Seniors: A Con Artist’s Favorite Consumer

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Investing in securities is risky enough without worrying about whether your salesperson is going to fleece you. To be an informed investor, you must know what danger signs to look for. Some are subtle, and some are easier to spot.

Helpful tips to avoid being conned.

Don’t give account numbers or social security numbers over the phone. Consumers should never give personal identity information such as account numbers or social security numbers to someone calling you for that information. Here’s a list of things you can do to protect yourself:

Understand that a bank, broker, or doctor’s office calling you should never ask for account numbers or social security numbers over the phone.

If someone calls you and asks you for your credit card number, bank account number, personal identification number (PIN), or social security number, do not provide this on the phone.

If you are solicited by an unknown caller, get contact information from the caller, look up the information in the phone book or with directory assistance, and contact the person back.

If the call was not legitimate, notify the police or DORA at once.

Don’t be a “courtesy victim.” Some generations were taught to be courteous to phone callers as well as people who visit them at home. Con artists will not hesitate to exploit the “good manners” of a potential victim. You are under no obligation to stay on the telephone with a stranger who wants your money. In these circumstances it is not impolite to explain that you are not interested and hang up the phone. Save your good manners for friends and family members, not swindlers!

Before investing, check them out. “Stocks” “bonds” and “notes” are common types of securities. Investments are sometimes referred to as products or vehicles. Nearly all securities issued in Colorado must be registered with DORA’s Division of Securities and brokers and advisors need to be licensed—call 303.894.2320 before investing!

Don’t expect something for nothing. Most “free lunch” seminars offering you a deal on annuities and other investments don’t end up being free at all.

Play this game, not the con artists game. You can test your investment potential by playing DORA’s Division of Securities’ “Avoid Investor Scams” Game.

How to Spot a Con Artist - NASAA Tips

The North American Securities Administrators Association (NASAA) is the national voice of the 50 state securities agencies responsible for investor protection at the grassroots level.

10 Self-Defense Tips Developed for Older Americans - Colorado Division of Securities

Senior Fraud Alert - Colorado Department of Law Office of the Attorney General

Avoiding Medicare Fraud

Medicare fraud costs all of us money in increased medical costs. If your Medicare Summary Notice has charges for services you never received, if someone asks to use your Medicare number, or if you suspect errors or abuse, please call the Colorado SMP to report it. Contact SMP Medicare Fraud Abuse Prevention Program 1.800.503.5190

Tips to help avoid Medicare Fraud:

Treat your Medicare, Medicaid and Social Security numbers like a credit card number. Never give these numbers to a stranger.
Remember, Medicare doesn't call or visit to sell you anything.
Don't carry your Medicare or Medicaid card unless you will need it. Take it to doctor's appointments, hospitals or clinics, or trips to the pharmacy.
Review your Medicare Summary Notices and Part D Explanation of Benefits to make sure you received the services listed.

Contact SHIP—the State Health Insurance Assistance Program—for a counselor to help you navigate the seas of Medicare health coverage - 1.888.696.7213 or visit: www.dora.state.co.us/insurance/senior/senior. Our SHIP Medicare counselors provide impartial counseling, free of charge, to Colorado consumers in your geographic area.

Learn more about senior health issues by reading the Colorado Division of Insurance's publications for seniors.

Federal Government Medicare website: www.medicare.gov 1.800.633.4227

Life Care Institutions

Life care institutions or continuing care retirement communities are facilities that provide living facilities and other services to retired or older people. Having several different types of facilities on the same grounds, they accommodate older people who wish to live independently, offer assisted living facilities that can provide assistance, and nursing homes for those needing skilled nursing care. Most regulatory agencies address such issues as the application, escrow of fees, reserves, surety bonds, disclosure requirements, contract terms, advertising, and liens.

DORA’s Division of Financial Services (303.894-2336) monitors and examines these institutions to determine that they comply with statutory fiscal responsibilities. The Department of Public Health and Environment has jurisdiction over these facilities pertaining to quality of care.