Guarding a Lifetime of Savings: Cybersecurity Awareness for Senior Citizens

Across India, many individuals spend decades saving carefully to ensure a comfortable life after retirement. Those savings make them attractive targets for fraudsters, who combine charm, authority and technical tricks to steal money. The problem is not just the money that is lost. It is the financial and emotional impact that follows and the ripple effects on families that depend on those funds.

Why are senior citizens targeted?

Fraudsters tend to target people at this stage of life for three main reasons:

• First, senior citizens have substantial savings accumulated over the years, which makes them a lucrative target for scammers.
• Second, senior citizens are more likely to trust someone who sounds like an official on the phone, especially if the caller claims to be from a bank, the police or a government agency.
• Third, limited familiarity with newer digital banking tools and evolving scams can make well-crafted phishing messages and spoof websites more effective.

Common scams to watch for 

Fraudsters use many tactics to deceive senior citizens, but the most frequently used ones are:

• Impersonation and digital arrest scams, where scammers impersonate as government officials and threatens victims with legal actions unless they transfer them money immediately.
• Investment scams and Ponzi offers, where scammers pose as advisers and promise unusually high returns as fake investment schemes.
• Vishing and phishing, where callers or messages trick victims into revealing OTPs and other credentials.

Steps to safeguard against scams: –

1. “Digital Arrest” scams: No Bank, Police, Government authority or any other legitimate authorities will ever threaten arrest or demand money over a phone or video call. If anyone claims you are under “digital arrest” and asks for an immediate transfer of money or personal details, disconnect the call and verify through official channels or approach your Bank Branch.
2. Treat every unsolicited contact with healthy skepticism. If someone calls claiming to be from your bank, hang up and call the bank’s official number. For Indian Bank, the Bank’s official toll free number is 1800-1700. Do not call on the numbers provided by unknown caller and report the numbers, from which you got the call ( or ) you were asked to call, on the Chakshu Portal (https://sancharsaathi.gov.in/sfc/), if you suspect a fraud.
3. Never share Banking credentials: Never share OTPs, internet banking passwords, debit card Number, expiry date, CVVs, PINs or any Bank account credentials with anyone, no matter how convincing they sound. Bank officials will never ask for these details over the phone.
4. Pause before you act: Scammers create urgency because it removes the chance for thoughtful actions or a second opinion. Take a moment to consult a family member, a trusted friend or the Bank before you act.
5. Keep yourself updated with the latest scams and cyber security information: Indian Bank and other service providers frequently publish security tips, latest modus operandi used by the fraudsters and cyber awareness guidelines for creating awareness among customers. Customers are advised to regularly go through the above information for safeguarding their hard earned savings.
6.  Set transaction controls: Consider setting transaction alerts, daily limits, activating SMS alert facility, updating your correct e-mail id with the bank and nominee details for critical accounts.
7. Report scam attempts or losses promptly: Immediate reporting improves the chance of recovery and helps authorities to track cyber criminals. Victims of cyber fraud can report fraud on the National Cybercrime Reporting Portal (https://cybercrime.gov.in/) or call the National Cybercrime Helpline at 1930.

How families and communities can help

Regular awareness efforts and timely support to senior citizens play an important role in reducing the risk of fraud. Regular conversations about emerging scam tactics help in building confidence and fraud preparedness. Show them how to check a URL, how to recognize a phishing email and how to verify a caller. Where possible, accompany a senior to the branch to set up nominee details and to learn how to use transaction alerts.

Preventing investment scams aimed at senior citizens requires human care and guidance: Clear information, calm conversations and a supportive network makes it easy for a senior to check before falling for a scam. With simple routines and a little vigilance, we can make sure our elders maintain their peace of mind and keep their money safe.

Indian Bank has also launched a series of cybersecurity awareness films under the campaign #KhabarNahiKhabardaarBano. Click here to watch.

Indian Bank. “Your Own Bank, Always with You”

Disclaimer: https://indianbank.bank.in/departments/disclaimer/