RSVP Sponsors “Seniors Against Investment Fraud” Program
Investment fraud is big business. Last year over 24 million adults fell victim to fraud. Here in Iowa over the last five years, Iowans lost over $20 million to con artists. Older citizens are the primary target.
The Iowa Insurance Division, in partnership with RSVP, is sponsoring the “Seniors Against Investment Fraud” program, also known as “SAIF.”
SAIF is a community-based education program that trains RSVP volunteers to teach seniors how to spot and avoid a variety of investment fraud schemes. SAIF is designed utilize volunteers to teach investor education by giving presentations and disseminating SAIF outreach materials to the target populations.
SAIF volunteer presenters will also provide resources to help citizens determine the legitimacy of individuals and companies with whom they are considering investing their money; and can refer victims of investment fraud to appropriate resources for counseling.
Funding for the SAIF program comes from legal settlements of securities analyst conflict-of-interest cases.
Volunteers in Clay, Dickinson, Emmet, Kossuth and Palo Alto counties have been trained and are ready to make presentations to groups of people who are predominantly 50 years and over including service clubs, church groups, community organizations, etc.
The SAIF volunteers are also willing to staff booths at health fairs, county fairs and other events. To schedule a presentation, or to find out more about SAIF, contact your county RSVP coordinator.
Some facts about investment fraud include:
- Older Americans (50+) have a greater need for investor education because they have nest eggs, own their own home and have excellent credit, all of which make them the ideal targets for financial con artists.
- Older victims of investment fraud are less likely to report the crime.
- Research has indicated a vast majority of American investors do not appear to possess the basic investor survival skills needed to build their savings into their retirement nest egg.
- Over 75% of investors failed to demonstrate basic investment skills. indicating it’s very important to increase their knowledge of investing.
- Over 75% of seniors are unaware that the Iowa Insurance Division can help them spot and avoid financial fraud, or any other scams.
- More than 90% of investors believe there is an agency that insures people against losing money as a result of investment fraud.
Do you have an email address?
In order to communicate more efficiently with our volunteers, and to save postage and paper, we’d like to use email whenever possible. If you use email regularly, and would like to receive email messages from RSVP, please send your email address to us at: email@example.com.