Department of Financial Institutions
Seniors Invited to Free Fraud Prevention Event May 31

  FRANKFORT, Ky. (May 25, 2012) – Seniors from Somerset and the surrounding area are invited to a FREE workshop Thursday, May 31, to learn how to protect themselves from investment fraud, insurance fraud, mail fraud, lending fraud and identity theft. Participants who register by calling 800-223-2579 will be provided with lunch, take-home materials and a chance to win door prizes.

  “This is a wonderful opportunity for Kentucky citizens to learn how to protect themselves in these tumultuous economic times,” Gov. Steve Beshear said. “I encourage seniors to take advantage of this free and unbiased information to help guard against financial fraud.”

  AARP research shows that baby boomers and senior citizens are natural targets for a wide range of unscrupulous practices because they have established savings and the money to invest. The workshop, entitled the Somerset Senior Scam Jam, is designed to raise awareness about the techniques con artists use, so seniors can recognize the tactics and protect themselves from fraud.

  The techniques scam artists use to sell inappropriate investments are typical of many types of fraudulent activities. The Senior Scam Jam events include partners such as the Department of Financial Institutions (DFI), the Kentucky AARP, the Department of Insurance, Attorney General’s Office, the United States Postal Inspection Service and the Better Business Bureau. These agencies provide information on avoiding fraud and protecting seniors and their finances.

  “The financial exploitation of the elderly can be as devastating as physical abuse,” Attorney General Jack Conway said. “My office is committed to protecting and educating Kentucky’s senior citizens so they won’t become victims of financial fraud.”

WHO:       Senior citizens in Somerset and surrounding areas
WHAT:     Free workshop on fraud prevention
WHEN:    Thursday, May 31, 2012
                  9 a.m. to 2 p.m. EDT
WHERE: The Center for Rural Development
                  2292 S. U.S. Highway 27
                  Somerset, KY 42501
HOW:     Register now by calling 800-223-2579

  The Somerset Senior Scam Jam is funded by a grant from the Investor Protection Trust (IPT). The IPT is a nonprofit organization devoted to investor education. Since 1993 the IPT has worked with the states to provide the independent, objective investor education needed by all Americans to make informed investment decisions. www.investorprotection.org

  Before investing, check with DFI, Kentucky’s state securities regulator, to verify if the investment opportunity is registered and if the seller is licensed. Call 800-223-2579 or visit http://kfi.ky.gov/public/Pages/invest.aspx.

  DFI, which traces its origin to the Banking Act of 1912, is an agency in the Public Protection Cabinet. For 100 years it has supervised 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 and protect their financial interests by maintaining a stable financial industry, continuing effective and efficient regulatory oversight, promoting consumer confidence, and encouraging economic opportunities. DFI is committed to providing financial education and promoting awareness about the importance of saving, investing and making wise personal financial decisions.

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