- 28-Aug-2025
- Cyber and Technology Law
Financial exploitation is one of the most common forms of elder abuse. It includes theft, fraud, coercion, and misuse of an elder’s assets. Often, abusers take advantage of an elder’s lack of financial knowledge or digital literacy. Strengthening financial literacy among seniors not only promotes independence but also serves as a key preventive strategy against such abuse. With the rise of online banking and digital payments, financial education has become even more critical for elderly safety.
Seniors who are financially aware can identify and avoid common scams like phishing emails, lottery frauds, fake investment schemes, or pension frauds.
Knowledge of red flags helps them verify suspicious requests or offers.
Educated elders can manage their own bank accounts, track expenses, and avoid over-reliance on others.
Reduces risk of being manipulated or deceived by family members or caregivers.
Seniors who are trained in using secure banking apps, UPI, and online platforms are less likely to fall prey to digital frauds.
Helps them set strong passwords, enable two-factor authentication, and avoid risky websites.
Financial literacy enables elders to make safer choices regarding loans, savings, investments, or property.
Prevents unauthorized signing of documents or mismanagement of wealth.
Financially literate elders are more likely to monitor their accounts and spot unauthorized transactions.
They’re more confident in seeking help or reporting financial irregularities to banks or authorities.
Banks and NGOs can conduct regular training sessions in community centers or via video tutorials focused on fraud prevention and banking basics.
Government initiatives like the Digital Saksharta Abhiyan can be tailored for senior citizens, teaching them how to use smartphones and access financial services safely.
Easy-to-read financial guides in local languages, and helplines (e.g., 14567), can assist elders with doubts or complaints.
Having a trusted and verified advisor or digitally literate family member (without legal control) can help monitor finances without abuse risk.
Seniors should enable SMS/email alerts for every transaction and set transaction limits to detect or prevent misuse early.
An elderly retired teacher in Gujarat regularly receives pension in her account but doesn’t understand online banking. Her nephew gains access to her ATM card and withdraws large sums over several months. She assumes it's a bank error.
After attending a financial awareness camp:
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