Page 32 - Seniors Today - Vol1 Issue 3

Money

Watch out for fakes

In the internet age, crooks find innovative
ways to dupe senior citizens. Some tips on
how to stay safe, by Deepak Gagrani

Financial frauds targeting senior citizens have Highlighted below are some typical forms
become a widespread phenomenon today. of financial frauds and how they are targeted
Senior citizens are susceptible to such frauds towards naive and innocent senior citizens.
on account of sizeable money lying in their
accounts, lack of technology knowledge and Net Banking Transactions
their isolation which makes them more gullible One of the most commonly fraud targeted
targets of such fraudsters. against senior citizens is in the form of net
Most schemes against senior citizens are banking transactions, including credit-card-
performed over e-mail, smart phones or related frauds. The modus operandi typically
obtaining their signatures as consent. A lot involves obtaining passwords/ OTP/ CVV
of times, these scams go unreported. But the numbers from senior citizens through phone
impact of such frauds is devastating and can calls/emails, with the fraudster posing as a
leave senior people quite vulnerable with little bank official/government officer and creating
or no legal recourse. Let’s understand a few a panic situation, forcing them to part with
common techniques used on seniors. critical information. Given their discomfort with
Being friendly, attentive and helpful to gain technology, they are less likely to react to email/
someone’s trust and create an impression that sms sent by the banks as soon as their account
the person is aligned to the interests of senior is debited. By the time it is realised, the money
citizen trail is often lost.
Generating a sense of panic and urgency, such
that the senior person is unable to rationalise
and ends up taking a hasty decision
Pretending to be associated with banks/
government agencies/ charitable organisations
etc
Being ambiguous, silent or unnecessarily
complicate investment proposals to be able
to hide features which are detrimental to the
interests of senior citizens.

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