ACCORDING to a recent study, financial fraud among senior citizens is present in both urban and rural areas. Seniors are often targets of scammers as they are perceived to have huge amounts of retirement funds. Since August 2022, there have been multiple cases of senior citizens losing a significant portion of their savings, ranging from RM100,000 to RM1.8mil, to various scams.
These scammers play on the sentiments of seniors who want to contribute financially to their families. While law enforcement is working hard on finding ways to prevent scams, it would be prudent to consider alternative approaches to tackle the issue.
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