A lot of businesses operate on trust networks at some level. The difference is that successful operators in this space will only place calculated bets and will rapidly update their level of trust when someone fails to follow through. This person apparently didn’t learn that lesson.
There is also a tendency to keep digging once a victim is deep in the hole. They know their job is already lost if they stop now, but just maybe there’s a chance that a little more digging will reveal a turnaround that covers up their past mistake. Scammers exploit this to encourage incrementally more digging into an already deep hole.
These scammers aren’t random individuals, they’re business that invest a lot of time and energy into working out how to scam people. They’re professionals targeting amateurs.
100% this. No one is immune. Not even "savvy tech people;" Theranos and FTX were similar affinity frauds (https://en.wikipedia.org/wiki/Affinity_fraud) commited against Silicon Valley old-money and VC circles, respectively.
It is 2025 - still banks can't do everything through their apps. To Fintech: Stop SMS based OTP , have better apps. You no longer have the excuse that you can't hire engineers.