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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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    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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