Here are some things seniors can watch for to avoid getting caught in a scam, said Mary Schapiro, vice chairman of the National Association of Securities Dealers:
* Understand fraudsters’ sales tactics and be more skeptical of what’s presented.
* Beware of people who promise spectacular profit, such as “Your money will double in six months.”
* Never send money to a firm you’re hearing from for the first time simply because of a telephone pitch.
* Don’t be rushed into a deal you don’t understand.
* Watch out for people who prey on your fears.
* Be wary if things you were promised aren’t materializing. For example, interest isn’t credited to your account or payments you were promised aren’t being made on schedule.
* To determine if the person is licensed to sell securities in your state, go to www.nasaa.org or check your phone directory and call the state securities administrator.
* If the person claims to be a broker, find out if he or she is listed with the NASD by going to their Web site, www.nasd brokercheck.com or calling the hotline at 800-289-9999.
* NASD’s complaint center is at www.nasd.com. The Securities and Exchange Commission has complaint forms on its Web site at www.sec.gov. State consumer protection agencies and adult protective services can sometimes help, too.
Associated Press
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