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 exploited victims already vulnerable due to the pandemic. Fraud cases increased with the spread of COVID-19 in the U.S., supporting the vulnerable-to-become-victimization hypothesis. Google Trends analysis suggests increased vulnerability, not fraud awareness, drove the increase. Higher financial literacy reduced finance-related fraud. Policy implications for fraud protection are discussed.
Publisher
Humanities & Social Sciences Communications
Published On
Nov 28, 2022
Authors
Yun Zhang, Qun Wu, Ting Zhang, Lingxiao Yang
Tags
consumer fraud
COVID-19
vulnerability
financial literacy
scammers
victimization
policy implications
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