There is a general misconception that seniors have lots of cash and cannot handle technology to keep it safe. They are therefore seen as prey by the scamsters/cheats/fraudsters. The worst part is most of the seniors themselves hold a similar opinion on this subject. This gives rise to anxiety and fear in them when they have to handle money for daily usage through common processes provided by technology. This feat then keeps them away. The ease and convenience that these processes provide are worth the effort of understanding the issue.
The common method of handling money without cash is through credit and debit cards. UPI payments are also now used by almost everyone. The risks involved and the simple precautions to be taken while using these methods are listed below. Please follow the steps suggested, they are easy and enumerated here to ensure that one is aware of the risks and how to avoid them.
1 CREDIT/DEBIT CARDS
To use these cards one has to create a four-digit or in some cases six-digit PIN in conjunction with your bank. So now we have two items- the card that is physical and a PIN code that is mental. You need to have both to transact. All you have to do is to ensure that these two items remain separate and do not join them. The tricky part is PIN code has to be remembered. Also, it needs to be changed regularly. As memory is not a strong point for seniors, here the simple solution is to write it down in a diary or any electronic device. Amend it whenever you change your PIN. This act of writing the PIN makes PIN also a physical entity. Keep it away from your cards. Do not let these two together for safety.
Scamsters have devised methods by which the card can be cloned. For this, they have to get hold of the card physically. Ensure that the card is never away from your hand. You insert the card into the machine yourself and then enter the PIN code. While tapping the PIN, ensure that your fingers are covered by the other hand so that no one can see the numbers you are entering.
2 UPI PAYMENTS
This has become the de facto method of making payments and is currently the favourite of small and big traders alike as it does away with the need to have a change, carry cash, and even do calculations. While it is a safe way to transact, hackers may enter your account and drain it away. Here the safety lies in using the wallet method wherein you keep only a minimum balance in the wallet or the relevant account. This will ensure that if your account is hacked, you lose only a minimum amount of money. Keeping a low balance poses no problem as you can always top up the wallet or the account any number of times without any charges being incurred. Low balance and regular top-ups are the key here.
3 LOCKING OF MOBILE PHONE
All mobile phones have the facility to lock their screens. Seniors often do not use it. Face unlock, fingerprint, passcode, patterns, etc. are some of the ways available for locking the screen. You can use even multiple methods to lock the screen. Keep your screen locked so that in the event of your mobile landing up in the wrong hands, they can not transact through it as the screen is locked. This is akin to keeping your house locked and not leaving it open for anyone to enter.
4 PHISHING
Greed and Fear are two emotions that rise up very easily in most people. Scamsters conjure up situations that can give rise to these emotions and use them to entrap gullible people. Elders are no different from the others and are equally prone to get trapped. Yet there is a difference. Greed is less likely to attract elders but fear will. All that is needed is the awareness that these common traps are being laid each day with higher ingenuity. The seniors have to be firm in their resolve not to get trapped and should not succumb. There are no free lunches in the world. Elders know this well. Tell yourself a few times this truth and when anyone tries to titillate your greed with an offer, reject it outright. Also don’t get scared by any threats posed on the telephone. It is all an attempt to coax out your personal information in order to gain access to your finances. Be firm in rejecting these meaningless threats and you will be safe.
In this case, even after taking all the precautions, you are still trapped. Please immediately contact the cyber crime cell of your police station and report the matter.
Waiting for your views on this blog.
Anil Malik
Mumbai, India
6th September 2023