Forum: Senior-centric banking options needed

I've been working with seniors in a professional capacity for 14 years, and I've heard of many seniors being scammed of their life savings.

With digital banking becoming mainstream, there is a need to cater to non-digital natives.

Experts agree that older adults have more trouble verifying information online and may also be more trusting when receiving calls or visits from people who identify themselves as part of traditional institutions.

My mother was scammed of a significant portion of her life savings in December last year.

The scammer pretended to be from a bank's technical support team.

Despite my mother's initial misgivings, the person on the line managed to reassure her. She followed the instructions and was deceived.

In total, 41 consecutive transactions were done overnight but no fraudulent activity alert call came.

There should be senior-centric banking options such as bank accounts preset with phone call alerts on suspicious activity, in-person activation of digital banking services and prepaid debit cards.

These steps could help reduce the risk of being scammed and remind seniors of banking risks in a digitally connected world.

The recent scam cases have shown that we can't do away with the human touch in banking and that face-to-face interaction should remain a key part of the banking experience.

Chng Pi Leong

Join ST's Telegram channel and get the latest breaking news delivered to you.