Victimization of Aspiring Entrepreneurs on Business Fraud: Social-Psychological Losses

Victimization

For example, criminals utilize so-called phishing methods to steal network users' credit card
numbers and other financial information, such as when they send out fake e-mails. Fake network
services/false e-commerce shopping sites; actual fraud are all examples of situations where internet
fraud can occur. Online auction platforms cut the normal fraud or fraudulent bids. Fraudsters began to
emerge in online chat groups, requesting that the victim wire money to automated transaction
machines (ATM). It was discovered that thieves had hidden Trojans and other dangerous software on an
established site under the guise of creating a pseudo-site, which led to people unwittingly providing
personal information while purchasing specific products. There is a concealed crisis and a negative
impact on the Internet auction merchandise channel, which has been the most convenient and
profitable. There is a distinct distinction between goods and information in these online transactions.
Buyers must therefore rely on the auction trade page's text or picture narrations in order to learn about
the product's specifications.

Trust, self-esteem, and emotion all play a role in the psychological impact of online fraud. Fraud
has a significant impact on confidence. Customers and sellers must build trust with each other to
succeed in the marketplace, according to (Luhmann 2012), who states that trust is an important factor in
solving specific risk problems. (Luhmann 2012) According to (Ganesan 2012), there are two components
that make up trust: "reliability" and "benevolence." Trustee's past experience, or lack thereof, will be
relied upon in a risky circumstance by the trustee. The trust is based on the information provided by the
third party and the information gathered during the first interaction. Consumers may be concerned that
the attitude of fraud has harmed their level of confidence because of the way online transactions
behave. There is some evidence to support the notion that trust can exist even when there is significant
risk, ambiguity, and lack of understanding or insufficient information on both sides of the transaction
(Mayer et al). In online auctions, trust is of utmost significance to customer happiness. Consumers will
be concerned about their personal losses or damage as a result of their online trading habits. Self-
esteem is impacted by fraud. Those who have been defrauded over the internet typically have a bad
self-image and are scared to speak out about the fraud, which causes them to lose their self-esteem.
Since most victims have poor self-worth and excessive anxiety, it is simple for them to feel isolated,
devalued, and covertly motivated. As long as the victim's psychological trauma isn't effectively treated,
the psychological imbalance that results from the fraud will persist.

Internet fraud can be explained by psychological theories. selection of acceptable psychological

concepts to explain the higher likelihood of victimization was still lacking in clarity. The lack of
consistency in establishing practical strategies to incorporate these proven psychological variables into
our understanding of online fraud was also a problem. In order to determine the tactics criminals use
and how they target specific persons, it is necessary to correctly map message features to individual
characteristics, including Internet usage and psychological factors. According to personality theories,
people are less inclined than others to report online scams and other forms of deception. People who
are more outgoing may take greater risks, but there is no obvious link between extraversion and fraud
risk (Pattinson et al. 2011). Those who have a weaker sense of social control may be more influenced by
communications with a time constraint (Reisig and Holtfreter 2013). Neuroticism, on the other hand,
raises the risk of fraud, whereas conscientiousness lowers it (Judges et al. 2017). These findings can only
be explained on a very rudimentary level at the individual level. When it comes to phishing attempts,
romance scams, or bank fraud, it appears that the emails that are targeted are chosen at random,
thanks to a high volume of contact. But the bulk release of phishing scams obscures the purposefully
crafted message that is geared to appeal to people with specific dispositions.
For example, criminals utilize so-called phishing methods to steal network users' credit card numbers
and other financial information, such as sending out fake emails. Fake network services/false e-
commerce shopping sites and actual fraud are examples of where internet fraud can occur. Online
auction platforms cut the average of fraud or fraudulent bids. Fraudsters emerged in online chat groups,
requesting that the victim wire money to automated transaction machines (ATM). It was discovered that
thieves had hidden Trojans and other dangerous software on an established site under the guise of
creating a pseudo-site, which led to people unwittingly providing personal information while purchasing
specific products. There is a concealed crisis and a negative impact on the Internet auction merchandise
channel, which has been the most convenient and profitable. There is a distinct distinction between
goods and information in these online transactions. Therefore, buyers must rely on the auction trade
page's text or picture narrations to learn about the product's specifications.

Trust, self-esteem, and emotion all play a role in the psychological impact of online fraud. Fraud has a
significant effect on confidence. Customers and sellers must build trust with each other to succeed in
the marketplace, according to (Luhmann 2012), who states that trust is an essential factor in solving
specific risk problems. (Luhmann 2012) According to (Ganesan 2012), two components make up trust:
"reliability" and "benevolence." The trustee's experience, or lack thereof, will be relied upon in a
dangerous circumstance by the trustee. The trust is based on the information provided by the third
party and the information gathered during the first interaction. Consumers may be concerned that the
attitude of fraud has harmed their level of confidence because of the way online transactions behave.
There is some evidence to support the notion that trust can exist even when there is a significant risk,
ambiguity, and lack of understanding or insufficient information on both sides of the transaction (Mayer
et al.). In online auctions, trust is of utmost significance to customer happiness. Consumers will be
concerned about their losses or damage due to their online trading habits. Self-esteem is impacted by
fraud. Those who have been defrauded over the internet typically have a terrible self-image and are
scared to speak out about the scam, which causes them to lose their self-esteem. Since most victims
have poor self-worth and excessive anxiety, it is simple for them to feel isolated, devalued, and covertly
motivated. As long as the victim's psychological trauma isn't effectively treated, the psychological
imbalance that results from the fraud will persist.

Psychological theories can explain Internet fraud. The selection of acceptable psychological concepts to
explain the higher likelihood of victimization was still unclear. The lack of consistency in establishing
practical strategies to incorporate these proven psychological variables into our understanding of online
fraud was also a problem. To determine the tactics criminals use, and how they target specific persons,
it is necessary to correctly map message features to individual characteristics, including Internet usage
and psychological factors. According to personality theories, people are less inclined than others to
report online scams and other forms of deception. More outgoing people may take more significant
risks, but there is no apparent link between extraversion and fraud risk (Pattinson et al., 2011). Those
who have a weaker sense of social control may be more influenced by communications with a time
constraint (Reisig and Holtfreter 2013).

On the other hand, Neuroticism raises the risk of fraud, whereas conscientiousness lowers it (Judges et
al. 2017). These findings can only be explained on a very rudimentary level at the individual level. When
it comes to phishing attempts, romance scams, or bank fraud, the targeted emails are chosen at
random, thanks to a high volume of contact. But the bulk release of phishing scams obscures the
purposefully crafted message geared to appeal to people with specific dispositions.