What seniors can do to protect themselves

The Regulation and Licensing Department Securities Division offers these financial security tips for seniors:

DON’T BE A COURTESY VICTIM

Older generations were taught to be courteous at all times, whether guests visit them in person or contact them by phone. Con artists often take advantage of these overly accommodating seniors, exploiting their good manners to get at their money. The best response is to hang up the phone.

CHECK OUT STRANGERS TOUTING ODD DEALS

Don’t feel pressured by someone who asks you to make an immediate decision, giving you no chance to check out the salesperson, firm and the investment opportunity itself. Instead, get written information about the investment, review it, and make sure that you understand all the risks involved.

The Regulation and Licensing, Securities Division can tell you if the investment is registered or not.

WATCH OUT FOR SALESPEOPLE WHO PREY ON YOUR FEARS

Con artists play on older people’s concern that they will either outlive their savings or see all of their financial resources vanish overnight as the result of a catastrophic event, such as a costly hospitalization. Playing on these fears of running out of money, swindlers often pitch schemes as a way for the elderly to build up their life savings to allay fears of running out of money.

DON’T LET EMBARRASSMENT OR FEAR KEEP YOU FROM REPORTING FRAUD OR ABUSE

Some senior citizens fail to report that they have been victimized for fear that they will be judged incapable of handling their own affairs. Other seniors believe that their victimization will be viewed as grounds for forced institutionalization in a nursing home or other facility.

Con artists count on these sensitivities to prevent or delay the elderly from reporting the scam to authorities.

If you fear you may have been victimized, don’t be embarrassed about contacting the New Mexico Regulation and Licensing Department, Securities Division, 800-704-5533.

For more information or to file a report of suspected financial abuse online, go to redflagsnm.com.