Watch Out for These Financial Scams

Learn more about financial scams and how you can protect yourself and your family.

Learn more about financial scams and how you can protect yourself and your family.

 

We are all at risk for financial fraud. Corrupt individuals prey on people who have accumulated wealth and use a variety of methods to steal what others have worked hard for. Older individuals who may not be as savvy as they once were are especially susceptible. We want to help keep you and your loved ones from falling victim to these crimes.

The best way to defend yourself from fraud is to know what tricks are being used by thieves. Here are a few red flags to look for:

You’re offered “free” advice – Many scammers get you to listen to their sales pitch by inviting you to a free dinner or financial seminar. You may attend these events if you wish, but be aware that the ultimate goal is probably to sell you something. If you are interested in their services, do some research on your own to make sure that it is as beneficial as they say it is.

You’re confused about the product being sold – If you don’t understand the product or service you are being pitched, don’t buy it! You need to understand the risks, benefits and costs of your purchase. Look at the fine print to make sure that you understand the details. If you need help with this, talk to a financial expert at FSSB.

The advisor has a lot of useless credentials – Anyone can add some fancy credentials to the end of their name and call themselves a financial adviser. Titles such as “Certified Financial Planner” and “Certified Financial Analyst” are given to individuals who have received training. However, other titles require little expertise and are essentially meaningless. Do a bit of research into your advisor’s credentials to make sure they are legitimate.

As a community bank, we want to do everything we can to protect the people of the Cedar Falls and Evansdale communities. If you are leery of offers that you or your loved one is receiving, talk to someone you can trust at FSSB.