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  • Fraud and its PREY: Conceptualising social engineering tactics and its impact on financial literacy outcomes

    Author(s)
    Drew, JM
    Cross, C
    Griffith University Author(s)
    Drew, Jacqueline M.
    Year published
    2013
    Metadata
    Show full item record
    Abstract
    Financial literacy may not be as effective as previously thought in protecting against fraud victimisation. It does not inoculate investors from persuasion or social engineering tactics used by offenders to secure investment in fraudulent schemes. In fact, recent research indicates that overconfidence in investment knowledge may make individuals more susceptible to fraud. Using boiler room fraud as a case study, this article introduces the PREY (Profiled, Relational, Exploitable and Yielding) model to capture the psychological tactics used by fraud perpetrators to influence the thoughts and decisionmaking processes of ...
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    Financial literacy may not be as effective as previously thought in protecting against fraud victimisation. It does not inoculate investors from persuasion or social engineering tactics used by offenders to secure investment in fraudulent schemes. In fact, recent research indicates that overconfidence in investment knowledge may make individuals more susceptible to fraud. Using boiler room fraud as a case study, this article introduces the PREY (Profiled, Relational, Exploitable and Yielding) model to capture the psychological tactics used by fraud perpetrators to influence the thoughts and decisionmaking processes of individuals. The PREY model operationalizes the tenets of social engineering and demonstrates how such tactics could be re-engineered to increase the effectiveness of fraud prevention within the financial literacy context.
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    Journal Title
    Journal of Financial Services Marketing
    Volume
    18
    DOI
    https://doi.org/10.1057/fsm.2013.14
    Subject
    Finance
    Marketing
    Causes and prevention of crime
    Publication URI
    http://hdl.handle.net/10072/58522
    Collection
    • Journal articles

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