00:00There's a ton of scams out there, so don't make it any easier for thieves to prey on you.
00:09Well, a study from FINRA Investor Education Foundation, the Better Business Bureau Institute
00:14for Marketplace Trust, and the University of Minnesota shows that certain attitudes
00:19can influence your likelihood to fall for scams. The two-year study shows that individuals were
00:25more likely to lose money to financial scammers if they believed that authority should not be
00:31challenged. If you believe financial opportunities are a zero-sum game with clear winners and losers,
00:38you may be more likely to fall for fraudulent opportunities. Do you believe the world is
00:42organized to reward good people? Well, that's too bad because that was another mental frame that may
00:49make you more likely to lose money. If you think asking too many questions can make a person seem
00:55ignorant, a scammer may have an easier time scamming you. The researchers spoke with 17 people who were
01:01targeted by scammers. They also interviewed two young men who worked from an overseas call center
01:06to defraud hundreds of people using an IRS scam.
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