Overconfidence And Scam Victims’ Susceptibility To Scams

Psychology of Scams

Authors:
•  Vianey Gonzalez B.Sc(Psych) – Psychologist, Certified Deception Professional, Psychology Advisory Panel & Director of the Society of Citizens Against Relationship Scams Inc.
•  Tim McGuinness, Ph.D. – Anthropologist, Scientist, Director of the Society of Citizens Against Relationship Scams Inc.

Article Abstract

Overconfidence poses a hidden threat, enticing individuals into the dangerous realms of scams in financial and interpersonal spheres.

Manifesting in decision-making and risk assessment, overconfidence leads people to overestimate their abilities, influenced by cognitive biases and reliance on mental shortcuts.

The brain’s reward system reinforces this bias through positive feedback, hindering objective self-evaluation. This overconfidence, pervasive in romance and cryptocurrency scams, blinds individuals to red flags and manipulations.

Understanding the neuroscience behind overconfidence involves recognizing cognitive biases, anchoring bias, illusion of control, and prefrontal cortex involvement. Mitigating overconfidence requires diverse perspectives, expert advice, critical thinking, and mindfulness, empowering individuals to make rational and informed Read More …