Who Is Next? A Study on Victims of Financial Fraud in Japan
Japan has seen an increase in the incidents of financial frauds over the last couple of decades. Although authorities are aware of the problem, an effective solution eludes them as fraudsters use innovative swindling methods and continually change the target group. Using a nationwide survey conducte...
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doaj-65e01bb2f07045809312fdd573d91d712021-07-02T05:36:06ZengFrontiers Media S.A.Frontiers in Psychology1664-10782021-07-011210.3389/fpsyg.2021.649565649565Who Is Next? A Study on Victims of Financial Fraud in JapanYoshihiko Kadoya0Mostafa Saidur Rahim Khan1Jin Narumoto2Satoshi Watanabe3School of Economics, Hiroshima University, Hiroshima, JapanSchool of Economics, Hiroshima University, Hiroshima, JapanDepartment of Psychiatry, Graduate School of Medical Science, Kyoto Prefectural University of Medicine, Kyoto, JapanResearch and Education Center for Comprehensive Science, Akita Prefectural University, Akita, JapanJapan has seen an increase in the incidents of financial frauds over the last couple of decades. Although authorities are aware of the problem, an effective solution eludes them as fraudsters use innovative swindling methods and continually change the target group. Using a nationwide survey conducted by Hiroshima University, Japan, in 2020, this study investigated the socioeconomic and psychological profiles of victims of trending and special financial fraud such as fictitious billing fraud, loan guarantee fraud, and refund fraud. It was found that financial fraud victims' profiles are dissimilar at the aggregate and specific levels. At the specific level, victim profiles were diverse, that is, in fictitious billing fraud, loan guarantee fraud, and refund fraud cases. Males, married, and financially less satisfied people were more often victims of fictitious billing fraud; less anxious people were more likely victims of loan guarantee fraud; and older, asset-holding, and less-income-generating respondents were found to be victims of refund fraud. Our results also show some commonalities in the victims' profiles. For example, financially less-literate people were found to be more likely victims of fictitious billing fraud and loan guarantee fraud. Finally, respondents who lived with their family, those who did not have careful buying habits, and those who suffer from bouts of loneliness were found to be common victims of all types of special financial fraud. The results of our study suggest that a one-size-fits-all policy cannot effectively combat financial fraud.https://www.frontiersin.org/articles/10.3389/fpsyg.2021.649565/fullfinancial fraudvictimJapanaged societyCOVID-19 pandemic |
collection |
DOAJ |
language |
English |
format |
Article |
sources |
DOAJ |
author |
Yoshihiko Kadoya Mostafa Saidur Rahim Khan Jin Narumoto Satoshi Watanabe |
spellingShingle |
Yoshihiko Kadoya Mostafa Saidur Rahim Khan Jin Narumoto Satoshi Watanabe Who Is Next? A Study on Victims of Financial Fraud in Japan Frontiers in Psychology financial fraud victim Japan aged society COVID-19 pandemic |
author_facet |
Yoshihiko Kadoya Mostafa Saidur Rahim Khan Jin Narumoto Satoshi Watanabe |
author_sort |
Yoshihiko Kadoya |
title |
Who Is Next? A Study on Victims of Financial Fraud in Japan |
title_short |
Who Is Next? A Study on Victims of Financial Fraud in Japan |
title_full |
Who Is Next? A Study on Victims of Financial Fraud in Japan |
title_fullStr |
Who Is Next? A Study on Victims of Financial Fraud in Japan |
title_full_unstemmed |
Who Is Next? A Study on Victims of Financial Fraud in Japan |
title_sort |
who is next? a study on victims of financial fraud in japan |
publisher |
Frontiers Media S.A. |
series |
Frontiers in Psychology |
issn |
1664-1078 |
publishDate |
2021-07-01 |
description |
Japan has seen an increase in the incidents of financial frauds over the last couple of decades. Although authorities are aware of the problem, an effective solution eludes them as fraudsters use innovative swindling methods and continually change the target group. Using a nationwide survey conducted by Hiroshima University, Japan, in 2020, this study investigated the socioeconomic and psychological profiles of victims of trending and special financial fraud such as fictitious billing fraud, loan guarantee fraud, and refund fraud. It was found that financial fraud victims' profiles are dissimilar at the aggregate and specific levels. At the specific level, victim profiles were diverse, that is, in fictitious billing fraud, loan guarantee fraud, and refund fraud cases. Males, married, and financially less satisfied people were more often victims of fictitious billing fraud; less anxious people were more likely victims of loan guarantee fraud; and older, asset-holding, and less-income-generating respondents were found to be victims of refund fraud. Our results also show some commonalities in the victims' profiles. For example, financially less-literate people were found to be more likely victims of fictitious billing fraud and loan guarantee fraud. Finally, respondents who lived with their family, those who did not have careful buying habits, and those who suffer from bouts of loneliness were found to be common victims of all types of special financial fraud. The results of our study suggest that a one-size-fits-all policy cannot effectively combat financial fraud. |
topic |
financial fraud victim Japan aged society COVID-19 pandemic |
url |
https://www.frontiersin.org/articles/10.3389/fpsyg.2021.649565/full |
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