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Empowered to Detect: How Vigilance and Financial Literacy Shield Us from the Rising Tide of Financial Frauds

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Survey data demonstrates how vigilance and financial literacy influence fraud victimization rates, highlighting key behavioral insights.

Higher exposure to fraudulent activities significantly increases the likelihood of fraud victimization.
Vigilance negatively moderates the relationship between fraud exposure and victimization, indicating better detection of scams.
Financial literacy positively correlates with vigilance, as more knowledgeable individuals are aware of potential scams.
The predictive power of financial literacy on improving vigilance is relatively low, with other factors also impacting decision-making.

Pelawi et al. (2025) studied this question.

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