Purpose This study aims to address a pressing and underexplored issue in financial markets: the susceptibility of older adults to digital investment fraud. While existing research has primarily emphasized technological safeguards, this study highlights the critical psychological and behavioural dimensions of vulnerability. A comprehensive conceptual model is proposed to capture the multifaceted nature of fraud risk in older populations. Additionally, a measurement instrument is developed based on established scales and validated by experts to ensure both methodological rigour and contextual relevance. Design/methodology/approach Drawing on fraud triangle theory and protection motivation theory, this study integrates theoretical perspectives to conceptualize fraud vulnerability in the digital investment context. An instrument was designed through the adoption and adaptation of validated scales from existing literature. Content validity was evaluated by five experts using both quantitative indices (I-CVI, S-CVI/UA, S-CVI/Ave) and qualitative assessments to refine and strengthen the measurement items. Findings The results demonstrate strong content validity at both item and scale levels. Expert feedback led to refinements that enhanced item clarity, specificity and contextual appropriateness, confirming the robustness of the developed instrument. Originality/value This study advances the understanding of digital investment fraud by integrating psychological and behavioural constructs within a unified theoretical framework. It contributes a validated measurement instrument and a theoretically grounded model, providing a foundation for future empirical investigations and practical interventions to reduce fraud risks among older adults.
Mohammed et al. (Tue,) studied this question.