The growing financial fraud issue has negatively impacted the psychological well-being of the general public, particularly those who have fallen victim to such scams. This study aims to collect data to examine and understand the factors influencing decision-making and victimization in various types of online financial fraud in Thailand. By using the framing effect through greedy emotions and time pressure, our results indicate that the emotions experienced during scam encounters play a significant role in determining online financial fraud victimization. Since emotions directly influence System 1 decision-making, our study suggests that merely educating and building public awareness may not be effective in preventing long-term online scam victimization.

Suggested Citation

  • 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.
    • Handle: RePEc:pui:dpaper:245
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    References listed on IDEAS

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    1. 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.
    2. Burke, Jeremy & Kieffer, Christine & Mottola, Gary & Perez-Arce, Francisco, 2022. "Can educational interventions reduce susceptibility to financial fraud?," Journal of Economic Behavior & Organization, Elsevier, vol. 198(C), pages 250-266.
    3. Stefan Stieger & Ulf‐Dietrich Reips & Martin Voracek, 2007. "Forced‐response in online surveys: Bias from reactance and an increase in sex‐specific dropout," Journal of the American Society for Information Science and Technology, Association for Information Science & Technology, vol. 58(11), pages 1653-1660, September.
    4. Tyler Moore & Richard Clayton & Ross Anderson, 2009. "The Economics of Online Crime," Journal of Economic Perspectives, American Economic Association, vol. 23(3), pages 3-20, Summer.
    5. Marguerite Deliema & Doug Shadel & Karla Pak & Olivier Toubia & Gita V Johar & J Jeffrey Inman, 2020. "Profiling Victims of Investment Fraud: Mindsets and Risky Behaviors [Boys Will Be Boys: Gender, Overconfidence, and Common Stock Investment]," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 46(5), pages 904-914.
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    Keywords

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    JEL classification:

    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets

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