Why seniors fall for scams

IN recent years, investment scams have become a pressing concern, particularly among retirees. As individuals transition into retirement, the desire for stable income streams and the fear of outliving savings can make them vulnerable to fraudulent schemes promising high returns.

I believe the following are some of the reasons why senior citizens in particular are hoodwinked.

> Procrastination: Many people believe they have ample time before reaching retirement age and often delay preparations, only starting to plan as retirement approaches.

> Fomo (fear of missing out): This phenomenon, heightened by social media, can lead people to make hasty investment decisions without thorough research, fearing they might miss out on lucrative opportunities.

> Deceptive appearances: Some are swayed by well-known personalities associated with investment firms. It’s essential to recognise that they could be mere figureheads, engaged for marketing purposes, and may not be involved in the company.

> Overreliance on licensing: Many retirees trust agents solely based on licences displayed, without verifying the validity of those licences for specific investments.

> Misplaced trust in religious terms: In some communities, terms like “syariah” hold significant weight. Unfortunately, scammers exploit this trust, using such terms to mislead investors.

The world of investments can be fraught with pitfalls for the unprepared. I hope this letter will help to remind everyone, senior citizen or not, to be vigilant.

SAZRINA THERA MOHD TAUFIQ

Student

Faculty of Communication and Media Studies

Universiti Teknologi Mara