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Protect Your Money From Scams

Protect Your Money From Scams

By Susan Tompor

Detroit Free Press Columnist, Susan Tompor recently wrote an excellent column on how to protect your money
from scams and schemes. The reality is that those of us who are gracefully greying are often targeted by scams
because we have built a lifetime of savings. She provides advice to protect our money.

  1. Check out agents and advisers. You can check out a broker’s employment history and any regulatory action via Broker Check by FINRA. The helpline is 800-289-9999.
  2. In Michigan, for example, you can check out insurance agents with the Department of Insurance and Financial Services. The phone number is 877-999-6442. Visit other states' websites for their information as well. 
  3. You can also check with the Better Business Bureau.
  4. ServeOurSeniors.org is an initiative of the North American Securities Administrators Association, the voice of state and provincial securities regulators. This site includes various tips to help investors avoid scams and Ponzi schemes. 
  5. Be wary of guaranteed results or unregistered products and sales people.
  6. Beware of financial seminars that promise a free lunch.
  7. Successful con artists sound and look extremely professional. They have the ability to make even the flimsiest investment deal sound as safe as putting money in the bank. If something sounds like it is to good to be true, it is most likely a scam. Be very cautious and careful with your hard earned money as you are gracefully greying.

Article By:
Detroit Free Press Columnist, Susan Tompor

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