Inside the Nanning Ponzi scheme: Why smart people get scammed

In Your Opinion Podcast

A behavioural scientist unpacks the dark psychology of why smart people fall for the Nanning pyramid scheme.

Published Oct 21, 2026, 06:00 PM

Updated Oct 21, 2026, 06:00 PM

Synopsis: Conversations and interviews that give you something to think about. Each Wednesday, In Your Opinion speaks to thinkers, leaders, and the people shaping our lives and the issues of the day.

We often hear this saying: “If it sounds too good to be true, it probably is.” Yet, 52 Singaporeans were recently arrested in China over the notorious Nanning pyramid scheme. So why do highly educated, financially literate people continue to fall for frauds that seem so obvious from the outside?

In this episode of In Your Opinion, Lynda Hong sits down with Dr Serene Koh, director of the Behavioural Insights Team (BIT) in Singapore, to deconstruct the dark psychology behind massive investment scams.

Moving past the surface-level blame of describing victims as greedy and gullible, Dr Koh explains how sophisticated syndicates architect fake realities, weaponise our closest family networks, and use our own intelligence against us.

Highlights (click/tap above):

00:52 Why behavioural science is the key to understanding scam victims

1:55 How the Nanning Ponzi scheme differs from other scams

4:15 How pig-butchering scams work

7:57 Why scammers target the human desire for family security rather than pure greed

13:11 Why shame and cognitive dissonance keep victims silent

15:42 Using inoculation programmes and survivor stories to build public resistance against scam syndicates

18:31 The sunk cost fallacy and social ties that prevent victims from walking away

22:12 How trust and personal relationships override logical due diligence

25:42 Why higher financial literacy and education can increase scam vulnerability

31:29 The social cost of fraud, eroded trust, and why people have stopped picking up phone calls anymore

Read ST’s Opinion section: https://str.sg/w7sH

Host: Lynda Hong ( lyndahong@sph.com.sg )

Produced and edited by: Teo Tong Kai

Executive producers: Danson Cheong & Lynda Hong

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Internet crimes and scams

你的观点播客

一位行为科学家揭示了聪明人为何会落入南宁传销骗局背后的黑暗心理。

发布于2026年10月21日下午6:00

更新于2026年10月21日下午6:00

简介：引人深思的对话和访谈。每周三，《你的观点》节目都会采访思想家、领袖以及那些影响我们生活和时事热点的人士。

我们常听过这样一句谚语：“如果听起来好得令人难以置信，那它很可能就是假的。”然而，最近有52名新加坡人因臭名昭著的南宁传销案在中国被捕。那么，为什么受过高等教育、具备一定金融知识的人仍然会落入看似显而易见的骗局呢？

在本期《你的观点》节目中，琳达·洪与新加坡行为洞察团队 (BIT) 主任许思琳博士坐下来，剖析大规模投资骗局背后的黑暗心理学。

Koh 博士没有简单地指责受害者贪婪和容易受骗，而是解释了老练的犯罪集团如何构建虚假的现实，利用我们最亲密的家庭网络，并利用我们自己的智慧来对付我们。

亮点（点击/轻触上方）：

00:52 为什么行为科学是了解诈骗受害者的关键

1:55 南宁庞氏骗局与其他骗局有何不同

4:15 生猪屠宰骗局的运​​作方式

7:57 为什么骗子会利用人们对家庭安全的渴望，而不是纯粹的贪婪？

13:11 为什么羞耻感和认知失调会让受害者保持沉默

15:42 利用接种计划和幸存者故事来增强公众对诈骗集团的抵制

18:31 沉没成本谬误和社会关系如何阻止受害者脱离困境

22:12 信任和人际关系如何凌驾于逻辑尽职调查之上

25:42 为什么更高的金融素养和教育水平反而会增加受骗风险

31:29 欺诈的社会成本、信任的丧失，以及人们不再接听电话的原因

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主持人：Lynda Hong (lyndahong@sph.com.sg)

制作及剪辑：张同凯

执行制片人：郑丹森和洪琳达

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