The Hidden Perils of the Digital Age

any of us out here work with the assumption, ‘this won’t happen to me’ I'm quite safe and well-informed…..but boom, when it hits you up close, does one realize it’s seriousness/ No, I’m not talking about another wave of the virus, but about Cyber Fraud. 

With rising digitization and the post-pandemic pushing more seniors online, there has been an increasing rise in cyber crimes involving financial losses through fraudulent phone calls, texts on social media, and more. We all have heard of someone, whether within our families or friend circles, who may have been a victim. In 2021, the Lok Sabha reported a staggering 52,974 instances of cybercrime across India. The situation has escalated even further, with the Union government's Cyber Crime portal (cybercrime.gov.in) now receiving an alarming 3,500 daily complaints related to financial fraud. Disturbingly, widowers and senior citizens are among the most common targets of these cyber criminals.

I realized the seriousness of these crimes as I experienced one well within the family,  with my own octogenarian veteran soldier  Father. A big learning curve, where we realized that sometimes even the most informed and aware among us could fall prey without due vigilance.

I share this story to caution against the dangers of sharing sensitive information online. My father, sometime back, received a call from a woman claiming to be from his bank, pretending to be following up on a  credit card payment. When my father suggested that his bills are always paid on time, she mentioned a small amount of INR 11/- that may have been overlooked and remains unpaid. Since it's a small amount, she offered to help him clear it to avoid any charges on the larger billing. Being the believer that why would a ‘bank’ lie and being caught up on his daily chores, adding to this mix was his value system that nothing should be overdue on any loan payment (credit card included), readily shared his OTPs (yes, not once but she suggested that he will receive multiple OTPs) with her Within minutes, transactions totaling ₹1 lakh appeared on his phone from unknown merchants. My father was shocked at the prospect of being duped so easily despite his best intentions. 

This experience drove home the point of how important it is for us, as a society, to educate older adults - one of the most vulnerable in our society, as many of them live alone and are not necessarily aware of the latest in technology and its scams.  While technology can enrich our lives immensely, we must remain vigilant against potential risks and never share sensitive data with anybody. Guiding my father through the aftermath helped me refine my own approach to such matters. I learned to validate claims carefully, report fraud promptly and reassure him with patience. Most importantly, I sought to make him understand the dangers without shaking his fundamental confidence in technology and its immense advantages. 

This taught me valuable lessons about communicating security issues to older adults in sensitive yet impactful ways:

• Focus on educating, not reprimanding

• Explain using real-life examples they can relate to

• Explain risks clearly

• Reiterate key takeaways repeatedly

• Address any fears or doubts with patience

• Affirm their innate wisdom while nudging them to adopt safer practices

Above all, staying calm, positive, and proactive helped me regain my father's confidence, as well as my own.  

Elder fraud is real, and we need to educate our parents, grandparents, and friends about these scams.  According to the Report of the Technical Group on Population Projections for India and States 2011-2036, there will be nearly 138 million elderly persons in India in 2021 (67 million males and 71 million females), and is expected to increase by around 56 million elderly persons in 2031. This poses both opportunities and challenges. Our elders, lacking support systems and awareness of changing times, leave many vulnerable to fraud, data theft, and cybercrime.

To address this issue at large, at GetSetUp this July have put together an exclusive series focusing on Cyber Security, where we will cover all types of cyber frauds, how we can protect ourselves, and how to report in case we were to fall victim to one. 

P.S: If you or someone you know has faced cyber fraud, report it to the National Cyber Crime Reporting Portal (Helpline Number -1930 (working 24x7). 

Article written by Ashwini Kapila, a former banker who has served in the financial services sector for over 28 years. 

Are you interested in partnering with GetSetUp, to promote financial and tech literacy and offer opportunities to improve the health and wellness of older adults? Drop us an email at ashwini@getsetup.io. Our interactive learning and socializing ecosystem empower partners to engage their current members with a digital-first platform.