A psychologist from St Petersburg University explains on Heinrich Terahertz podcast how to protect your finances from fraudsters
Olga Medyanik, Associate Professor in the Department of Risk Management and Insurance at St Petersburg University, was a guest on the popular science podcast. Together with the host, she discussed the rise of financial fraud, the psychological techniques used by criminals, and strategies for protecting oneself from fraud.
Recently, Russians have lost billions of roubles due to phone and cyber scammers. According to Olga Medyanik, the amount of damage increased from 18 to 27 billion roubles last year alone. The podcast explored why criminals have become more sophisticated, how they use psychology to manipulate victims, and why even financially literate individuals are susceptible to their tricks.
The expert explained that fraudsters find it easier to deceive people because of the availability of cheap technology, combined with stress and cognitive overload, which increase vulnerability. She described how stress impairs rational decision-making, explaining that fear hormones can narrow perception and prompt rash decisions. Olga Medyanik provided data on who is at risk, revealing that, contrary to common stereotypes, not only pensioners but also young people are frequently targeted, especially through schemes involving ‘profitable investments’.
Olga Medyanik also discussed practical ways to protect oneself from scammers and recommended diaphragmatic breathing to help manage panic. She warned against ‘playing’ with scammers — although 35% of people admit to teasing them, doing so can be dangerous without specific training.
The expert noted that, starting in September this year, a new measure recommended by the Central Bank will be introduced: a cooling-off period when issuing loans. For small loans, there will be a mandatory two-hour reflection period before approval. For loans of 200,000 roubles or more, the waiting period will be at least one day.
‘Fraud is a precise weapon. It adapts to you: artificial intelligence analyses social media, and deepfakes can mimic the voices of loved ones. Scenarios change in real time,’ said Olga Medyanik.