Elderly 3 Times More Vulnerable to Tech Fraud, Watchdog Reveals

The Financial Services Commission (FSC) has concluded a major island-wide awareness campaign to educate the public on new financial sector challenges, with a particular focus on rising fraud risks, especially those targeting the elderly. The FSC emphasized the critical need for increased vigilance against online scams and technology-linked investment risks.

The campaign, part of the World Investor Week (WIW) organised by the International Organisation of Securities Commissions (IOSCO), ran from Monday, October 6, to Friday, October 10.

Technology Exploited to Target Seniors

Elderly individuals are frequently among the most vulnerable to scams, as fraudsters exploit their lack of familiarity with technology tools to pressure them into sharing personal information or transferring money.

The FSC’s awareness sessions began at the Bel Air Social Welfare Centre and finished at the Saint Pierre Social Welfare Centre, where an explanatory video was filmed. Numerous local residents, including many seniors, attended the events.

Expert Urges Greater Consumer Knowledge

Amit Kumar Ramjeet, Manager of the Financial Services Fund Unit which falls under the FSC, underscored the importance of consumers being better informed to understand new investment forms linked to technology, digital finance, and artificial intelligence.

Mr. Ramjeet also specifically addressed the necessity for heightened caution against online fraud risks.

He advised the public to remain vigilant about their spending, limiting it to essential purchases, particularly following the difficult period after the Covid-19 pandemic.

He stressed the need for supervision capacity, investment in the economy, and planning to ensure stability.

Furthermore, he warned consumers to read contracts thoroughly before signing and to be wary of frauds.

Focus on ‘Relationship Investment Scams’

One of the specific subjects highlighted was the ‘relationship investment scam’.

This type of fraud involves criminals gaining a victim’s trust through virtual or emotional relationships before persuading them to transfer money under the guise of a ‘promising investment’.

Such practices are becoming more common, reinforcing the need for greater vigilance regarding internet financial interactions.

Campaign Part of Global Investor Week

The awareness drive was held under the umbrella of World Investor Week, which runs from October 6 to 12. The FSC is a member of the WIW organiser, IOSCO.

This global week focused on three timely themes: technology and digital finance, artificial intelligence, and the prevention of frauds and scams.

Source: l’Express