The occurrences of scams such as investment frauds, online job offers, phishing messages, etc. are steadily increasing. One tool that fraudsters rely on to successfully execute their scams is your trust.
Whether it is creating fear, a sense of urgency, or an illusion of authority, these are all psychological tactics deployed by fraudsters. The goal? Exploit your trust and gain access to your personal information and money. Trust is the cornerstone
of all human relationships. When we trust someone, we listen to them and do as are told. And that is how fraudsters exploit trust.
Understanding the psychology behind scams and knowing what techniques do fraudsters use equips you with the presence of mind needed to not fall into a trap.
| Psychological trick | Execution |
|---|
| Authority bias | Scammers claim to be from a respected or powerful institution such as the RBI, police, CBI, Customs or Tax Department, etc. Most will believe them and hesitate to question them because we assume those in a position of authority
must be right. This psychological trick might make you feel pressured to act quickly, fearing fines or punishment. |
| Appealing to empathy | The language used by the scammers appeals to your sense of empathy and the natural desire to help someone. The scammers can pretend to be a family member in trouble or create a fake profile to build a fake relationship. When
the time is right, they use this trust and that is how scammers trick people into giving them something they want – personal details or money.
|
| Social engineering | Scammers also use emotional manipulation to exploit your trust. They might pretend you have won a prize, your cards are blocked, or that a loved one is in danger. This is done to push you to act quickly. |
| Sense of urgency | Scammers create situations that create a sense of urgency to force their victims to act impulsively without thinking things through. They might emphasise the need to act immediately or lose something valuable. |
The best way to stay safe from the trickster's psychology fraud is by being alert and cautious. Do the following:
- Never share your personal information, such as passwords or OTPs, regardless of how convincing someone sounds.
- If something feels amiss or suspicious, it most likely is, so verify and don’t act.
- Don’t hesitate to question authority and check through official numbers and websites before doing anything.
- If you or someone you know falls prey to any scam or fraud, call 1930 or register a complaint on the cybercrime portal.
Final note:
Scams might be executed using technology but ultimately, they are all about manipulating the human psychology. In a world full of smart and innovative criminals, awareness is your best friend. So, stay informed and alert to not become the
next victim.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
