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Keeping Seniors Independent and Free from Abuse

Five Tips to Avoid Getting Scammed as a Senior

COMISSIONER OF SECURITIES AND INSURANCE, OFFICE OF THE MONTANA STATE AUDITOR



Fraud: it’s a billion-dollar industry. Consumers reported losing more than $10 billion to fraud in 2023 – a 14% increase from 2022, according to the Federal Trade Commission.


So, how can you ensure that your dollars don’t contribute to this continuously growing sum of stolen money? The Office of the Montana State Auditor, Commissioner of Securities and Insurance, encourages you to practice the following items to help protect yourself from falling victim to financial scams.

  1. PLAY SAFE ON SOCIAL MEDIA. Social media is one of the easiest places for scammers to learn your personal information. Keep your accounts private so only trusted friends and family members can see your posts. Remember, it’s easier now than ever for scammers to create fake profiles pretending to be someone they’re not.

  2. SEND UNKNOWN CALLS TO VOICEMAIL. One of the most common complaints from seniors in Montana is the number of scam phone calls they receive every day. You do not have to answer every call you receive. If an unknown number calls you, let it go to voicemail. When you answer a scam phone call, it only encourages the scammer to call your number again in the future. The best thing you can do is ignore these calls and block unknown numbers.

  3. DESIGNATE A TRUSTED CONTACT PERSON. You can appoint a Trusted Contact Person (TCP) at your bank or with an investment adviser, which provides these institutions/representatives with someone to reach out to if they suspect something might be amiss with you or your finances. You can also establish an informal TCP, to serve as a trustworthy friend whom you check in with regularly about personal matters. Checking with a trusted contact person can be a great way to reality-test a situation with someone who has your best interests in mind. This can operate as a buddy system, in which you look out for your TCP in return and provide them with a second opinion on matters they are concerned about.

  4. CHECK YOUR PERSONAL BIASES. As human beings, we all have personal biases that can influence the way we think about things. These biases can shape the way we view our susceptibility to fraud. Many people have the “it would never happen to me” mindset when it comes to getting scammed. This is dangerous because we tend to let our guard down when we assume our capabilities are stronger than they are. Recognize that anybody can fall for a scam, no matter how intelligent, educated, and aware they might be. Our office has dealt with fraud cases involving the least likely victims, including former law enforcement and retired bankers.

  5. DO YOUR RESEARCH. If you are investing, the simplest thing you can do to protect yourself is to ensure the product and the person (if you are working with a financial professional) are registered. Call our office to verify that a broker-dealer or investment adviser is registered in Montana. Additionally, when it comes to investing, trust your gut. If someone is offering you an investment opportunity that sounds too good to be true, it probably is. Many investment scams our agency deals with could have been prevented if the individual trusted the skepticism they felt at the beginning of a scheme and checked the credentials of the so-called professional they were in contact with.


​It is important to remember that the only thing we can control is our own actions. There will always be scams and bad actors, but educating ourselves is the best way to prevent fraud from happening. If you ever have questions relating to scams or investment opportunities, call our Securities Division at (406) 444-3815.



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