08/06/2026

Anyone Can be a Victim: Understanding Scam Risk Across Customer Segments

The Federal Reserve FedPayments Improvement

Criminals don’t always choose victims at random. While many scams are broad and opportunistic, criminals also segment, personalize, test and refine their tactics. To understand how various groups are targeted and what financial institutions can do about it, we will begin with the psychology that drives modern scams operations. This introductory article sets the foundation for a deeper exploration of victim demographic and event specific vulnerabilities covered throughout this series — Understanding Scam Risk Across Customer Segments.

Criminals Use Public Information to Craft Believable Scams

Criminals look for characteristics that make a victim more susceptible and likely to engage with them. The more information available through compromised sources, social media or public websites, the easier it is for a criminal to identify potential victims and craft believable pretexts. Some victim characteristics include:

• Emotional vulnerability: Loneliness, stress, grief and major life transitions can impact judgment.
• Social isolation: Limited access to trusted contacts or family reduces help from others who might spot red flags.