Elder Investment Fraud

Last updated: February 22, 2019

Recognize, Refuse and Report Elder Fraud

Each year, American consumers give at least $40 billion of their hard-earned money to con-artists. Because seniors hold much of the nation’s wealth, they are the #1 target for fraud crimes, and are swindled out of at least $3 billion annually. Here is what you need to know so that you won't suffer from a grand scam.  

Recognize the warning signs of fraudsters. Avoid pitches that:

  • Exploit your hopes and sound too good to be true
  • Offer a “gift” such as a free meal or product--these psychologically obligate you to reciprocate
  • Urge you to act immediately due to time constraints or scarcity of resources 

Refuse to be exposed to potential fraud

  • Reduce your exposure to sales pitches and free lunch seminars.
  • Hang up when you get a call from an unknown person requesting money.
  • Develop a Refusal Script--keep it with you and by your telephone.
  • Sign up for the Do Not Call List at 888-382-1222. 

Report potential cases of investment fraud

  • Contact the Kansas Securities Commissioner’s Office before you invest.
  • Confidential reviews on brokers and advisers are available at www.ksc.ks.gov/backgroundcheck.
  • Call us at 800.232.9580 if you believe you have been a target or victim of investment fraud.

Photo by Christian Langballe on Unsplash