Retirees offer rich pickings for scammers, warn experts
An increasing number of retirees who, in their enthusiasm to have their own business, are ending up as victims of fraudulent syndicates who lure them with their attractive business proposals and returns. — Picture by Saw Siow Feng
Speaking during a recent Islamic finance workshop here, organised by the Institute of Islamic Understanding Malaysia , he said it worried him that more and more retirees were being drawn to the entrepreneurial world and investing their retirement savings. Earlier, while speaking to the 90 participants who attended the workshop, Shamsuddin shared the experience of Amir Ridzuan , a retired private-sector engineer who lost his retirement savings totalling RM2 million to a scamster.
He said Amir had no prior experience in business and was not skilled in the intricacies of conducting transactions. Neither was he familiar with the necessity to have a proper strategy nor plan in order to run a business, thus making him an easy target for the agents of unscrupulous syndicates. Government agencies, he pointed out, were fond of conducting retirement courses that incorporate entrepreneurship modules but he felt that they were not suitable for the participants who have about one to five years to retire.
By right, he pointed out, such courses should focus on modules that teach the participants financial management and how to prepare for their golden years.
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