According to the U.S. Federal Trade Commission, in 2018 there were over 1.4 million reports of fraud resulting in an estimated loss to consumers of $1.48 billion (Federal Trade Commission, 2019). A natural reaction to the prevalence of fraudulent transactions is apatephobia, or a fear of intentional deception leading to less desirable outcomes in a market exchange. The current paper relates apatephobia to the literature on trust, risk, suspicion, defensive processing, emotions, and counterfactual thinking and offers 15 propositions related to these constructs. Further, a nomological network is proposed which relates these constructs together, identifies the conditions under which apatephobia will result in a consumer declining to engage in an exchange, and the feedback mechanism by which being deceived strengthens the motivation to avoid any future reoccurrence. Little academic attention has been paid to a fear of being deceived, thus I expect the current work to be of interest to researchers in the area of trust, risk, and deception.