Washington, D.C. — The Commodity Futures Trading Commission’s Office of Customer Education and Outreach today issued the customer advisory, Be Alert and Share Information to Help Seniors Avoid Fraud, in recognition of World Elder Abuse Awareness Day. The advisory encourages older adults to stay alert to fraud—especially on social media—and to share information that could help others avoid fraud.
Fraudsters commonly target older adults because they typically have acquired more assets over a lifetime of saving and investing. Tips in the customer advisory explain how to avoid becoming a victim of fraud, such as getting a second opinion before making an investment decision, checking credentials and backgrounds of financial professionals, and staying current on fraud trends. Even an intervention from a trusted family member or friend can help older adults avoid making a costly mistake.
Recent scams targeting older adults include:
- Precious metals scams that encourage seniors to tap into their retirement savings to purchase often over-priced gold and silver coins
- Romance scams that push victims into trading digital assets or over-the-counter foreign exchange with unregistered offshore dealers
- Fee scams that promise unrealistically high profits, but steal deposits, refuse withdrawals, and demand victims invest more funds or pay concocted taxes and undisclosed fees
The advisory reminds older adults to be cautious of any person or entity that approaches them on social…
