Financial Fraud Against Seniors Addressed By SEC Site

The U.S. Securities and Exchange Commission says approximately five million senior citizens succumb to financial abuse each year. It has developed a Website http://www.sec.gov/investor/seniors.shtml to educate Seniors about investing wisely and avoiding swindles. High-pressure sales tactics, spectacular profits, and guaranteed returns are all signs that someone may be trying to take Seniors for a ride. The site covers everything from avoiding ponzi schemes and Internet fraud to evaluating the qualifications of someone who claims to be an expert on financial issue for Seniors.

Some advice: Cold callers often try to "warm up" customers with flattery or friendship or by talking about local sports teams or Seniors' hometowns. Seniors shouldn't feel compelled to be polite or to disclose financial information.

Another tip: While online, Seniors should be wary of offshore scams and investment opportunities in other countries. When money is sent overseas, it's more difficult to find out what happened and to locate missing
funds.

The SEC's "Seniors Care Package" is a collection of articles and advice to help seniors make wise investment decisions. Topics include: Get the Facts on Saving and Investing; Cold Calling; and Questions You Should Ask About Your Investments.

Source: SRES

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