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Digital Payment Frauds: 5 Things Senior Citizens Can Do To Avoid Such Threats

Scammers and fraudsters often send web links via emails and phones disguised as promotional content to lure unsuspecting individuals.

June 12, 2024
June 12, 2024
Digital payment scams and frauds

Digital payment scams and frauds

With rising cases of digital payment fraud in India, it is vital for senior citizens, who are considered more vulnerable to such threats, to stay alert when making online payments. Many recent reports and circulars from the Reserve Bank of India (RBI) highlight this growing threat and instruct financial institutions and the public on the preventive steps they should take.

Also Read: UP Widow Pension 2024: How To Apply And Check Your Application Status

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Most observers in the financial domain have felt in the past that while India has made major strides in bringing banking services to people’s doorsteps, it still lacks in combatting online fraud. Senior citizens are the most vulnerable due to mobility issues and a lack of familiarity with online banking, especially with the emergence of payment apps, cards, and wallets.

How Big Is The Threat

According to RBI, 9,097 fraud cases, accounting for Rs 59,819 crore, were reported in FY2021-22. This number grew to 13,530 cases valued at Rs 30,252 crore in 2022-23. This figure shows that while the cases have increased, the cumulative value of online fraud has dropped. RBI’s annual report for 2022-23 also reveals that credit card and internet fraud cases have doubled from 3,596 in 2022 to 6,659 in 2023, emphasising the urgency of dealing with this problem.

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Senior citizens have unique set of challenges, from tech familiarity to disabilitieslike impairedvision,making them more vulnerable to digital fraud than a tech-savvy Gen Next individual. They also often fall into a scamsters’ trap because of their “believing” temperament.

Beefing Up Banking Safeguards

Senior citizens with mobility issues who cannot visit bank branches as frequently as they want should have a secured digital interface to conduct their regular banking. For instance, banks can provide them with a biometric identification facility to remove the need to remember login details to access their accounts after submitting their know-your-customer (KYC), PAN, Aadhaar, and other details. This feature will help them operate their savings or investment accounts safely. Additionally, banks and card companies can develop cards with easy-to-read features, like larger text fonts, etc., to help them transact securely.

In conclusion, financial institutions must make banking and payment systems more inclusive, accessible, and user-friendly, especially for older people and those with impairments.

Also Read: 4 Money Management Tips To Consider For A Happy Retirement

Here’s What Senior Citizens Should Do

Exercise Caution With Unknown Links: Avoid clicking or engaging with unknown web linkssent via emails and phones disguised as promotional content. These links can corrupt your device or clone your data, leading to the extraction of your private banking information.

Don’t Respond To Spam Emails: Spam emails are attention-grabbing emails sent with the sole purpose of copying your device’s data, which can result in data theft, identity theft, and even the exposure of your private details, such as banking information or photographs.

Protect Devices With Antivirus: Downloading an antivirus will warn you about corrupted websites and protect your device from viruses that may corrupt it or steal information.

Also Read: Rediscovering Delhi: Nostalgic Places In Delhi That Elderly Travellers Can Explore

Don’t Share Credit Card Information: Credit card information is highly private. Do not share it with anyone, even your relatives and closest friends, who you do not completely trust.

Don’t Share OTPs and Passwords: One-time OTPs and passwords for UPI or net banking transactions and bank account details are crucial and must not be shared with anyone. It can get you in deep trouble if you fail.

 

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