Exploiting fear and vulnerabilities of senior citizens: are regulatory changes required to prevent digital frauds?
ISSN: 1366-3666
Article publication date: 24 July 2023
Issue publication date: 8 February 2024
Abstract
Purpose
This paper aims to understand the emotional patterns of senior citizens when they digitally transact online and how the personality trait of neuroticism can be a vital part of being susceptible to fraud. The authors identify with the cognitive aspect of fear as a vista of neuroscience and behavioural finance in digital banking in today’s banking 5.0 where consumer centricity stands as one of the pillars of the Digital Payment Index of RBI.
Design/methodology/approach
This study is empirical and investigative in nature. Primary data has been collected through online questionnaires (via Google Forms) and the interview method to understand the phenomenology of fear and incidents related to becoming victims of fraud and its propensity.
Findings
The results exhibit that fear and emotional patterns do affect vulnerability and have a long-lasting psychological impact and susceptivity towards digital frauds.
Practical implications
Fear as an emotion is used to understand the emotional expressive patterns of senior citizens as consumers of digital banking. The OCEAN model is one of the widely used personality models at the global level. This research study helps in highlighting the nuances linked to the behavioural and cognitive part of fear in digital crime.
Originality/value
This research will be beneficial to reduce the susceptibility towards fraud from a behavioural perspective in the usage of digital banking and evaluate solutions for senior citizens to mitigate and cope up with the pressures and perils associated with digital frauds.
Keywords
Acknowledgements
The authors acknowledge the efforts of the Editors, reviewers and anonymous referees who have found this work suitable for publication in Working with Older People. The Authors also express their gratitude to all earlier authors whose work has guided this current research study.
The authors also confirm that no funding was received for conducting this study, preparing the manuscript or submission of the manuscript to this journal for consideration towards publication.
Citation
Murthy, N. and Gopalkrishnan, S. (2024), "Exploiting fear and vulnerabilities of senior citizens: are regulatory changes required to prevent digital frauds?", Working with Older People, Vol. 28 No. 1, pp. 84-95. https://doi.org/10.1108/WWOP-06-2023-0021
Publisher
:Emerald Publishing Limited
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