Con artists target people age 60 and older, swindling more than 7 million Americans out of almost $3 billion each year. The Iowa Insurance Division supports a program called “Iowa Fraud Fighters.” Here ae some of the precautions they suggest to avoid being swindled:
- Don’t be a courtesy victim. It’s OK to just say no and hang up.
- Check out anyone you don’t recognize. Contact the Iowa Insurance Division to learn if an investment offer and company is legitimate
- Monitor your money. Insist on receiving regular reports on your investments.
- Never judge a person’s integrity by the sound of his or her voice. Scammers know how to sound professional and friendly to gain your trust.
- Watch out for salespeople who prey on your fears. Scammers know you worry about your savings, but don’t let fear cloud your judgment when you invest.
- Take your time. Take the time you need to research, get advice and learn more about investing.
- Be wary of unsolicited offers. Be careful if you can’t find current information about their company.
- Always ask questions. Question everything. Your financial advisor or stockbroker is required to explain any restrictions before you invest.
- Watch out for “reload” scams. If you lost money once, don’t let scammers trick you into trying to recoup it.
- Don’t be embarrassed to report fraud. Reporting fraud is a responsible step in handling your finances, so don’t be afraid or embarrassed to report it if you are victimized.
Double-check before you invest. Shield your savings from scammers and fraudulent investment schemes. Arm yourself with knowledge and learn how to avoid and report fraud by downloading an informative workbook.
Bob Mann, Sales & Marketing Director