Financial frauds targeting senior citizens: Here’s how to keep them protected

Technology is frequently exploited for malicious purposes, and unfortunately, it is often the unsuspecting public that bears the consequences. Among those most vulnerable are the elderly, primarily due to their limited familiarity with technology.
How scammers trick senior citizens
Fraudsters target senior citizens as they are more vulnerable to online financial scams and frauds. Financial frauds are the most common among senior citizens and fraudsters trick them to provide personal sensitive information like Date of Birth, credit or debit card numbers, passwords, OTPs, etc to steal their money.
The scammers target senior citizens through fake insurance schemes, low cost medications, card renewal, KYC verification, free gifts and offers. Along with this, they also create fake social media accounts to target senior citizens and convince them to pay money or share banking credentials/OTP/PIN.
The only key to stay protected from these online scams is awareness. Here are some of the safety tips which can help the elderly to stay protected from online financial frauds.
Not to miss safety tips
– Be aware of fraudsters disguising themselves to be from banks or other institutions asking for personal sensitive information.
– Never share OTP, username, passwords, credit/debit card details, PIN over phone or internet. Never click or download any link/attachments from unknown sources.
– Avoid shopping online if you are not familiar with it. Always have a lock, PIN, password, or fingerprint to access your mobile/laptop/computer.
– Enable multi-factor authentication to your emails, banking and social media accounts.
– Never share sensitive personal information with strangers and on social media.
– Avoid making charity contributions over the phone.
– Always remember that banks or other financial institutions never ask for your username/password, OTP, PIN, credit/debit card details.