Investment Scams in the Digital Era: A Conceptual Model of AI Influence, Awareness, and Literacy in Malaysia

Abstract

The rise of investment scams in Malaysia's digital economy highlights the urgent need to understand the psychological and technological aspects that lead to fraudulent behaviour. This conceptual paper introduces a comprehensive model that combines a modified Theory of Planned Behaviour (TPB), the Unified Theory of Acceptance and Use of Technology (UTAUT), Protection Motivation Theory (PMT), and Digital Financial Literacy to examine individual investment intentions. The paradigm suggests that behavioural attitudes, subjective norms, and perceived control (TPB) interact with technological adoption factors (UTAUT), while risk appraisal and coping mechanisms (PMT) further affect susceptibility to deceptive techniques. Digital financial literacy is an important moderating characteristic that affects how people think about digital financial investments. This study uses a theoretical framework to look at the Malaysian point of view on the cognitive, social, technical, and educational elements that explain the desire to invest despite the risks. The suggested model serves as a basis for empirical validation and policy formulation, delivering insights for regulators, educators, and academics dedicated to enhancing resilience against digital financial crime.