Guarding Against Fraud

General Guidelines

• Be on guard and be careful whom you trust. The older you are, the more likely you are to be targeted by scammers.
• Take time when making financial decisions. Get opinions from a trusted group of individuals before you act.
• Beware of pressure tactics and deals that sound too good to be true.
• Contact authorities immediately if you think you have been targeted or a victim of fraud.

An estimated $2.9 billion annually is lost to financial exploitation of older Americans.

Retirement planning encompasses many aspects of managing your financial life. One key area to explore is how you protect yourself and your finances from fraud. This is especially critical when you consider the income-reducing circumstances financial fraud presents at a time when new sources of income are limited.

Reliable Resources

• The Consumer Financial Protection Bureau provides sound advice for protecting what’s yours.
• The Federal Trade Commission protects consumers from deceptive or fraudulent practices. They also have a site for reporting identity theft and getting a recovery plan.
• The Financial Industry Regulatory Authority offers questions you should ask and links to check out investment brokers and their products.
• My Retirement Paycheck is a NEFE site dedicated to fraud issues.