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

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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Why they offer more safety features and generate less nuclear waste, says a nuclear expert.

Singapore announced in May 2026 that it will be embarking on the first phase of a review by the UN atomic watchdog, to help Singapore determine if it has what it takes to deploy nuclear energy.

Host Audrey Tan discusses what this process entails for Singapore with Low Xin Wei, the chief executive of the Singapore Nuclear Research and Safety Institute (SNRSI), a research organisation. He was previously the assistant chief executive at Singapore’s energy regulator, the Energy Market Authority.

Low describes the review process as being similar to a marriage counselling course, which participants undergo to learn more about what marriage entails.

Just like how the final decision on whether to get married will be determined by the couple, countries will have the final say in whether to go ahead with deploying nuclear energy.

Highlights (click/tap above):

1:20 How has Singapore’s stance on nuclear energy changed over the years?

6:45 What are the three reasons behind this change?

12:21 How has public perception of nuclear shifted?

15:20 How nuclear energy can boost energy security

20:25 Embarking on Phase 1 of the integrated nuclear infrastructure review: What it entails for Singapore?

26:45 What will it take to demonstrate that nuclear plants are safer than what people perceive?

36:45 Where could a nuclear power plant in Singapore potentially be sited?

Read more:

S’pore to undergo review by UN atomic watchdog in 2027: https://str.sg/M6Du

Follow Audrey Tan on LinkedIn: https://str.sg/848W

Read her articles: https://str.sg/JLM2

Host: Audrey Tan (audreyt@sph.com.sg)

Produced and edited by: Hadyu Rahim

Executive producer: Ernest Luis

Follow Green Pulse Podcast every Tuesday as we discuss how environmental issues intersect with business, politics and society:

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Feedback to: podcast@sph.com.sg

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Good grades, good jobs, applying for a BTO, getting married. Isn’t that every Singaporean’s dream?

In this episode, Julian Low, co-founder of theatre practice Wushiren, talks about his experience defying the “Singaporean Dream” by dropping out of medical school. He then went on to pursue his dream of starting an independent theatre collective.

Hosts Kai Wen and Sue-Ann discuss if a fixed definition of success is still relevant in these times and why it’s important to have the courage to stray from “the script” and explore what truly makes you curious in life.

Highlights (click/tap above):

0:00 Intro

0:54 Is there a "Singaporean Dream"?

2:48 Why Julian dropped out of medical school

6:34 People stick to safe choices even when it makes them suffer

10:54 “Challenge” is the new C in the 5Cs list

15:55 Is fatigue our body’s way of sending a message?

20:02 Financial realities vs your dreams

29:04 Redefining the Singaporean Dream

Follow See Kai Wen on LinkedIn: https://str.sg/qfwqQ

Follow Sue-Ann Tan on LinkedIn: https://str.sg/A86X

Read Sue-Ann Tan's articles: https://str.sg/mvSa

Hosts: See Kai Wen (seekw@sph.com.sg) and Sue-Ann Tan (suetan@sph.com.sg)

Produced & edited by: Amirul Karim and Yang Jiesan Cruz

Executive producer: Elizabeth Law

Follow the Headstart On Record Podcast here:

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Feedback to: podcast@sph.com.sg

Get business/career tips in ST's Headstart newsletter: https://str.sg/headstart-nl

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Do note: All analyses, opinions, recommendations and other information in this podcast are for your general information only. You should not rely on them in making any decision. Please consult a fully qualified financial adviser or professional expert for independent advice and verification. To the fullest extent permitted by law, SPH Media shall not be liable for any loss arising from the use of or reliance on any analyses, opinions, recommendations and other information in this podcast. SPH Media accepts no responsibility or liability whatsoever that may result or arise from the products, services or information of any third parties.

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