Scammed: meaning, definitions and examples

Etymology

• The word originated in the 1920s as a slang term, likely derived from the word 'scamp', meaning to cheat or defraud.
• Initially used in relation to con artists, it evolved into broader usage for various types of deceit.

History

• The infamous Ponzi scheme, named after Charles Ponzi in the 1920s, is one of the most famous types of scams that promised high returns to early investors, leading to many people losing their money.
• In the medieval period, scams such as money lending at exorbitant rates were common, often referred to as 'usury'.

Psychology

• Scams often rely on psychological principles such as loss aversion, where people are more motivated to avoid losses than to acquire gains.
• Trust plays a significant role; scammers often build rapport before deceiving their victims, exploiting their emotions and perceptions.

Technology

• With the rise of the internet, scams have taken new forms, including phishing emails designed to trick people into revealing personal information.
• Cybersecurity experts estimate billions of dollars are lost annually to online scams, highlighting the importance of digital literacy.

Pop Culture

• Scams have been popularized in movies, with films like 'Catch Me If You Can' showcasing real-life con artists and their deceptive practices.
• Television shows often recreate famous scams, helping viewers learn how to recognize potential fraud.