(Sponsored) Scams aren’t a new phenomenon; they’ve been with us forever, only changing to accommodate the advancement of digital technology and online interactions.
In return, we’ve seen the stakes being raised in terms of the amount and speed at which we can lose our hard-earned money to fraudsters.
While there is increased awareness, with the media often covering stories about new scam tactics, high-profile cases, and prevention tips, the list of victims surprisingly continues to grow.
As proof, the most recent data from the Federal Trade Commission reported consumer losses due to fraud for 2022 at $8.8 billion—a 30% increase from the previous year.
These mounting disturbing figures only beg the question of why some individuals are more vulnerable to scams than others. Let’s find out what this guide has to offer on the matter.
The Psychological and Physical Frameworks That Influence Vulnerability
In the words of Sun Tzu, the famous Chinese general and strategist, “To know your enemy, you must become your enemy.”
Simply put, no one knows you as the enemy knows you, which means for a fraudster to pull off a scam successfully, they need to see the world through your lens.
This is why scams rely on a psychology of manipulation to work. They prey on our feelings, fears, hopes, and values, which, when paired with unfavorable life circumstances, make anyone of us easier targets.
As Doug Shadel, Washington State Director for AARP rightly puts it, “The truth of the matter is that scam artists are master manipulators of emotion, and anyone can experience a scam, regardless of age, income, or education.
Our research has shown that it isn’t necessarily who you are that matters, but how you are when the pitch is made.”
So, whether you are a senior, a teen, or a member of the LGBTQIA+ community, a certain situation will most likely make you more prone to falling prey to a scam.
The psychological framework encapsulates your emotions, while the physical framework comprises factors such as your environment and level of exposure.
Here’s a brief look at each factor:
Emotions
Your emotional health at the time of scamming is one of the things that will determine whether you fall for a scam or not.
To elaborate, when we are sad, depressed, or angry, our ability to think critically and logically is impaired, which makes us more open to any suggestion that may put an end to our woes.
Take romance scams, for instance, where scammers find people who are desperate for companionship to be the right candidates for their schemes.
These victims could include those whose past relationships have left a sour taste in their mouths or those who have lost loved ones and are seeking to fill the void within.
Their emotions tend to spiral out of control when they encounter the “perfect” suitor who embodies all they desire in a partner.
Unfortunately, this heightened emotional state increases their vulnerability, as sought by fraudsters.
Environment
How you interact with your physical environment can impact your ability to recognize and avoid a scam.
In this case, your environmental experience entails your location, how long you’ve been there, your social circle, and other factors that form your immediate surroundings.
This factor we often ignore is as important as our consciousness of the digital world.
A hectic or chaotic lifestyle influenced by environmental factors could lower your situational awareness.
Take the example of immigrants from war-torn countries moving to more developed nations to pursue greener pastures—a life that will be better than the one they left behind.
Due to their unfamiliarity with the physical and digital terrain of the new destination, they could fall prey to a scam that targets uneducated immigrants.
Exposure
While the idiom “Once bitten, twice shy” applies in most unfortunate cases, it’s likely unapplicable to those who have been victims of a scam.
For example, a social worker whose life savings were siphoned by a sophisticated Ponzi scheme con artist may accept an offer from a hacker posing as a cybersecurity expert to assist in recovering their lost funds.
They may pay the bad actor a handsome fee upfront to speed up the process, only to experience a complete communication blackout afterward. This is their unlearned emotional response to exposed trauma.
Factors That Make You a Target of Scams
Within the frameworks of physical and psychological vulnerability are factors that can increase your likelihood of falling victim to scams, with some of them being more pronounced than others. Among these factors are:
Respect for Authority
While it isn’t wrong to respect leaders and those in positions of power, your level of reverence could be what puts you at risk of being scammed.
Scammers often pretend to be the police, IRS, FBI, or a top official in any organization.
Keep in mind that no government official would reach out to you to demand payment, especially through covert channels.
So, if you find someone suspicious, run a background check on them on Nuwber, a people search website, to learn more information about them.
Arrogance
Your level of knowledge may create a false feeling of security within you that you may be too intelligent to fall for a scam.
It’s not uncommon to hear victims say, “I never thought I’d be defrauded because I am quite smart” after losing their money.
But this is where scammers thrive since they know that most people are overconfident in their judgment, reasoning, and rationality.
Besides, these bad guys aren’t rookies. They have the training, tech, and skills to fool even the most educated and experienced individuals.
They also come prepared with an elaborate fraud plan that could take months or even years to develop, which is why you shouldn’t underestimate or overlook their ability to exploit your weakness.
Isolation
Having a close-knit circle or support network is vital for your mental and physical well-being, especially during challenging life circumstances.
If your social network lacks strong relationships with others who are of similar mindsets and lifestyles, you could fall prey to scams.
Why? Loneliness and isolation are proven factors that create a scammer’s best victim—as is the case with elderly victims of romance scams.
Conclusion
Anyone can become a victim of an elaborate scam if they aren’t careful enough, which is why the only way to make scams less profitable to bad actors is for us to be wary of how our life circumstances influence our decisions.
Thankfully, this guide has addressed some notable factors that will help avoid many existing and new scams on the rise.