Online scams targeting older adults in India

Amid rising concerns of online scams targeting India’s elderly population, a 63-year-old man from Hyderabad was recently duped of Rs 50 lakh after participating in a fake stock market scheme through a WhatsApp group. The incident highlights how senior citizens are increasingly becoming prime targets for cybercriminals who use digital channels to deceive and defraud.

‘Stock discussion group’ Scam

• The scam started when the victim joined a WhatsApp group called ‘Stock Discussion Group’ in the hope of discovering investment opportunities.
• The group’s director, identified as Kunal Singh, introduced himself as an experienced financial advisor with an impressive track record.
• Singh enticed the victim with promises of lucrative returns, claiming past returns were as high as 500% on certain stocks.

During online sessions facilitated through links shared in the group, Singh persuaded participants to invest through a platform called ‘Skyrim Capital’, which he falsely presented as a legitimate financial services provider. Initially, the victim received small returns on their trust-building investments. Singh gradually convinced him to invest a total amount of Rs 50 lakh, which was transferred to multiple accounts to avoid detection. When the victim supposedly tried to withdraw his profits, the scammers cut off communication and defrauded him.

Deepfake Scams: High-profile faces used to mislead investors

In another troubling case, scammers were using deepfake videos featuring high-profile people to lend credibility to their fraud schemes. Recent deepfake videos featuring Infosys co-founder Narayana Murthy and Reliance Chairman Mukesh Ambani It was used in schemes targeting residents of Bengaluru.

In one case, a woman named Veena invested in a trading platform after seeing a deepfake video promoted by Murthy. Similarly, Ashok Kumar, a retired employee, fell into a scam involving a deepfake video of Ambani and lost 19 lakh rupees.

Authorities issued warnings to protect senior citizens

As cybercrimes against older adults continue to rise, authorities and financial experts are urging families to educate their older members about the risks of joining financial groups on unverified platforms like WhatsApp. They emphasize that legitimate financial institutions do not offer guaranteed returns or operate solely through social messaging apps.

Preventing financial losses in the digital age

Cybercrime experts advise investors to be wary and skeptical of any investment scheme that promises guaranteed returns, especially exorbitant figures. They recommend consulting with certified financial advisors or trusted family members before making major financial decisions. Scams are becoming increasingly sophisticated and understanding digital risks is vital to financial security.

Report online scams

To combat these scams, the public is encouraged to report suspicious online financial activity. The national cybercrime helpline, 1930, and the government’s cybercrime portal at cybercrime.gov.in are resources available to those affected. As authorities work to reduce cybercrime, awareness and proactive action continue to be key in protecting vulnerable populations from falling prey to digital fraud.

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