Technology is evolving rapidly, and with the advent of AI, many tasks are becoming simpler. But it’s a double-edged sword. Alongside convenience, there’s also a sharp rise in financial scams. While these scams affect all age groups, older adults (senior citizens) are often disproportionately targeted.
Cyber scammers exploit older adults by preying on limited digital literacy, cognitive decline, and social isolation. However, these frauds can be avoided with awareness and preventative measures. Whether you’re looking out for your ageing parents or relatives—or you yourself are a senior—here’s how you can spot, stop, and handle financial frauds aimed at older individuals.
Common scams to be vary of
Let us begin with knowing some common types of scams that you or senior adults can be susceptible to.
- Impersonation: Fraudsters use stolen private data to impersonate others, open accounts, make transactions, and commit other crimes.
- Phishing: This involves sending fake emails, texts, or webpages from banks or social networking platforms to get your passwords, credit card numbers, or personal information.
- Vishing: Scammers impersonate bank authorities and other trusted bodies to steal your OTPs, credit card details, etc.
- Malware: Malware is installed through infected apps or files, allowing criminals to steal your data, track keystrokes, or obtain unauthorised access to your system.
- Tech support: Scammers pretend to be tech support from well-known companies and claim that your PC has bugs or malware. They ask for remote access or money to “fix” it.
- Romance scams: Scammers build fake romantic relationships and may use deepfake videos to blackmail or extort money
- Investment scams: Fraudulent WhatsApp groups or social media ads promise unrealistic returns (e.g., 500%) to lure seniors into fake investment platforms
- Digital arrest scams: Scammers impersonate law enforcement and threaten arrest unless money is transferred immediately
These are just a few scams and there are many more ways fraudsters can exploit you or the older adults in your life. The best way to prevent these scams is being alert and recognise the red flags.
How to sniff out a scam
You need to stay one step ahead of the scammers to prevent falling prey to these scams. Here are a few things to lookout for:
- Urgency or time pressure: Be cautious if someone insists on immediate action. Example: “Give screen access now or your account will be blocked.”
- Scare tactic: Scammers may threaten legal action or account suspension.
Example: “You’ll be arrested if you don’t pay now.”
- Too-good-to-be-true offers: Unrealistic returns or rewards are a red flag. Example: “Invest ₹1 lakh today and get ₹3 lakhs in 6 months.”
- Secrecy: If someone asks you to keep the conversation confidential, be suspicious. Example: “Don’t tell your family about this.”
- Requests for sensitive data: No legitimate organisation will ask for your OTP, CVV, or PIN over a call.
How to protect your privacy
If you want to prevent being targeted by scamsters, then ensure you:
- Never share sensitive personal information.
- Use strong, unique passwords and change them regularly.
- Enable two-factor authentication for banking and email accounts.
- Avoid using your name, birthdate, or common words in passwords.
- Shred old bank statements, cards, and tax documents before disposal.
- Don’t click on suspicious links or download attachments from unknown sources.
- If someone you know asks for money urgently, call and verify before sending funds.
What to do if you think you were scammed
Sometimes, the scams are so sophisticated, it’s not easy to spot them, and in most cases, you know you are scammed only after it’s too late. Nevertheless, you shouldn’t let go of what happened, and you have to report the scam. This is what you should do:
- Immediately call your bank to freeze accounts and cards.
- Change all passwords linked to financial or sensitive accounts.
- Talk to someone you trust for emotional support.
- File a police report at your local station.
- Report the scam via:
- Cybercrime Helpline: 1930
- National Cybercrime Reporting Portal: www.cybercrime.gov.in.
How to communicate with senior adults who are scammed
If you know any senior adult who has been scammed, you need to:
- Be respectful and offer them emotional support
- Talk them out of the shame and stigma related to being conned by someone
- Empower them with information on how they can prevent any further happenings
- Be their support system and guide them with cybersecurity rules
- Don’t infantilise their suffering, empathise with them.
The rise in financial scams targeting older adults is alarming, but prevention is possible. With the right mix of awareness, digital hygiene, and community support, seniors can confidently manage their finances.
Stay alert, stay informed, and stay connected. That’s the key to staying safe—without letting fear take over.