– 7 psychological principles of scam artists
Posted by staff / January 21, 2010
According to a report conducted by The University of Exeter on behalf of the OFT, 5 percent of the UK population fall victim to mass marketed scams each year, resulting in losses of nearly $6M.
About the victims:
- Between 10% and 20% of people were repeat victims, getting caught up in scams again and again despite being burned before.
- Victims are not generally poor decision-makers, but are often professionals or successful business people.
Security Expert at Cambridge University, Frank Stanjano, and world-renowned expert cheating, con games, and conjuring, Paul Wilson, together came up with 7 psychological principles of scams.
- Herd principle: People are sheep, they can’t help following each other.
- Dishonesty: Fear is the mind-killer.
Photo credit: Fotolia
Actually, the article says £3.5 billion (that would be pounds, if one’s browser is font-challenged.) Not sure the $ has strengthened quite that much. 😉