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Psychology of Fraud: Mental Triggers That Leave Us Vulnerable to Scams

May 4, 2020 //  by Rocky Marmolejos//  Leave a Comment

John Gentile and Lorn Leitman met in the Army Reserves in the early 1970s and quickly became best friends. After their military service, Gentile graduated from medical school and established a successful chiropractic business in South Florida. Mr. Leitman became a licensed attorney and CPA. For almost four decades they strengthened the bonds that were formed during their Army days—they traveled together, called themselves brothers; Gentile even became a godfather to Leitman’s daughter.

In 2012, this storied friendship came to a bitter end when Leitman received a 17.5-year prison sentence for operating a Ponzi scheme that defrauded investors, including Gentile, of a total of $4 million dollars.  

Mr. Gentile’s ordeal was in many respects similar to the experiences suffered by other victims of fraud. Yet, a pervasive misconception about financial fraud victims is that they are most often elderly, naïve, greedy, passive, socially isolated or uneducated people—when in fact, research suggests the opposite. The truth is that fraudsters and scammers target all people, regardless of their demographics.

In fact, having a brain makes you a good candidate for being scammed because the human brain is wired for persuasion. Humanity’s susceptibility to persuasion, like much of our behavior, is a product of evolution. From an anthropological perspective, the ability to be persuaded was a biological necessity required in order to get a group of individuals to act in the interest of the collective. In exchange for giving up a strongly held opinion, a tribe member would receive protection and inclusion into the tribe. In addition, there are a series of human tendencies and needs—our belief in the goodness of others, the desire to please, the need to be cooperative, our affinity for and willingness to believe in stories, etc.—that, if satisfied or met, can be exploited by skillful and unethical individuals. 

Here are some of the mental mechanisms by which our brains can expose us to scams.

But I’m Too Smart

Believing that you are incapable of falling for a scam leaves you in a highly vulnerable position because your guards are already down. Social scientists call it the “illusion of invulnerability”—the belief that you are free from a danger because of a perceived advantage or a false sense of optimism. The invulnerability illusion was illustrated in a Better Business Bureau study that found that younger and educated people—more so than elderly people—were more susceptible to scams because they never expected to be targeted. In the study, which surveyed more than 2,000 adults, 69% of victims were under the age of 45, and 78% had a college or graduate degree. 

The Need to Please

We supposedly live in an age of cynicism and selfishness. The nightly news airs a string of negative and sensationalized stories, Facebook can be a blackhole of toxicity and the neighbor rants about how there is no decency anymore. But the fact is that most people are nice. Not only are people nice but they are driven by a need to be generous and giving, especially when others have been generous to them. This need for reciprocity can be a dangerous weapon in the hands of a con artist.  

For example, if someone were to offer you a lucrative investment opportunity you may, in turn, see it as an act of goodwill. In exchange, you may be pressed into listening to a sales pitch or, worse yet, into making a misguided financial commitment.

The Captive Audience

Through storytelling, early man was able to build community and maintain social order. And even today, when we hear a compelling story, our brain becomes measurably more engaged. When this happens, the neurochemical oxytocin is synthesized in the brain, causing us to develop and associate trust with the storyteller. In movies, this causes us to identify and feel for the characters, but the same principle applies in interpersonal relationships. This is known among neuroscientists as the “you seem trustworthy” signal, and research suggests that “emotionally engaging narratives” inspire prosocial, cooperative behavior in response. Con artists who are good performers or storytellers have an easier time connecting with victims, and victims are prewired to emotionally respond, identify and empathize with them.

A Wolf In Sheep’s Clothing

Humans are social creatures that enjoy spending their time with people who share the same values, passions, beliefs and worldviews. The problem arises when you automatically regard everyone within your group as having the same goodwill and intention as you do.  

Scammers regularly target religious communities—aptly termed “affinity frauds” by law enforcement—because they can easily exploit the trust level that exists between members. Bernie Madoff, who orchestrated the biggest investment fraud in history, stealing close to $65 billion dollars from investors, was able to gain the trust of the Jewish community by exploiting his Jewish affiliations. 

In the case of Dr. John Gentile, the chiropractor and Army veteran, he relied on his close relationship with Leitman and never properly vetted the financial investments he was offered. Gentile saw in Leitman a like-minded individual. It never occurred to Gentile that his friend (and fellow veteran) was capable of scamming him.

F.O.M.O. (Fear of Missing Out)

People are generally afraid of missing out on a “good thing.” And if a “good thing” is available in limited quantities or for a short period of time, people tend to want it even more. Fear of missing out can be a driving force behind many ill-advised financial decisions. Con artists can present opportunities in ways that make it hard for an investor to decline. Scammers may say that the offer must be accepted after the pitch or that there is a cap on the number of investors and that swift action must be taken before it’s too late. In the end, the victim concludes that the opportunity is too good to miss out on without properly verifying the offer.

In Conclusion

By no means an exhaustive look at the way the mind can sometimes make it easier to fall for scams, this post can help with recognizing some of the cognitive pitfalls that can make anyone vulnerable. It is important to remember that if you have been defrauded it is not because of a shortcoming on your part. Naturally, the emotional toll of falling for a scam can be tough to overcome. But it helps to remember that anyone is susceptible to financial fraud—even the best and the brightest. 

Up Next!

Check back for more white-collar crime and fraud news, including the the biggest cons capitalizing on the global Covid-19 pandemic today, and how to spot one when when you see it.

About the Author

Rocky Marmolejos

Rocky lives in rural central Missouri where cattle outnumber people.  As a kid, he enjoyed tinkering with radios but was only mildly successful in fixing them.  Nowadays, he enjoys tinkering with sentences and, occasionally, a vintage sewing machine. 

Category: fraud, human behavior, News, white-collar crimeTag: con artists, cons, fraud, Fraud Watch, human psychology, mental triggers, news, scams

Lottery Winner Launches Rantanna Media to Expose Con Artists, Cover-Ups

April 28, 2020 //  by admin//  Leave a Comment

FOR IMMEDIATE RELEASE

Lottery Winner Launches Rantanna Media to Expose Con Artists

Randall Rush to use media company to spotlight white collar crimes, other social injustices 

(April 28th 2020 – Vancouver, B.C.) Randall Rush, who won Canada’s $50 million Lotto Max Jackpot in 2015 has announced the launch of Rantanna Media, a mission-driven publishing and production company that is committed to shining the spotlight on white collar crime and other social injustices. 

Rantanna Media was born out of a quest for justice by Rush, who found himself the victim of a $4.6 million con within months of his lottery win. Because Rush had the money to hire top attorneys and undergo a grueling eight-month civil court battle, he was able to recoup sixty percent of his money. But he was disgusted to learn that so little is done in the criminal justice system to stop white collar criminals. And when he discovered that at least a hundred other people had fallen prey to the same con artist who had taken him, he knew he had to act. 

“I had heard about the devastating impact of white collar crime, but didn’t understand how emotionally crippling it could be until it happened to me,” notes Rush. “I find it outrageous that so little is done legally to stop these criminals from ruining peoples’ lives. Given the enormous financial gift I have been given, I see it as my responsibility to take on this fight.” 

Rush says the mission of Rantanna Media is three-fold. First, he wants to give victims a voice and ensure their stories are heard. Next, he wants to expose these con artists to the world in order to prevent them from hurting anyone else. Finally, he is determined to ignite a movement that forces the criminal justice system to address the gaps that Rantanna Media spotlights.  

Rantanna Media’s first two books, 13 Billion to One and Bloodsuckers, focus on Rush’s personal experience with white collar crime and stories of dozens of other victims who have fallen prey to con artists. Upcoming books focus on cover-ups of fraud and sexual abuse among Evangelical Christian leaders. 

Along with sharing these true stories in print, e-book and audio form, Rantanna Media is exploring film and documentaries. 

“At Rantanna Media, we are determined to raise such widespread awareness that these criminals will have nowhere left to hide,” says Rush. “But we can’t do it alone. We are asking people who have been a victim of white collar crime and other social injustices to report it to police and share their stories with us at Rantannamedia.com.” 

For more information, visit www.rantannamedia.com or contact their team. 

Download the full press release hereDownload
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Category: News, Press Release, white-collar crimeTag: news, press release, Randall Rush, Rantanna Media, white-collar crime

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