Senior citizens are extremely vulnerable to online fraud. As the number of online financial crimes is increasing, it has become important for elderly citizens to proactively manage their online activities and passwords. GetSetUp, a platform for older adults, recently partnered with ICICI Prudential AMC to launch financial literacy classes for elder adults to equip them with the necessary tools to keep their money secure digitally. In an email interaction with FE PF Desk, Deval Delivala, co-founder and senior vice-president of GetSetUp, shared some insights on how senior citizens are vulnerable to financial fraud and what should they do to keep their money safe. Edited Excerpts:
How vulnerable are senior citizens to financial fraud in India?
An estimated $36 billion is lost in scams and fraud on the elderly each year in India. This is a major loss for the victim of such fraud and their families. According to the Microsoft 2021 Global Tech Support Scam Research report, consumers in India experienced a fairly high rate of online fraud of 69% in 2021.
With the rapid proliferation of digital enablement of services such as online payments, banking and shopping, the vulnerability of the elderly population has increased, opening up a need gap for building awareness of personal data protection and cybersecurity, especially pertaining to financial fraud.
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