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

Drew, Jacqueline M. & Cross, Cassandra (2013) Fraud and its PREY : conceptualising social engineering tactics and its impact on financial literacy outcomes. Journal of Financial Services Marketing, 18, pp. 188-198.

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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 decision-making 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.

Impact and interest:

1 citations in Scopus
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ID Code: 66444
Item Type: Journal Article
Refereed: Yes
Additional URLs:
Keywords: financial literacy, fraud prevention, social engineering, boiler rooms
DOI: 10.1057/fsm.2013.14
ISSN: 1363-0539
Subjects: Australian and New Zealand Standard Research Classification > STUDIES IN HUMAN SOCIETY (160000) > CRIMINOLOGY (160200)
Australian and New Zealand Standard Research Classification > STUDIES IN HUMAN SOCIETY (160000) > CRIMINOLOGY (160200) > Criminological Theories (160204)
Divisions: Current > Research Centres > Crime & Justice Research Centre
Current > QUT Faculties and Divisions > Faculty of Law
Current > Schools > School of Justice
Copyright Owner: Copyright 2013 Palgrave Macmillan
Deposited On: 22 Jan 2014 01:00
Last Modified: 05 Oct 2014 10:40

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