Vulnerability and fraud: evidence from the COVID-19 pandemic
Abstract This study examines consumer fraud at the onset of the COVID-19 pandemic and provides novel evidence for the opportunity model of predatory victimization. Scammers have taken advantage of the COVID-19 pandemic shock to exploit victims who are already vulnerable and suffering. The number of...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
| Published: |
Springer Nature
2022-11-01
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| Series: | Humanities & Social Sciences Communications |
| Online Access: | https://doi.org/10.1057/s41599-022-01445-5 |
| _version_ | 1828095869341138944 |
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| author | Yun Zhang Qun Wu Ting Zhang Lingxiao Yang |
| author_facet | Yun Zhang Qun Wu Ting Zhang Lingxiao Yang |
| author_sort | Yun Zhang |
| collection | DOAJ |
| description | Abstract This study examines consumer fraud at the onset of the COVID-19 pandemic and provides novel evidence for the opportunity model of predatory victimization. Scammers have taken advantage of the COVID-19 pandemic shock to exploit victims who are already vulnerable and suffering. The number of fraud cases has greatly increased as COVID-19 spread across the U.S., consistent with the vulnerable-to-become-victimization hypothesis based on the opportunity model of predatory victimization. A Google Trends analysis shows that the increase in fraud and scams is attributable to victims’ increased vulnerability rather than to their awareness of fraud and increased motivation to report scams. An improvement in financial literacy is associated with the reduction of finance-related fraud and scams. Finally, we provide important policy implications to protect people from fraud victimization. |
| first_indexed | 2024-04-11T07:20:21Z |
| format | Article |
| id | doaj.art-d9839e0aadfd4c6ebe274ba760681f85 |
| institution | Directory Open Access Journal |
| issn | 2662-9992 |
| language | English |
| last_indexed | 2024-04-11T07:20:21Z |
| publishDate | 2022-11-01 |
| publisher | Springer Nature |
| record_format | Article |
| series | Humanities & Social Sciences Communications |
| spelling | doaj.art-d9839e0aadfd4c6ebe274ba760681f852022-12-22T04:37:48ZengSpringer NatureHumanities & Social Sciences Communications2662-99922022-11-019111210.1057/s41599-022-01445-5Vulnerability and fraud: evidence from the COVID-19 pandemicYun Zhang0Qun Wu1Ting Zhang2Lingxiao Yang3School of Finance, Shanghai Lixin University of Accounting and FinanceCollege of Business, University of NevadaSchool of Business Administration, University of DaytonSchool of Finance, Shanghai Lixin University of Accounting and FinanceAbstract This study examines consumer fraud at the onset of the COVID-19 pandemic and provides novel evidence for the opportunity model of predatory victimization. Scammers have taken advantage of the COVID-19 pandemic shock to exploit victims who are already vulnerable and suffering. The number of fraud cases has greatly increased as COVID-19 spread across the U.S., consistent with the vulnerable-to-become-victimization hypothesis based on the opportunity model of predatory victimization. A Google Trends analysis shows that the increase in fraud and scams is attributable to victims’ increased vulnerability rather than to their awareness of fraud and increased motivation to report scams. An improvement in financial literacy is associated with the reduction of finance-related fraud and scams. Finally, we provide important policy implications to protect people from fraud victimization.https://doi.org/10.1057/s41599-022-01445-5 |
| spellingShingle | Yun Zhang Qun Wu Ting Zhang Lingxiao Yang Vulnerability and fraud: evidence from the COVID-19 pandemic Humanities & Social Sciences Communications |
| title | Vulnerability and fraud: evidence from the COVID-19 pandemic |
| title_full | Vulnerability and fraud: evidence from the COVID-19 pandemic |
| title_fullStr | Vulnerability and fraud: evidence from the COVID-19 pandemic |
| title_full_unstemmed | Vulnerability and fraud: evidence from the COVID-19 pandemic |
| title_short | Vulnerability and fraud: evidence from the COVID-19 pandemic |
| title_sort | vulnerability and fraud evidence from the covid 19 pandemic |
| url | https://doi.org/10.1057/s41599-022-01445-5 |
| work_keys_str_mv | AT yunzhang vulnerabilityandfraudevidencefromthecovid19pandemic AT qunwu vulnerabilityandfraudevidencefromthecovid19pandemic AT tingzhang vulnerabilityandfraudevidencefromthecovid19pandemic AT lingxiaoyang vulnerabilityandfraudevidencefromthecovid19pandemic |