Business

Vulnerability and fraud: evidence from the COVID-19 pandemic

Y. Zhang, Q. Wu, et al.

This study by Yun Zhang, Qun Wu, Ting Zhang, and Lingxiao Yang explores the alarming rise of consumer fraud during the COVID-19 pandemic, revealing how scammers targeted those already vulnerable. Discover how financial literacy played a role in preventing fraud and the implications for future policies. Don't miss this intriguing research!

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Playback language: English

Index

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 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

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