Psychological Scientists Urge Action Against Growing Fraud Crisis
To fight fraud, psychological scientists issue a call to arms

Image: Phys.org
Psychological scientists are calling for a coordinated effort to combat the rising tide of fraud, which affects nearly half the global population weekly and costs over $5 trillion annually. Researchers emphasize the need for collaboration beyond academia to address this pervasive issue.
- 01Fraud accounts for 40% of reported crimes in the United Kingdom.
- 02Approximately half of the world's population encounters scam solicitations weekly.
- 03The annual cost of scams globally exceeds $5 trillion USD.
- 04Victims report fraud in less than 10% of cases, often losing their funds.
- 05Researchers advocate for a multi-faceted approach to understand and combat fraud effectively.
Advertisement
In-Article Ad
Psychological scientists are sounding the alarm on the escalating issue of fraud, which is now one of the most prevalent crimes globally. In the latest issue of *Psychological Science in the Public Interest*, co-authors Yaniv Hanoch (University of Wolverhampton) and colleagues highlight alarming statistics, revealing that scams constitute 40% of all reported crimes in the UK and that nearly half of the global population faces scam solicitations weekly. The financial toll of these scams is staggering, estimated at over $5 trillion USD annually, comparable to the combined budgets of Germany, France, Italy, and the UK for 2024. Despite the widespread impact, victims often do not report fraud, with nearly 90% remaining silent. The authors emphasize the need for a collaborative approach to combat this issue, calling on psychologists to play a crucial role in understanding and mitigating fraud. In a related commentary, researchers Jacob Stanley and David Smith of Temple University stress the importance of studying scams in real-time to grasp the evolving nature of vulnerability in the digital age. They argue for a deeper exploration of how individuals and technologies interact to create opportunities for exploitation.
Advertisement
In-Article Ad
The rise in fraud affects individuals' financial security and trust in digital systems.
Advertisement
In-Article Ad
Reader Poll
How concerned are you about falling victim to a scam?
Connecting to poll...
Read the original article
Visit the source for the complete story.


