Purpose This paper aims to explore factors influencing Vietnamese people’s susceptibility to fraud through cryptocurrency Ponzi schemes. Design/methodology/approach This study uses the gullibility theory, the theory of planned behavior theory, the traditional theory of finance and the theory of financial behavior, to develop a questionnaire which is then sent to respondents who are Vietnamese individuals. Subsequently, the partial least squares structural equation modeling approach (PLS-SEM) is used to analyze 370 collected responses. Findings This research shows the important roles that trust, risk appetite and knowledge of Ponzi play in respect of fraud susceptibility, among which trust has the highest positive impact. Moreover, there is no evidence of relationships between Vietnamese people’s susceptibility to fraud via cryptocurrency Ponzi schemes and attitudes toward investment scams, knowledge of investment or knowledge of Ponzi schemes. Research limitations/implications This paper collects only 370 valid responses, which raises some questions regarding the diversity and representativeness of the survey sample. Practical implications This study provides evidence on factors affecting Vietnamese people’s fraud susceptibility to cryptocurrency Ponzi schemes, which helps both authorities and individuals to be vigilant against investment scams. Social implications This research proposes several recommendations to prevent investment scams in cryptocurrency trading, from the perspective of state regulators and individuals. Originality/value This working paper provides a new approach using PLS-SEM to build a theoretical framework for the possibility of becoming victims of investment scams in Vietnam using a combination of different theories from criminology and finance.

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