The demographic profile of susceptibility of financial fraud victimization in Malaysia

Shakirah Shahabudin, Nurul Shahnaz Mahdzan and Mahfuzur Rahman

Journal of Financial Crime, 2026, vol. 33, issue 3, 154-173

Abstract: PurposeThis study aims to determine the variations in susceptibility to financial fraud across demographic groups in Malaysia, namely, age, employment, ethnicity, gender, education, marital status and personal income.Design/methodology/approachA total of 460 Malaysian adults aged 20 years and above residing in the Klang Valley were recruited via purposive and convenience sampling to participate in the survey. The data were analyzed using IBM SPSS.FindingsThe results revealed a significant difference in susceptibility to financial fraud across ethnicity, education level, marital status and personal income level. Specifically, Malay and Chinese respondents were more susceptible compared to other ethnic groups. Furthermore, respondents with lower educational levels, who were single and who had a low-income were more susceptible to fraud. Contrarily, susceptibility to financial fraud in terms of age cohort, employment type and gender was not significantly different.Originality/valueThis study contributed to the growing literature on susceptibility to financial fraud by offering insights from Malaysia, which is a multicultural country in which the topic remains underexplored. The findings suggested that the government should develop targeted awareness campaigns and intensify anti-scam campaigns. Moreover, financial institutions could provide guidance and support regarding legitimate investment opportunities to prevent individuals from investing in fraudulent schemes.

Keywords: Demography; Financial fraud; Gullible; Persuasion; Susceptibility (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jfcpps:jfc-10-2025-0356

DOI: 10.1108/JFC-10-2025-0356

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