Protection from Financial Fraud- Guide to Retirees

For some individuals, getting into the retirement age means full stop on all the usual activities that defined their professional life. This is considered as the perfect time to enjoy the retirement fund, and all activities that were not fully explored during busy days. For others, the retirement age is also a time to explore the world and what it can offer. So it is no longer surprising to know that some retirees start their new phase in life by buying plane tickets to experience a different adventure. Sure, these are the common approaches on how to spend the retirement age. But did you know that there are other productive things you can do even if you are recently retired? In fact, according to recent studies, retirees should even consider different kinds of activities that can keep their mind sharp and keep them physically fit. And if you are just creative enough, you will also find a number of opportunities that will not only keep your mind and body healthy, but will also help you earn extra cash. Just remember, seniors and recent retirees are often the target of scammers so it pays to be extra careful.

Red Flags to Keep in Mind

Retirees are often involved in a number of financial transactions, and the bulk of these transactions is related to their retirement packages and potential investment schemes. And the problem is that there are some retirees out there who are not even aware that they are being targeted. If are recently retired or you have a family member who is recently retired, then it pays to understand the usual red flags associated with potential financial fraud as indicated in the same study.

According to the study, roughly a quarter of the seniors are receiving mails and calls related to lotteries, cash and other financial schemes. These promotions usually flood the inbox and may contain information that the recipient has won money, or that another person is asking for help. Some of these e-mails are invitations to join investment schemes and questionable online jobs. Although not all online jobs are scams, there are fly-by-night companies that are just waiting to pounce on unsuspecting retirees. If you receive these invitations, make sure you research on the company and ask for referrals and testimonials. There are tested online jobs that can work, including Toluna and Ipsos. Toluna has been around since 2000, so its longevity is one testament to its authenticity. Another option is to try out Ipsos i-Say, another paid survey opportunity online.

The same survey also indicated the common complaint among retirees regarding financial decisions. Many respondents indicated that they are not confident enough in making investing decisions. And some added that they are confused or they don’t understand the financial decisions made in their behalf.

What to Do to Get Protection?

Understanding and knowing the red flags is the first step towards financial independence and protection. In short, access to information goes a long way in protecting oneself against financial fraud. It also does not hurt to contact regulatory agencies and other non-governmental organizations to seek financial help, or to confirm the authenticity of some proposed investing schemes.