Scammers are increasingly targeting senior citizens for financial fraud, taking advantage of their possible lack of familiarity with technology and online threats.

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

Reserve Bank of India (RBI) Governor Shaktikanta Das announced setting up a digital payments intelligence platform to target fraudsters during the RBI’s MPC meeting.

Many social media influencers offer financial and investment advice; while some are qualified, others are not and give misleading information, causing people to suffer major losses.

Amid the fast digitalisation of financial services, it becomes necessary to develop robust regulatory framework to safeguard customers from digital frauds and scams.

The government launched the ‘Chakshu’ facility on its Sanchar portal for people to report fraud calls, SMSes, and WhatsApp messages to protect themselves by alerting the authorities.