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

Jacqueline M. Drew | Zendy; Cassandra Cross | Zendy

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

Author(s) -

Jacqueline M. Drew,

Cassandra Cross

Publication year - 2013

Publication title -

journal of financial services marketing

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 0.26

H-Index - 19

eISSN - 1479-1846

pISSN - 1363-0539

DOI - 10.1057/fsm.2013.14

Subject(s) - financial literacy , persuasion , overconfidence effect , victimisation , literacy , context (archaeology) , constructive fraud , business , investment (military) , public relations , marketing , finance , economics , accounting , psychology , politics , political science , social psychology , poison control , human factors and ergonomics , economic growth , medicine , paleontology , environmental health , law , biology

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.Arts, Education & Law Group, School of Criminology and Criminal JusticeNo Full Tex

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