SG Talk

Singaporeans fall prey to scams due to various factors:


*Psychological factors:*


1. Greed: Promise of unusually high returns or easy gains.
2. Fear: Urgency or scarcity tactics.
3. Trust: Overreliance on authority or credibility.
4. Optimism: Overestimation of own judgment.


*Social factors:*


1. Lack of awareness: Unfamiliarity with scam tactics.
2. Social proof: Friends or family members have invested.
3. Authority influence: Scammers pose as officials or experts.


*Cognitive biases:*


1. Confirmation bias: Ignoring red flags.
2. Anchoring bias: Relying on initial information.
3. Availability heuristic: Overestimating likelihood.


*Technological factors:*


1. Sophisticated phishing emails/websites.
2. Fake social media profiles.
3. SMS/WhatsApp scams.


*Societal factors:*


1. Fast-paced lifestyle: Rushed decisions.
2. High-stress environment: Emotional vulnerability.
3. Education system: Focus on academic achievement over financial literacy.


*Singapore-specific factors:*


1. High savings rate: Attractive target for scammers.
2. Financial hub: Exposure to complex investment product
s.
3. Multicultural society: Language barriers.