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06/07/08

09:30:37 pm, by doctorjay

, 388 words, 43 views

Categories: Finance

The Psychology of Scams

I just wrote, “If it sounds too good to be true, it probably is” which is a a great advice, but the trick is understanding when “good” becomes “too good.” There’s no easy way of knowing. Investment fraudsters make their living by making sure the deals they tout appear both good and true.

They’re masters of persuasion, tailoring their pitches to match the psychological profiles of their targets. They look for your Achilles’ heel by asking seemingly benign questions—about your health, family, political views, hobbies or prior employers. Once they know which buttons to push, they’ll bombard you with a flurry of influence tactics, which can leave even the savviest person in a haze. Some of the most common tactics include:

* The “Phantom Riches” Tactic – dangling the prospect of wealth, enticing you with something you want but can’t have. “These gas wells are guaranteed to produce $6,800 a month in income.”
* The “Source Credibility” Tactic – trying to build credibility by claiming to be with a reputable firm, or to have a special credential or experience. “Believe me, as a senior vice president of XYZ Firm, I would never sell an investment that doesn’t produce.”
* The “Social Consensus” Tactic – leading you to believe that other savvy investors have already invested. “This is how ___ got his start. I know it’s a lot of money, but I’m in—and so is my mom and half of her church—and it’s worth every dime.”
* The “Reciprocity” Tactic – offering to do a small favor for you in return for a big favor. “I’ll give you a break on my commission if you buy now—half off.”
* The “Scarcity” Tactic – creating a false sense of urgency by claiming limited supply. “There are only two units left, so I’d sign today if I were you.”

By the way all the above persuasion techniques are perfectly reasonable persuasion techniques when used to sell you great service that you need and that makes differentiate between genuine offers and scams. The real thing is to understand the above methods of persuasion and think for yourself and really understand that it is better to make seven percent that you actually make rather than fifty percent which ends up taking all your investments down the drain into the fraudsters’ pockets.

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