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Yes, smart people get scammed. Lots of them.
Peter, a retired lawyer, still can't believe he was scammed out of $2,000, under the premise of keeping his step-grandson out of jail. "I'm much too smart for that sort of thing," he said.
Except that, obviously, he wasn't.
Intelligence alone isn't sufficient protection from a scam. Anyone with a heart, with a family, or with common desires or insecurities can be victimized by the sophisticated mind games used by today's fraudsters.Americans were scammed out of
$1.7 billion in 2014 according to the FTC. Last year the FTC received more than
3 million fraud complaints, and it's been estimated that there were a least another 3 million victims who didn't report their losses.
Peter, one of the many people I interview for my research as a
consumer psychologist, spent a lot of time trying to figure out how he was conned.
"In retrospect I can see that I just kept filling in blanks and making assumptions instead of challenging what I was hearing," he told me. That's something we all do—especially in stressful situations.
We pay attention to information that supports our beliefs and ignore what doesn't. Peter's scammers had a good idea that he would make these kinds of cognitive errors. Their expertise in amateur psychology is the foundation of their success in ripping people off.
In order to protect yourself, it's wise to understand exactly how people get played. Here are some common scenarios that leave consumers especially vulnerable to scams:
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