Low returns better than getting duped

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Tucked away in a corner in newspaper are reports of senior citizens getting duped by fraudsters with the promise of better returns on their retirement funds. Troubled by rising prices and the diminishing returns offered by popular investment instruments such as fixed deposits and other small savings schemes, senior citizens have been forced to look for better returns in other products. The aggressive marketing campaigns by the BFSI sector in mass media have also played a part in influencing a significant section of senior citizens to try out new investment options. But it is better to live a frugal life than be anguished by the prospect of seeing a large chunk of retirement corpus being swindled by criminal elements.

Scamsters are employing ingenious methods to con gullible senior citizens. Lack of digital awareness and susceptibility to the lure of higher returns make them extremely vulnerable. As traditional savings schemes lose ground to the more skeely marketed and trendy investment options, the fraudsters on the prowl move in for the kill.

Senior citizens should stay away from investing in financial schemes which look too good to be true. They should also not get swayed by unsolicited advice from friends and relatives, which grow in number as an individual superannuates.

Discuss with your spouse and children before committing any sum to any particular investment scheme. The sunset years of life shouldn’t be spent ruing bad investment decisions. Also seek expert advice before deciding to put your money in unknown instruments.

Fraudsters are targeting their prey with increasing sophistication. The police, banks and financial institutions devote a considerable time and effort to educate the common people about safe financial transactions and to watch out for potential fraud attempts and cyberattacks. To use a topical parallel, the elders should especially be as wary of cyberattacks as getting infected with the Covid virus. Like distancing and safety protocols, maintain transaction safety. It is better to be safe than sorry.