Campaign Helps Spokane's Older Investors Fight Back Against Fraud By Teaching Them How to Spot and Resist Persuasion Techniques, "Ask and Check" Before Making Final Decisions
FINRA Investor Education Foundation, AARP, Washington State Dept. of Financial Institutions Offer Free Training and Tools to Help Investors Avoid Falling Victim to Fraudsters
Spokane, WA — A comprehensive new campaign is underway in Spokane to reduce the incidence of investment fraud among older investors. The program, which features hands-on training and online resources at SaveAndInvest.org/55Plus, was developed by the FINRA Investor Education Foundation in partnership with AARP Washington and the Washington State Department of Financial Institutions (DFI) to teach investors ages 55 and older the tactics commonly used by fraudsters and the simple steps every investor can take to reduce the risk of being defrauded. Spokane was selected as one of two cities to launch the campaign, which will roll out nationally in the coming months.
"Even if you have never heard an investment fraudster's sales pitch, you probably know somebody who has, because fraudsters tend to go 'where the money is' — and that means targeting older Americans who have accumulated sizeable retirement nest eggs," said Mary L. Schapiro, Chairman of the FINRA Investor Education Foundation, who also serves as CEO of FINRA. "Through this Investor Protection Campaign, the FINRA Foundation is providing free information and tools and offering simple steps that older investors can take to avoid becoming victims of fraud and to keep their investments safe now and in the future."
Free tools on www.saveandinvest.org/55Plus include a Scam Meter to help spot red flags in an investment pitch, as well as a Risk Meter to help individuals identify characteristics and behavior traits that may make them vulnerable to investment fraud. Campaign messages and materials will also communicate key strategies to prevent being taken in by investment fraud, including:
On May 13, 2008 the FINRA Investor Education Foundation and partners will host a free investor forum at the Southside Senior Activity & Community Center, 3151 East 27th Avenue. This event is open to the public. To register and for more information, call 1-866-862-0110 or visit www.SaveAndInvest.org/55Plus. The FINRA Investor Education Foundation supports innovative research and educational projects that give investors the tools they need to better understand the markets and the basic principles of saving and investing. To date, the FINRA Foundation has approved $14.6 million in grants and an additional $14 million in direct investor education programming. For details about grant programs and other FINRA Foundation initiatives, visit www.finrafoundation.org. The Foundation's parent, FINRA, the Financial Industry Regulatory Authority, is the largest non-governmental regulator for all securities firms doing business in the United States. For more information, visit www.FINRA.org.