Charlatans: How Grifters, Swindlers, and Hucksters Bamboozle the Media, the Markets, and the Masses

by Moisés Naím, Quico Toro

From snake-oil salesmen to Donald Trump, the gripping story of charlatans—and why we fall for them

For centuries charlatans have been bamboozling victims. But today, charlatanry is more lucrative and global than ever. Using the power of digital technology, our age’s charlatans have spun a worldwide web of exploitation on an unprecedented scale. 
 
In Charlatans, global affairs experts Moisés Naím and Quico Toro investigate how charlatans fool us and why they’ve become so influential today. They argue that modern charlatans exploit the same weak points in human cognition as the snake-oil salesmen of the old West. They earn our trust, trick us into believing they have some special skill or knowledge, then exploit us. In some ways, nothing has changed. But, today, charlatans are digital, viral, and global. Whether they’re health gurus pushing pseudoscience or crypto bros orchestrating Ponzi schemes, modern charlatans rapidly amass worldwide audiences on the internet and social media using a common set of strategies. These hucksters swiftly swindle unsuspecting victims, as our slow-moving institutions struggle to respond.  
 
Packed with insights on how to avoid being duped by charlatans, this is an eye-opening journey through the brazen deception and brutal victimization at the heart of this new global scourge. 

Genres: Nonfiction, History, Audiobook, Science, True Crime

336 pages, Hardcover

Published October 7, 2025

About the author

Moisés Naím is an internationally-syndicated columnist and best-selling author of influential books. In 2011, he launched Efecto Naím, an innovative weekly television program highlighting surprising world trends with visually-striking videos, graphics and interviews with world leaders which is widely watched in Latin America today. Dr. Naím gained international recognition with the successful re-launch of the prominent journal Foreign Policy and, over his fourteen years (1996-2010) as editor, turned the magazine into a modern, award-winning publication on global politics and economics.

Author of books:
* Paper Tigers and Minotaurs: The Politics of Venezuela's Economic Reforms (1993, economics)
* Altered States: Globalization, Sovereignty and Governance (2000, economics)
* Illicit: How Smugglers, Traffickers and Copycats Are Hijacking the Global Economy (2005, economics)
* The End of Power: From Boardrooms to Battlefields and Churches to States, Why Being in Charge Isn't What It Used to Be (2013, social studies)

Reviews

[Rachaelbookhunter · Rating 4 out of 5]

Charlatans have been around forever. People have been falling for their tricks just as long. Charlatans dives into the different ways these trickster go about deceiving people. From the well known Ponzi scheme to modern ways using digital technology, Charlatans loom large. Why do people continue to fall for schemes that those on the outside can see them for what they are?

This book is very interesting and important for everyone to read. I hadn't heard of most of the charlatans mentioned. Some chapters are more interesting than others. All are scary to think about though.

Thank you to Basic Books and Netgalley for the chance to read. All opinions are my own.

[Madison ✨ (mad.lyreading) · Rating 4 out of 5]

This was an incredibly digestible deep dive into charlatans, from hundreds of years ago to present. This book not only examines numerous key charlatans who scammed their way to riches, but also gives the psychological background into why we fall for these people. The authors do a great job of reminding the reader that people who fall for charlatans' tricks aren't fools, they were just scammed about something that worked specifically for them. I liked this, as it reminded me of when I was finishing the first episode of The Vow (about the cult Nexium) and I thought to myself, "ok where's the hook because this sounds great so far." Everyone is susceptible to something - you're just not sure what that is until it's too late.

The authors continuously mentioned how AI was going to lead to more scams, and while I agree with this point, I do think it got a bit repetitive for there not being a deeper section on AI specifically. They did discuss how technology has made communication easier, and therefore scamming easier, so I see where they were going, but they never fully committed and made the leap. I think it would have been better for them to either write a section with a deeper dive into AI, or to remove AI altogether and wait a few years to add that section in a second edition.

Thank you to NetGalley and Basic Books for an ARC in exchange for an honest review!

[Christine · Rating 4 out of 5]

This is such a timely book since it seems like there are more and more scams and cons every day. This book goes back in history showing that in some ways, human nature doesn't change. People are vulnerable and other people will use that to their advantage. I enjoyed the chapters about people and scams I had at least heard of more than some of the others. A few went into a bit too much detail which made part of the book a slow read. However, I am interested in this topic and enjoyed the book.

I received an advance copy of this book from Basic Books and NetGalley for review consideration. My review is voluntary and unbiased.

[Jung]

“Charlatans: How Grifters, Swindlers, and Hucksters Bamboozle the Media, the Markets, and the Masses” by Moisés Naím examines a troubling paradox of modern life: despite unprecedented access to information, education, and fact-checking tools, deception has not diminished but flourished. The book opens with the unsettling observation that scams which once ensnared small groups now capture millions, while conspiracy theories migrate from online jokes to real-world violence. Naím argues that this is not a failure of intelligence but a collision between ancient human psychology and modern systems that magnify its weaknesses. The question is not whether people are vulnerable to deception, but how that vulnerability is activated and exploited.

At the heart of the problem lies the human brain itself. Our minds evolved for survival in small groups, not for navigating global information networks. Instincts that once kept our ancestors alive now misfire in complex societies. One of the strongest of these instincts is the tendency to follow the crowd. For early humans, copying group behavior was often safer than independent thinking. Today, that same impulse fuels market bubbles, political movements built on falsehoods, and viral scams that gain credibility simply because many people appear to believe them. When others seem convinced, doubt feels risky, even irrational.

Another critical weakness is confirmation bias, the tendency to search for evidence that supports what we already believe while ignoring anything that challenges it. Classic psychological experiments demonstrate how people instinctively seek validation rather than truth. Once an assumption takes hold, the mind works to protect it, filtering reality through a narrow lens. This is why gamblers remember their wins and forget their losses, and why victims of fraudulent schemes often double down even when warning signs appear. The brain rewards agreement with a sense of certainty and comfort, making self-correction emotionally difficult.

This vulnerability is compounded by overconfidence. The less people understand a subject, the more certain they often feel about their judgments. This illusion of competence shields ignorance from self-awareness. As a result, people with minimal expertise can become deeply convinced of their financial, medical, or political insights, making them especially susceptible to persuasive lies that sound confident and simple. Charlatans thrive in this space, offering clarity where complexity would otherwise demand humility.

Financial fraud provides some of the clearest examples of how these psychological flaws are exploited. The classic Ponzi scheme works not only because of greed, but because it leverages social proof and fear of missing out. Early participants receive real payouts, which they proudly share with friends and family, becoming recruiters for the scam without realizing it. The promise of extraordinary returns, combined with visible success stories, overrides skepticism. While technology has changed the surface details, the underlying mechanics remain the same. Digital interfaces, apps, and buzzwords give old scams a modern glow, allowing deception to masquerade as innovation.

Religious fraud takes manipulation even further by tapping into hope, faith, and desperation. Prosperity preachers promise divine rewards in exchange for donations, framing financial sacrifice as proof of belief. These schemes succeed because they exploit moments when people feel powerless or abandoned by traditional institutions. Within tightly knit congregations, testimonials of miracles create intense social pressure, while failures are blamed on insufficient faith rather than false promises. Faith becomes transactional, and doubt is recast as spiritual weakness. The emotional power of belief shields these frauds from scrutiny long after evidence of exploitation is visible.

The digital age has also given rise to new forms of collective delusion. Online conspiracy movements thrive by transforming belief into participation. Instead of passively consuming false narratives, followers are invited to decode clues, uncover hidden connections, and contribute their own interpretations. This turns paranoia into a game, making believers emotionally invested in the story they help construct. Social media platforms amplify these movements by rewarding engagement, regardless of accuracy. Fear, outrage, and moral panic spread faster than nuance, while algorithms steadily push users toward more extreme content.

These dynamics blur the line between entertainment and belief. When conspiracy narratives jump from screens into real-world action, the consequences become tangible and dangerous. People who see themselves as heroes fighting hidden evil can justify extreme behavior, convinced they are morally righteous. What begins as anonymous online posts can evolve into movements capable of reshaping political discourse and inciting violence, all while the platforms that host them profit from attention and engagement.

Behind these schemes are individuals with distinct psychological traits. Research into career con artists reveals patterns that set them apart from most people. Many exhibit a combination of narcissism, strategic manipulation, and a profound lack of empathy. This emotional absence allows them to exploit others without guilt or hesitation. Unlike ordinary liars, successful fraudsters can convincingly perform sincerity while remaining internally detached from the harm they cause. Their confidence, adaptability, and verbal skill make them persuasive, while their impulsiveness often explains why even the most elaborate schemes eventually collapse.

The internet has dramatically expanded the reach of such personalities. Traits that once limited harm to small social circles now scale globally. Social media does not create more predators, but it gives them access to vast audiences, precise targeting tools, and endless opportunities to test what works. Understanding this reality reframes victimhood. Falling for a scam is not evidence of stupidity or moral failure, but the result of being targeted by someone whose psychological wiring and tactics are fundamentally different.

“Charlatans: How Grifters, Swindlers, and Hucksters Bamboozle the Media, the Markets, and the Masses” ultimately delivers a sobering but empowering message. Deception succeeds not because people are foolish, but because human cognition has predictable blind spots that skilled manipulators know how to exploit. Across financial scams, religious exploitation, and digital conspiracies, the same patterns repeat: impossible promises, emotional leverage, and social reinforcement. Recognizing these patterns, and understanding one’s own mental vulnerabilities, is the first line of defense in a world where deception is no longer rare or accidental, but systematic, scalable, and deeply embedded in modern life.

[Em · Rating 5 out of 5]

I requested a digital ARC of this book from NetGalley because after several decades of watching smart, educated adults fall for conspiracies, manipulations, and outright nonsense, I wanted to better understand how charlatans gain influence and why so many people remain susceptible. I’ve watched people in my own life succumb to everything from Pizzagate to anti-vaccine mythology to the belief that higher education “manufactures” liberals. I once worked with someone holding a doctorate in geology who insisted the moon landing was faked and that contrails were a government mind-control tool. With that context, a book examining how extreme beliefs, manipulative personalities, and manufactured realities take hold was immediately compelling.

Even before page one, the table of contents signaled the book’s breadth, but the chapter on megachurches especially caught my attention. I studied televangelist grift long before Jim Bakker’s downfall, and I grew up hearing about Manson, Patty Hearst, and Jonestown. I’ve also watched people be pulled into MLMs and “personal development” programs that function like soft-core cults. Authors Naím and Toro tackle these dynamics through a global, historical, and psychological lens.

The book itself is rich, well-researched, and often fascinating, though at times a bit clunkily written. The prose occasionally forced me to slow down and reinterpret what the authors were trying to convey. Working in academia, I recognize how difficult it is to translate dense, high-level analysis for a general audience, and at moments the writing leans toward dryness rather than clarity. Still, the conceptual framework is strong.

I appreciated the attention to confirmation bias, motivated reasoning, social proof, and what the authors call “commitment ladders”—a term new to me but one that immediately made sense. Their broader argument, using “HumanOS” as shorthand for innate tendencies that manipulators exploit, is somewhat oversimplified, but nevertheless effective for illustrating common psychological vulnerabilities.

The book excels when showing how charlatans thrive by tapping into existing desires rather than persuading outright—a pattern I’ve seen repeatedly in real life. It applies equally to political figures who legitimize prejudices their followers already hold, to motivational gurus who promise transformation, and to entrepreneurs who sell pipe dreams wrapped in the language of empowerment. The parallels are clear without being heavy-handed.

The chapters on entrepreneurship, MLMs, Ponzi schemes, and the “fake it till you make it” ethos connect neatly to both historic figures like Charles Ponzi and modern stories like Mehmet Aydın and Zach Horowitz. These sections reinforced how social networks, status cues, and aspirational narratives enable financial exploitation across generations.

The chapter on astrology and Walter Mercado was surprisingly illuminating, particularly the discussion of the Forer Effect. Having encountered a great deal of pseudoscience in the yoga world, the authors’ analysis of why people gravitate toward “ancient wisdom” in uncertain times rang true.

“Megachurches and Megabucks” was one of the most compelling sections for me. Having lived in the American South, I’m familiar with the prosperity gospel and the performative nature of modern megachurches. The deep dive into Kenneth Copeland, Edir Macedo, and Jerry Falwell Jr. was both disturbing and unsurprising. The connections between religious authority, media spectacle, wealth accumulation, and political power are explained with useful clarity.

The chapters on digital grift, AI-driven schemes, and online cults—including Bentinho Massaro, Teal Swan, and Twin Flames Universe—show how SEO, algorithmic amplification, and the attention economy allow manipulative figures to scale their influence. The authors are particularly strong when connecting contemporary phenomena to long-standing patterns of exploitation.

The analysis of medical quackery, Dr. Oz, Mercola, supplement empires, and wellness frauds echoes what I’ve seen in yoga circles, where pseudoscience and charismatic “healers” flourish. The parallels to guru culture and the commercialization of alternative health are well-drawn.

Later chapters address crypto scams, political charlatans, Berlusconi, Brexit, QAnon, culture-war profiteers, and the broader outrage economy. These sections offer clear explanations of how demagogues and propagandists weaponize identity, fear, and resentment. The exploration of QAnon—its origins, spread, and psychological hooks—is particularly valuable for understanding how irrational beliefs metastasize online.

Chapter 11, “Ten Million Psychopaths,” may be the most immediately gripping. It lays out the universality of human vulnerability—our dreams, insecurities, and desire for belonging—and argues that no one is truly immune. It reframes the entire book and could easily serve as an alternate starting point.

Despite some stylistic heaviness, "Charlatans" provides a comprehensive, accessible, and often sobering look at manipulation across religion, politics, business, wellness, and digital culture. It explains why people cling fiercely to false beliefs, why leaving a group—whether a church, MLM, political identity, or dysfunctional relationship—can feel impossible, and why greed, fear, and hope remain powerful levers.

I plan to purchase a Kindle copy so I can reread, search, highlight, and use it as a reference. This is an important book for anyone trying to understand how we reached our current moment—and why resisting manipulation requires both awareness and vigilance.

Thanks to NetGalley, the publisher, and the authors for the opportunity to read and review this digital ARC.

[Dan · Rating 4 out of 5]

My thanks to NetGalley and Basic Books for an advance copy that looks at the rise of grifters and schemers, liars and the dreamers that fall for them, risking fortune, health, their families and even the democracy they once thought sacred, but given away for a few banal words and a sense of community with other gullible fools.

I have always had a bit of sixth sense when it came to people. Sometimes I am wrong, but mostly I can tell when a person is deceiving others. The guy who hung around our school, sitting in classes, leading the boy scouts, that everyone loved, and were equally shocked when he was arrested for inappropriate contact with students. Never liked him. I am not religious, so being promised a seat at the right hand of anyone, as long as I pay my way in has never taxed my bank accounts. I have read too much history to even think politicians can do anything they promise, except spend more money on their campaigns, and get rich. America great again, I won't even go into. I don't know if I was born this way, or the fact that I have always been pudgy, had glasses and low self-esteem. If you want me in your club, well I don't want to be a member. This has served me well. My extended family not so much. There is a reason we don't discuss politics, social issues, crypto banking. Or don't talk at all. They want to believe. They need to believe, and when they find something they believe also, with talk of great, money or health, people have a hard time saying no. People want to belong, and people don't like to be wrong. The smartest person, the under educated, something this country excels in, and the uninterested can be brought in by pretty words, pretty people, and petty hatreds. As a country we have failed this test many times. And as shown in this book, its only going to get worse. Charlatans: How Grifters, Swindlers, and Hucksters Bamboozle the Media, the Markets, and the Masses by Moises Naim and Quico Toro, is a history, a series of profiles, and in a way a how-to about fooling all of the people most of the time, getting away with it, and how technology and social media and isolation are only going to make this worse.

The book begins with a look at the state of humans today, and it is not a good place. Social isolation has increased, leaving many alone with their thoughts, thoughts that might be cancerous, ignorant of just plain wrong. Added to that is social media, with its algorithms guaranteed to keep a person in a death spiral of their own ideas, with extra crazy sometimes added to it. Many people scream about doing their own research, but stop when their research starts to bang against real facts and rational thoughts. Humans, as it seems hate to be wrong, hate to deviate from they believe, and in many cases, don't have to change The authors look at a lot of research supporting this, before heading into the real world and showing examples from all over the world of charlatans and con men, some known some unknown, from across the grifting sphere. A few are religious, as in Brazil and India, politicians, including the current president, and a few others, financial and more. The authors look at their claims, and use their words and actions to show how a con works, and how and why people believe.

A frightening but very prescient book, one that looks at the world as the mess it is, and offers some ideas in how to combat these people, but the outlook is bleak. People are more sure of themselves than ever, education is so bad in some countries, including the one that is currently advertising itself as great, that people don't have the tools to understand they are being fooled. Add AI to the mix, with deepfake photos, text and speech, and we are looking at a populace with no idea how the world works, what is right or wrong. Also there is little will to fight these influencers. Most are free with their cash, buying police and politicians off, promising cash to cops and votes for politicians, along with planes and gold cups. The writing is quite good. Everything is clearly explained from the crimes, how they were caught, or why they continue their actions to this day. The book really gives a great idea for how we got to this point in human evolution. And why we are sliding backwards to an almost Dark Ages idea.

A very good look at being fooled, and why unlike the Who song, we continue to be fooled again, and again. A book that might not change minds, but might help others deal with why rational members of their family are acting so strange. A revealing read in many ways.

[Bargain Sleuth Book Reviews · Rating 4 out of 5]

Thanks to NetGalley and Basic Books for the digital copy of this book; I am leaving this review voluntarily.

I’m very concerned with our current state of affairs, which you can see by the books I’ve been reading lately. One of the things I keep thinking about is the grifting that is going on right now at the highest levels, and so many people of lesser means are suffering because of the swindler-in-chief. Charlatans is a very timely book for Americans.

Charlatans is a socially-charged book that exposes how power structures throughout time manipulate public perceptions. The book maps out today’s digital grifters create and sustain market-wide scams. I found this rather timely as one of my U.S. senators, Ron Johnson, opposes a proposed law for senators that would make it illegal to do insider trading on Wall Street. He said that insider trading was a “perk” of being in Congress and if it was taken away, no one would run for office.

Charlatans is a broad, systems level expose on deception and media market dynamics. From Ponzi schemes to presidential bibles, this is an interesting look at how people are susceptible to swindlers and how to avoid falling for their grift.

[BookBurner · Rating 5 out of 5]

A marvelous read. Such an elucidating and illuminating title. I could not believe what I was reading and found out about so many interesting people. The way the exploiters see us has always been a mystery and this title shines a bright light on them and makes clear what to look for, how to avoid it and what to expect. It's not easy but it's an important thing. The author's style of writing was truly a joy to behold and made me laugh out loud several times. I didn't know what to expect with the recommendation but so many pop culture happenings were made clear in this. Things come and go and get no clarity or revisit and become forgotten. This book takes a lovely postmortem examination of mind based movements that failed and the aftermaths and how they got to their critical point. The ending with tips on mitigating negative character effects is a nice tough. No sane person would want to read this and aspire to be these despicable ducks but if you do. Don't. The world doesn't need more of this. It needs more forces of good.

I rate this title a re-read out of 10. Max stars.

[Ella Droste · Rating 4 out of 5]

Well, this was way more fascinating than I expected. I thought it might just be a parade of shady con men through history, but it’s actually a sharp look at why people fall for the same tricks over and over. The book connects the dots from old-school snake-oil salesmen to modern-day crypto bros and fake health gurus, and honestly it’s kind of wild (and a little depressing) how little has changed.

The best part is how it mixes storytelling with psychology. It really digs into the human side, like why people want to believe, how social media turbocharges the scams, and how even the smartest folks can get caught up in it. The writing keeps things engaging without getting too dense, which makes it super readable.

I docked a star only because at times it leans a little heavy on repeating the point, but overall it’s a smart, eye-opening read that feels really timely.

Thank you NetGalley for the ARC in exchange for my honest opinion!

[Tia Morgan · Rating 5 out of 5]

Charlatans offers a compelling exploration of human nature and the enduring allure of scams. The book skillfully reveals that con artists have existed throughout history. I found the book's look into the past fascinating. The chapters on familiar scams were particularly engaging, The chapter on Mega Churches was fascinating I've always looked at church as a place to clergy hide true intent., This book has a lot going on in a good way. My general fascination with these topics kept me thoroughly engrossed. The greatest Con Man currently lives at 1600 Pennsylvania Ave and this is definetly going on my coffee table. I received an advance copy of this book from Basic Books and NetGalley for review my review is voluntary.

[Halli Starling · Rating 4 out of 5]

An occasionally milquetoast look at two dozen charlatans over the course of history. There are definitely some new-to-me names in here, and I was really pleased to see a pretty sharp takedown of lesser-known like Teal Swan. I’m debating still on whether the book needed to include the current and former US President; because while he is definitely a charlatan of the highest (or lowest, I suppose) order, his particular appeal needs a deeper look. But then again, can you talk about QAnon, which the authors do, without including Trump? Either way, it’s a well-written, but sometimes almost toothless, look into how we’re all susceptible to these hucksters and frauds.

[Kirsti · Rating 5 out of 5]

Accounts of hornswoggles from centuries ago to the present. At the end of the book, the authors mention two left-wing cases of people they believe are charlatans who have not gotten much attention in the mainstream media: Rebekah Jones (formerly of the Florida Department of Health) and the Race2Dinner project.

[Jen R. Smits · Rating 4 out of 5]

Thanks #netgalley and #basicbooks for the arc. This well researched book was very important and informative. Anyone can be duped and this book gives many examples. Timely. Especially in the digital age.

[Becki Graham · Rating 2 out of 5]

2.5 ⭐️

[Céline Badaroux · Rating 5 out of 5]

A very useful and documented book to help you look at things throug a more critical and empathic lens.

[Tiffany Phillips · Rating 5 out of 5]

Indispensable

[Karl · Rating 5 out of 5]

An in-depth look at the modus operandi of classic and modern con men (and women) and how to guard against their grifts.