<p>Fraud susceptibility is a complex characteristic influenced by a combination of cognitive functioning, loneliness, and impulsivity. Research has shown that individuals with weaker cognitive functioning, higher levels of loneliness, and higher levels of impulsivity are more likely to be victims of fraud. The purpose of this study was to examine the positive relationship between cognitive failure and gullibility and to examine whether loneliness and impulsivity mediate this relationship. A total of 842 valid questionnaires including the Chinese version of Gullibility Scale, the Cognitive Failure Scale, the Simplified Barratt Impulsivity Scale, and the Loneliness Scale were collected from college students. Our results showed that (1) there were significant positive correlations among gullibility, cognitive failure, loneliness, and impulsivity; (2) loneliness and impulsivity played a chain-mediated role between cognitive failure and gullibility.</p>