How to stop investment fraud

Radio Transcript, 2 minutes 10 seconds, for use during week of April 14.

Description:  Susan and Craig Goettsch, director of investor education for the Iowa Insurance Division discuss the educational efforts of the Iowa Insurance Division.

Announcer: Invest Wisely comes to you from Iowa State University Extension through a grant from the Investor Protection trust, providing investor education on the web at: investorprotection.org.

Susan: Craig, thanks so much for taking the time to talk to me about investment fraud.  Last week, I worked with my mother to file a complaint about an investment fraud that she’d fallen for.  As we were working on that, she asked me where she could go to find information or ask questions so it doesn’t happen again.

Craig: Seniors Against Investment Fraud--SAIF--is a new investor education service of the Iowa Insurance division.  The program was funded by money received from settlement agreements between regulators in many states and large investment firms.

Susan: How can SAIF help my mother and other seniors like her?

Craig: The program can provide people like your mother and other Iowa seniors with the information they need to recognize investment fraud and to stop it from occurring.  It can help them learn who to call to report fraud or to confirm the credentials of a salesperson.

Susan:   That sounds like a great program.

Craig: It’s dedicated to consumer education about investments and works at the grassroots level by enlisting and training retired and senior volunteers.

Susan: How can she contact Seniors Against Investment Fraud for herself?

Craig: She can call the phone number 877-955-1212 or visit the website: www.investsmartiowa.gov. 

Susan: Thank you so much, Craig, for all your help. 

Craig: You’re welcome and remember, the key message of the SAIF program is: Stop, Call and Confirm.  Stop the scam from happening.  Call the Iowa Insurance Division before taking action.  Confirm the accuracy of the information you’ve been given before proceeding.

Susan: Stop, Call, and Confirm.  I’ll remember that!  And, as always I’ll be visiting extension.iastate.edu and looking for ‘Invest Wisely.’