As India's elderly population grows, they face increasing vulnerability to financial cybercrime. To safeguard seniors and ensure justice, a proposed solution is the creation of a "Senior Citizen Financial Cyber Crime Protection Fund" under the Reserve Bank of India (RBI).
Financed by nominal charges on banks, the fund would offer instant reimbursement for cyber fraud losses, actively participate in investigations, establish a data repository for analytics, and conduct educational campaigns.
This initiative aims to provide a safety net for seniors, empowering them to embrace digitalization securely amid the rising threat of financial cybercrime.