Elderly Israelis Face Disproportionately High Risk of Financial Scams

A new survey by the Bank of Israel's Banking Supervision Department reveals that 12% of Israelis aged 65 and over have been victims of financial fraud, a rate more than double the 5% reported by all respondents. The study also found that half of elderly respondents fill in identifying details on links used in scam attempts, compared to only 17% of the general population, highlighting their increased vulnerability to data and money theft.

Overall, 62% of Israelis encountered a financial scam attempt in the past two years, with 5% suffering actual financial losses. The most common method is impersonation via SMS messages, reported by 77% of those who experienced scams. Other prevalent methods include fake emails (35%), fraudulent links to websites or apps (33%), WhatsApp or Telegram messages (21%), and phone calls impersonating bank or credit card company representatives (18%).

The survey also noted demographic differences, with 53% of respondents from Commonwealth of Independent States (CIS) countries reporting scam attempts via impersonating phone calls, significantly higher than the general survey average of 18%.

Despite the concerning figures, public awareness is growing. Sixty-two percent of those who encountered a scam attempt without suffering financial loss identified it as a fraud themselves, preventing harm. However, 19% admitted to taking no protective measures against financial fraud.

In response to these findings, the Banking Supervision Department, in collaboration with the Banking Association, banks, and credit card companies, is launching a new public awareness campaign in November. This initiative aims to help the public identify impersonation attempts and payment detail theft, particularly during the high-volume online shopping period. Daniel Hachueli, the Supervisor of Banks, warned that technological advancements and artificial intelligence are refining scam methods, emphasizing the department's efforts to combat this phenomenon through expanded public outreach.

Bank of Israel recommendations include avoiding clicking on links in SMS or emails to access bank accounts, never providing identification codes to unsolicited callers, and regularly monitoring account activity. Individuals suspecting they have shared details with malicious actors are urged to immediately contact their bank or credit card company. The survey, conducted by Research Institute Roshink, included 1,003 internet-connected respondents aged 18-70, with additional telephone samples for 50 individuals aged 70+ and 50 Russian speakers, suggesting caution when interpreting findings for these smaller groups.