27 September 2024

Protecting Our Seniors from Scams: RHB Educates Elders on Cybersecurity

The digital age, a boon for many, has become a breeding ground for scammers, particularly targeting the most vulnerable seniors. In Singapore, "young seniors" aged 50 to 64 comprise nearly 20% of scam victims in 2023. This alarming trend mirrors the global crisis, with the US alone reporting staggering losses of $3.4 billion due to scams targeting individuals over 60. 
 

These troubling statistics underscore an urgent need to safeguard our senior population from the growing threat of scams. To empower seniors to fully enjoy the benefits of technology safely, RHB hosted a series of Cyber Security Awareness programmes. These programmes aim to equip seniors with the knowledge and tools to identify and avoid scams, enabling them to continue connecting, learning, and thriving in the digital age.

An Urgent Need to Empower Seniors Against Scams

The convenience of the digital age has unfortunately exposed vulnerable groups, especially seniors, to increasingly sophisticated scams. 
 

Alarmingly, Singapore witnessed a sharp rise in scams targeting seniors from 2020 to 2021 — phishing scams tripled, while investment scams surged by 77%. In particular, many seniors who are socially isolated and with limited digital literacy are vulnerable to these scams. They are prime targets for scammers who exploit their trust, leading to significant financial loss and a profound sense of betrayal, which can exacerbate feelings of isolation.
 

Given these circumstances, protecting our senior citizens in this rapidly evolving digital landscape is imperative. Proactive measures, such as targeted education, accessible resources, and strong community support, are crucial to ensuring their well-being as they navigate the online space.
 

Building a Scam-Smart Community: The Impact of Senior Education

At RHB, we play our part in empowering the senior community through education. To address the increasingly complex scams targeting seniors, our team facilitated an Online Fraud Prevention Workshop at the Tampines Park Residents Network.
 

Over 35 elderly residents gained essential knowledge to identify and avoid both online and offline scams. The workshop delved into common scam tactics, such as fake callers and fraudulent advertisements, how they operate, and crucial prevention tips.
 

RHB believes that through collaborative efforts and proactive education, we can foster a safer digital environment for all, especially our valued senior citizens.
 

Building a Safer Community, One Senior at a Time

We recognise the devastating impact of financial fraud on seniors and their hard-earned savings. That is why our Cyber Security Awareness initiative empowers older citizens with the knowledge and tools they need to protect themselves.
 

Through interactive workshops and informative resources, we are not only safeguarding individual finances, but also fostering a more resilient and vigilant community. RHB is dedicated to ensuring all seniors can enjoy their golden years with greater financial security and peace of mind.

The information presented in this article is accurate as of date of publication.