*In August 2023, a gang of fraudsters, including a bank employee and an insurance agent, convinced a 63-year-old to sell off her house and transfer the proceeds to their accounts for investment purposes.
*In June this year, a bank executive was booked for siphoning off ₹67 lakh from a senior citizen's bank account in Mumbai. She had trusted her relationship manager to transact on her behalf and realised she had been duped when she needed to pay a hospital bill.
These are just a couple of instances of frauds against senior citizens in India reported by the media. While these involve elaborate plans by fraudsters to wipe off senior citizens' accounts, cases of digital frauds abound as well.
While India has made huge strides in digital adoption in banking and transactions, senior citizens who are gullible and are not that tech-savvy, are facing its ugly side.
According to the annual report of the Reserve Bank of India (RBI) for fiscal year 2022-23, the digital payment sector experienced the highest incidence of frauds within banks. There were 13,530 cases of frauds, up from 9,097 in 2021-22.
The banking sector, on its part, has also taken note of the rising instances of frauds targeting seniors and has implemented safeguards in place.
Says Madhivanan Balakrishnan, executive director and chief operating officer, IDFC FIRST Bank: "We have an extremely mature regulator that understands that it's a big risk in today's world. There are people who are using tech to attack, exploit by digging up your data. So, cybersecurity is very important. What banks are doing is reinforcing the mechanisms without making the journey painful. In this respect, the Digital Personal Data Protection Act, 2023 is very important."
Despite the checks and balances, the senior citizen segment remains vulnerable to frauds.
What Makes Senior Citizens Susceptible To Frauds?
هذه القصة مأخوذة من طبعة September 2023 من Outlook Money.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة September 2023 من Outlook Money.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Stay Ahead Of AI-Powered Cyber Fraud
AI has become an integral part of our lives, right from customer service at banks to insurance claims. But it has now become a powerful arsenal for the fraudsters too who are increasingly using AI to scam individuals and corporations alike to commit fraud. The key is to stay vigilant
Travelling To Europe? Pack In The Essential Covers
Smart travellers must know that insurance is a must-have. From essential health coverage to theft protection and trip interruptions, know what you need for a worry-free Europe trip
How To Spend Wisely This Year-End
We all spend during the year-end. But the trick is not to overspend or borrow, either from friends, or your own investment, to fund your indulgence. Maintaining balance is the key
Travel Now Pay Later (TNPL)
Travel now, pay later (TNPL) is a close cousin of the more popular buy now, pay later (BNPL) schemes.
12 Books Devina Mehra Loved Reading In 2024
Listing books of her choice, among the ones she reads during the year, is ace investor Devina Mehra's favourite year-end activity. She says it's a daunting task to pick around 12 books from a list of 50.
Here's How To Avail Of Ayushman Bharat Yojana
Launched in 2018, the Ayushman Bharat Yojana aimed to provide health coverage to targeted benefi ciaries from the Socio-Economic Caste Census (SECC) 2011, based on deprivation and occupational criteria.
'Focus On The Business, Assess If You Want To Be A Partner For 10-20 Years'
Professor Sanjay Bakshi, a value investor, behavioural economist and adjunct professor at Flame University, Pune, gives his unique perspective on how to choose a stock, in an interview with Nidhi Sinha, editor, Outlook Money, as part of the Wealth Wizards series. He also shares his learnings from role models Warren Buffett, Charlie Munger, Benjamin Graham and others, and how being a chartered accountant, economist, investor and teacher make him into what he is today. Edited excerpts from the interview
The New Trump Card For IT, Pharma
Donald Trump has been re-elected as the 47th President of the US after a gap of four years. Here's how it will affect the Indian markets and how it will benefit sectors such as IT, pharma, export-oriented sectors and others
European Sojourn
Tight on budget? Dump the popular European destinations for the little-known wonders that are equally attractive
Gold ETFs And FoFs
While Indians love to invest in physical gold, even mutual funds offer the option, but in paper format.
