The role of financial literacy in consumer financial fraud exposure (via email) and victimisation: evidence from Spain

Purpose The ongoing evolution of the Internet and the subsequent digitalisation of financial services, along with the ever-increasing innovation of financial products, have rendered consumers more vulnerable to a wider range of fraud in the banking sector and, particularly, to consumer financial fra...

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Detalles Bibliográficos
Autores: Rey-Ares, Lucía, Fernández López, Sara, Álvarez Espiño, Marcos
Tipo de recurso: artículo
Fecha de publicación:2024
País:España
Institución:Universidad de Santiago de Compostela (USC)
Repositorio:Minerva. Repositorio Institucional de la Universidad de Santiago de Compostela
Idioma:inglés
OAI Identifier:oai:dnet:minerva_____::7b8329f10ddf956eb43571c10c27d7ad
Acceso en línea:https://hdl.handle.net/10347/46443
Access Level:acceso abierto
Palabra clave:Email financial scams
Cybercrime
Phishing
Objective financial knowledge
Subjective financial knowledge
Financial inclusion
Financial knowledge overconfidence
531102 Gestión financiera
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spelling The role of financial literacy in consumer financial fraud exposure (via email) and victimisation: evidence from SpainRey-Ares, LucíaFernández López, SaraÁlvarez Espiño, MarcosEmail financial scamsCybercrimePhishingObjective financial knowledgeSubjective financial knowledgeFinancial inclusionFinancial knowledge overconfidence531102 Gestión financieraPurpose The ongoing evolution of the Internet and the subsequent digitalisation of financial services, along with the ever-increasing innovation of financial products, have rendered consumers more vulnerable to a wider range of fraud in the banking sector and, particularly, to consumer financial fraud (CFF). This paper aims to analyse the factors that may contribute to CFF exposure and victimisation among Spaniards, with a special focus on financial literacy. Design/methodology/approach This paper provides a comprehensive overview of leading publications on the topic, followed by empirical analyses using regression models with a sample of 6,207 Spanish individuals drawn from the Survey of Financial Competences. Findings Objective and subjective financial knowledge are positively correlated with CFF exposure via email but do not protect against CFF victimisation. Similarly, financial knowledge overconfidence is positively related to the former but fails to constitute a driver of the latter. Financial inclusion, measured by the number of financial products held, not only increases the risk of this exposure but also contributes to its subsequent victimisation. Originality/value To the best of the authors' knowledge, no previous paper has analysed the relationship between CFF and financial literacy by differentiating two types of vulnerabilities to fraud (exposure and victimisation) while considering different constructs of financial literacy. Dissecting these two domains may explain why the same financial literacy construct can have different effects at both stages of financial fraud and, furthermore, how different financial literacy constructs may affect the same stage of financial fraud.EmeraldUniversidade de Santiago de Compostela. Departamento de Economía Financeira e Contabilidade20242024-06-0520242024-06-05journal articlehttp://purl.org/coar/resource_type/c_6501AMhttp://purl.org/coar/version/c_ab4af688f83e57aainfo:eu-repo/semantics/articleapplication/pdfhttps://hdl.handle.net/10347/46443reponame:Minerva. Repositorio Institucional de la Universidad de Santiago de Compostelainstname:Universidad de Santiago de Compostela (USC)Inglésengopen accesshttp://purl.org/coar/access_right/c_abf2Attribution-NonCommercial 4.0 Internationalhttp://creativecommons.org/licenses/by-nc/4.0/info:eu-repo/semantics/openAccessoai:dnet:minerva_____::7b8329f10ddf956eb43571c10c27d7ad2026-06-15T12:47:27Z
dc.title.none.fl_str_mv The role of financial literacy in consumer financial fraud exposure (via email) and victimisation: evidence from Spain
title The role of financial literacy in consumer financial fraud exposure (via email) and victimisation: evidence from Spain
spellingShingle The role of financial literacy in consumer financial fraud exposure (via email) and victimisation: evidence from Spain
Rey-Ares, Lucía
Email financial scams
Cybercrime
Phishing
Objective financial knowledge
Subjective financial knowledge
Financial inclusion
Financial knowledge overconfidence
531102 Gestión financiera
title_short The role of financial literacy in consumer financial fraud exposure (via email) and victimisation: evidence from Spain
title_full The role of financial literacy in consumer financial fraud exposure (via email) and victimisation: evidence from Spain
title_fullStr The role of financial literacy in consumer financial fraud exposure (via email) and victimisation: evidence from Spain
title_full_unstemmed The role of financial literacy in consumer financial fraud exposure (via email) and victimisation: evidence from Spain
title_sort The role of financial literacy in consumer financial fraud exposure (via email) and victimisation: evidence from Spain
dc.creator.none.fl_str_mv Rey-Ares, Lucía
Fernández López, Sara
Álvarez Espiño, Marcos
author Rey-Ares, Lucía
author_facet Rey-Ares, Lucía
Fernández López, Sara
Álvarez Espiño, Marcos
author_role author
author2 Fernández López, Sara
Álvarez Espiño, Marcos
author2_role author
author
dc.contributor.none.fl_str_mv Universidade de Santiago de Compostela. Departamento de Economía Financeira e Contabilidade
dc.subject.none.fl_str_mv Email financial scams
Cybercrime
Phishing
Objective financial knowledge
Subjective financial knowledge
Financial inclusion
Financial knowledge overconfidence
531102 Gestión financiera
topic Email financial scams
Cybercrime
Phishing
Objective financial knowledge
Subjective financial knowledge
Financial inclusion
Financial knowledge overconfidence
531102 Gestión financiera
description Purpose The ongoing evolution of the Internet and the subsequent digitalisation of financial services, along with the ever-increasing innovation of financial products, have rendered consumers more vulnerable to a wider range of fraud in the banking sector and, particularly, to consumer financial fraud (CFF). This paper aims to analyse the factors that may contribute to CFF exposure and victimisation among Spaniards, with a special focus on financial literacy. Design/methodology/approach This paper provides a comprehensive overview of leading publications on the topic, followed by empirical analyses using regression models with a sample of 6,207 Spanish individuals drawn from the Survey of Financial Competences. Findings Objective and subjective financial knowledge are positively correlated with CFF exposure via email but do not protect against CFF victimisation. Similarly, financial knowledge overconfidence is positively related to the former but fails to constitute a driver of the latter. Financial inclusion, measured by the number of financial products held, not only increases the risk of this exposure but also contributes to its subsequent victimisation. Originality/value To the best of the authors' knowledge, no previous paper has analysed the relationship between CFF and financial literacy by differentiating two types of vulnerabilities to fraud (exposure and victimisation) while considering different constructs of financial literacy. Dissecting these two domains may explain why the same financial literacy construct can have different effects at both stages of financial fraud and, furthermore, how different financial literacy constructs may affect the same stage of financial fraud.
publishDate 2024
dc.date.none.fl_str_mv 2024
2024-06-05
2024
2024-06-05
dc.type.none.fl_str_mv journal article
http://purl.org/coar/resource_type/c_6501
AM
http://purl.org/coar/version/c_ab4af688f83e57aa
dc.type.openaire.fl_str_mv info:eu-repo/semantics/article
format article
dc.identifier.none.fl_str_mv https://hdl.handle.net/10347/46443
url https://hdl.handle.net/10347/46443
dc.language.none.fl_str_mv Inglés
eng
language_invalid_str_mv Inglés
language eng
dc.rights.none.fl_str_mv open access
http://purl.org/coar/access_right/c_abf2
Attribution-NonCommercial 4.0 International
http://creativecommons.org/licenses/by-nc/4.0/
dc.rights.openaire.fl_str_mv info:eu-repo/semantics/openAccess
rights_invalid_str_mv open access
http://purl.org/coar/access_right/c_abf2
Attribution-NonCommercial 4.0 International
http://creativecommons.org/licenses/by-nc/4.0/
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Emerald
publisher.none.fl_str_mv Emerald
dc.source.none.fl_str_mv reponame:Minerva. Repositorio Institucional de la Universidad de Santiago de Compostela
instname:Universidad de Santiago de Compostela (USC)
instname_str Universidad de Santiago de Compostela (USC)
reponame_str Minerva. Repositorio Institucional de la Universidad de Santiago de Compostela
collection Minerva. Repositorio Institucional de la Universidad de Santiago de Compostela
repository.name.fl_str_mv
repository.mail.fl_str_mv
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