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In the News - SAIF
Publication: The Views
By
: Shirley Carolan
Date: November 2003
Hints protect seniors agains scammers, fraud
Senior citizens, or anyone over the age of 55, are prime candidates for being scammed by unscrupulous con artists, dishonest telemarketers, and so-called "professional service" people. The number of scams and frauds today is legion, and is growing as a result of computers and easy access to the World Wide Web. But there are precautions you can take before you hand over your life savings, cash in your stocks, or put a second mortgage on your home, to finance your folly.
The San Diego Sheriff's Department and A.G. Ed-wards recently presented a roundtable workshop and discussion panel on "Frauds and Scams Against Seniors" at the Rancho Vista Retirement Community Library in Vista. After a brief introduction, Bernie Gardner of the San Diego Sheriff's Department and A.G. Edwards, and his fellow volunteers, Diane Talarico and Jack Hargrove, handed out an information package, including a decal/magnet that lists an emergency number to call to get more information or report a scam. The toll free Seniors Against Investment Fraud (SAIF) number is (866) ASK-CORP or www.corp.ca.gov, which is under the jurisdiction of the Department of Corporations.
This was followed by a brief video, produced by AARP, on how scam artists operate to relieve you of your life savings or even jewelry and property, so that you end up homeless, and/or on welfare. As Robert Fritz of Vista said, "I was fascinated by the rare coins con game they showed, and I can see how gullible folks can be." Terry Blessing, a broker with A.G. Edwards, pointed out the scams involved with buying unfamiliar, out-of-state property, stock investments, and get rich quick schemes, all by dishonest con artists. For protection, he stressed you should know your broker, only invest in solid companies, read the fine print, do not commit to anything over the phone, consult with other people, and guard all your personal data. The consensus of the group was "You can never do enough checking!"
Bernie Gardner said, "Since the 9/11 attack on New York, charities and non-profits have come under heavy scrutiny. If someone knocks at your door for a donation, ask to see their license." Louise Tharp of Oceanside said, "I often get solicitors at my house peddling a variety of services, from tree trimming to handy work, window installing to asphalt driveway paving. I tell them my son is a licensed contractor (which he is) and handles all of that business. That quickly puts an end to it."
The following highlights 6 actions stressed by SAIF Program:
- Don't invest until you investigate.
- Don't invest right away; slow down and take your time.
- Don't be too trusting - appearances can be deceiving.
- Don't invest more than you can afford to lose.
- Don't believe "Guaranteed" large rates of return.
- Don't invest until you compete the "Four
C's:"
- Consider your options
- Compare it to others
- Consult with someone you trust
- Call the Dept. of Corporation's toll free number: (866) 275-2677.
Be sure to remove your name from mailing and telemarketing lists by calling toll free (888) 567-8688. The Dept. of Corporations will send you an appropriate form with addresses for the major Credit Bureaus and Direct Marketing Association, Inc.which you can Xerox and mail to each individually. If you have any questions, or know of a senior homeowners association who would benefit from this program, please call Bernie Gardner, Senior Volunteer Patrol Administrator, Vista Sheriff's Station at (760) 940-4434.
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