July 24, 2013
ARA & FINRA Partnerhip
The Alliance for Retired Americans has partnered with SaveAndInvest.org and FINRA (Investor Education Foundation) to help our members fight against fraudsters targeting older Americans. Anyone can be a victim of investment fraud. You are never too young or old to become a smart investor.
The FINRA Foundation initiated a research-based, social change campaign designed to reduce the incidence of investment fraud among investors ages 55 and over by helping them: 1) Recognize they are vulnerable to financial fraud; 2) Identify persuasion techniques; 3) Reduce risky behaviors by asking questions and checking information. We believe this new partnership is important because it allows us to distribute important consumer information to our Alliance affiliates, members and partners that we would not have the ability to do on our own.
Fighting Investment Fraud 101, Smart Tips for Investors
Below are some of the steps you can take to help you invest wisely.
Ask and Check
If a salesperson is trying to sell you an investment, ask the right questions and check them out by following these steps.
Know What to Say When a Con Calls You
You can outsmart the cons. Watch this short video (3 min. 10 sec.) to see the wrong way http://www.youtube.com/watch?v=9PtCxXTUhJg&feature=player_embedded —and right way—to handle a sales call from a fraudster. Remember, the word “No” is more powerful than any con man.
BEFORE YOU WORK WITH A BROKER OR OTHER FINANCIAL SALESPERSON:
Ask. Who are you licensed with to sell me this? Are you a licensed broker? Is that investment registered?
Check. If they say they are licensed, check out their background. http://www.saveandinvest.org/ProtectYourMoney/AskandCheck/P124314
Check. If you are told it is, verify that the investment is indeed registered with the SEC. http://www.saveandinvest.org/ProtectYourMoney/AskandCheck/P124321