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Vulnerability and fraud: evidence from the COVID-19 pandemic.
Zhang, Yun; Wu, Qun; Zhang, Ting; Yang, Lingxiao.
  • Zhang Y; School of Finance, Shanghai Lixin University of Accounting and Finance, Shanghai, China.
  • Wu Q; College of Business, University of Nevada, Reno, NV USA.
  • Zhang T; School of Business Administration, University of Dayton, Dayton, OH USA.
  • Yang L; School of Finance, Shanghai Lixin University of Accounting and Finance, Shanghai, China.
Humanit Soc Sci Commun ; 9(1): 424, 2022.
Article in English | MEDLINE | ID: covidwho-2133843
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.
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Full text: Available Collection: International databases Database: MEDLINE Language: English Journal: Humanit Soc Sci Commun Year: 2022 Document Type: Article Affiliation country: S41599-022-01445-5

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Full text: Available Collection: International databases Database: MEDLINE Language: English Journal: Humanit Soc Sci Commun Year: 2022 Document Type: Article Affiliation country: S41599-022-01445-5