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TDCI’s advice for senior investors
- TDCI warns seniors about the risks of unregulated cryptocurrency investments.
- Check investment providers and avoid unsolicited online advice to prevent fraud.
Proactively promote awareness of possible related dangers invest for unregulated items, such as cryptocurrency, it is the Securities Division of the Tennessee Department of Commerce and Insurance (TDCI). This effort aims to protect senior citizens, in particular, from financial abuse and fraud.
Ahead of World Elder Abuse Awareness Day, TDCI Commissioner Carter Lawrence urged Tennessee’s elderly population to contact him or their caregivers with any questions they may have about investments or insurance policies.
Protection of senior investors
The TDCI has provided senior investors with important advice to help reduce the risks associated with cryptocurrency investments. Seniors are advised to be aware of the inherent risks, which include the potential loss of their entire investment.
It is also very important to check that any individual or organization offering investment opportunities is registered with securities regulators.
Seniors should exercise caution and refrain from giving digital avatars access to their personal or account details. They should also avoid unsolicited content online invest false advice and information, which often takes the form of fake news or online celebrity endorsements.
Recent bankruptcy filings by numerous exchanges due to the growing popularity of cryptocurrencies further highlight how erratic these investments can be.
Older people and those who care for them are advised to obtain further information and support from the TDCI Securities Department if they have any concerns or suspicions fraud. By taking this preventative measure, older Tennesseans can avoid becoming victims of scammers who could jeopardize their financial future.
Key Tips
The possibility of losing everything investment it should be well known to the elders. Make sure the individual or organization providing the investment is registered with supervisory authorities. Seniors should not provide unsolicited avatars or contacts with their personal or account information. They should avoid misleading material and unsolicited investment advice.
In addition to the “pig slaughter” scams, the TDCI has also alerted people to other fraudulent schemes involving the metaverse. In many of these scams, criminals gradually establish a relationship with the victim before convincing them to undertake bogus ventures.
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