Prospect Theory and Identity Theft Victimization: Findings From A Simulated Smishing Attack

• In Event: Trends in Online Fraud: An Analysis of Illicit Commodities over Digital Platforms

Abstract

Objective: Online identity theft is often framed as a victim-precipitated criminal event. In other words, its victims often engage in behaviors that are said to contribute to their victimization (e.g., careless online shopping, clicking on malicious links, providing unknown entities personal information). The current study developed and assessed a proactive strategy to prevent re-victimization among a sample of known identity theft victims.
Data/Methods: The study first extracted stolen identities from various illicit networks, then assigned identified victims to either the control group or a treatment group. Those in the treatment groups received a variation of a security message aimed to nudge respondents not to click on malicious links; those in the control group did not receive a security message. Finally, Smishing attacks were launched against participants in the study to assess the effectiveness of security messages and whether the effectiveness varied based on the message content.
Results: Results indicate that security messages reduce respondents' likelihood of clicking malicious links and that effectiveness varies based on the messages' content.
Conclusions/Implications: These findings expand the scope of prospect theory while providing proactive solutions to curtail smishing instances.

Authors

• Caitlyn Muniz, The University of Texas at El Paso

• C. Jordan Howell, University of South Florida

• David Maimon, Georgia State University