Seniors lose millions each year in “get rich” schemes that promise high returns with low or no risk. Many of these scams are perpetrated by people posing as licensed investment professionals, estate planners, prepaid funeral consultants or salespeople with an “incredible business opportunity.” unfortunately, many of these businesses are robbing seniors of their hard-earned retirement funds.
Look for the warning signs that may indicate a scam:
- Be wary of calls that use high-pressure sales tactics or insist you invest today.
- Some may offer a free financial analysis or overview to help ensure you are financially stable to make an investment. They will ask for your bank account, social security or other private account numbers—never give them to someone you don’t know or trust.
- They will try to persuade you to send money right away, not giving you the chance to think things over or do some investigating on your own.
What you should do if you suspect a scam:
- Never send money to anyone who you have only met over the phone – even if they have called several times and you feel like you know them.
- Don’t answer an email, direct mail piece or television commercial without checking out the company first. Consider doing business locally, with people who you can meet face-to-face.
- Take your time in making a decision about investments and consult with someone you can trust to collaborate on your investment decisions.
- Legitimate organizations will not solicit investments via email. Always be cautious of email solicitations.