Department of Financial Institutions
New Video Helps Citizens Avoid Fraud

Press Release Date:  Wednesday, April 08, 2009  
Contact Information:  Kelly May, Public Information Officer
502-573-3390 x252
800-223-2579 x252
kelly.may@ky.gov
 


   FRANKFORT, Ky (April 8, 2009) – Gov. Steven L. Beshear has proclaimed April to be Financial Literacy Month in Kentucky, and the Kentucky Department of Financial Institutions (DFI) and AARP Kentucky are now offering a new, informational DVD about avoiding consumer fraud.

   “Buyer Beware” showcases presentations to Kentucky consumers from a statewide series of Senior Scam Jam events. The video’s purpose is to educate consumers on spotting and avoiding investment fraud. It includes examples and advice from actual victims. Viewers also learn about mail fraud from the U.S. Postal Inspection Service, predatory lending from DFI and identity theft from the Attorney General’s Office.

   “With the aging and retirement of Kentucky’s Baby Boomers, access to investing and fraud prevention is more important than ever,” said DFI Commissioner Charles Vice. “Both DFI and AARP are dedicated to providing resources for consumers to help them understand investment and lending opportunities and avoid fraud.”

   The video shows the warning signs of financial fraud and offers tips to protect consumers from becoming victims. It delivers state and national contact information for agencies where consumers can report fraud or get help.

   “Buyer Beware” is available free on a first-come, first-served basis to groups of 25 or more. It also includes printable documents for use in a group or workshop setting. Groups or organizations may order a free copy by calling DFI at 800-223-2579 or AARP at 866-295-7275 or by sending an e-mail to aarpky@aarp.org

   Video clips are available online at DFI’s YouTube site www.youtube.com/kydfi or www.aarp.org/community/AARPKY/video/

   “Buyer Beware” and the Senior Scam Jam events are a result of Kentucky’s Campaign for Wise and Safe Investing. According to Bill Harned, an AARP volunteer specializing in consumer issues, “Buyer Beware is a needed tool for consumers in tough economic times when all consumers are watching every dollar.”

   Kentucky’s Campaign for Wise and Safe Investing, www.kfi.ky.gov/public/cwsi, is a result of partnership between AARP Kentucky staff and volunteers, DFI, the Kentucky Attorney General’s Office, the U.S. Postal Inspection Service, the Better Business Bureau, local police agencies and other government agencies. The Senior Scam Jam events and the DVDs were paid for through a grant from the Investor Protection Trust and the AARP Foundation.

   Gov. Steven L. Beshear proclaimed April 2009 to be Financial Literacy Month in Kentucky at the request of the Kentucky Jump$tart Coalition for Personal Financial Literacy®, in which DFI is a partner. This DVD is one of many free opportunities to improve your financial literacy this month. For more information on public events and activities in April, visit www.kyjumpstart.org/activities.cfm.

   DFI is an agency in the Public Protection Cabinet. It supervises the financial services industry by examining, chartering, licensing and registering various financial institutions, securities firms and professionals operating in Kentucky. DFI’s mission is to serve Kentucky residents by maintaining a stable financial industry, continuing effective and efficient regulatory oversight, promoting consumer confidence, and encouraging economic opportunities.

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