Time to act: More seniors fall prey to scams

Seniors should be made aware of their rights, the common methods used by scammers, and how to handle confusing situation and suspicious communication. Photo: 123rf.com

Earlier this year, a 74-year-old retired teacher fell victim to the infamous ‘Macau Scam’, losing RM1mil to a scammer, according to a news report. A few months later, another senior citizen lost RM18,000 in an online love scam and last October, a 68-year-old housewife and a couple in their 80s in Negri Sembilan lost close to RM300,000 in two separate phone scams.

While these news reports show the vulnerability of seniors to financial scams they only present a glimpse of a growing problem – the financial abuse of senior citizens, say experts.