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

Nattanicha Chairassamee, Kanokwan Chancharoenchai and Pattrapa Tangtatswas

No 245, PIER Discussion Papers from Puey Ungphakorn Institute for Economic Research

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.

Keywords: Emotion; Financial decision; Online financial scam; Personality traits (search for similar items in EconPapers)
JEL-codes: D91 G41 (search for similar items in EconPapers)
Pages: 45 pages
Date: 2026-01
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