Older investors may be more vulnerable to social media investment fraud. An experienced investment fraud lawyer explains more about these scams here.
As more and more retirees and pre-retirees turn to Facebook, LinkedIn, Twitter, and other social media sites for their investment news and information, more and more con artists are also turning to social media to target older investors for investment scams.
Here are a few reasons older investors could be especially vulnerable to social media fraud:
- It’s easy to fake a website or email that looks professional. Just because a website, an email, or an ad looks professional doesn’t mean it’s not a scam. Beware of websites that don’t have a phone number or physical address for the company, and always verify what you’ve been told by doing outside research.
- It’s easy to build trust on social media sites. Sites like Facebook are social by nature, and it’s easy for strangers to start feeling like friends. Some con artists take advantage of the guise of online friendship to pitch you an investment scam.
- Older investors are more likely to feel retirement looming. Many older investors are concerned about their retirement finances and thus may be more vulnerable to scams that promise high returns over a short period of time.
- Older investors may not be as tech savvy as the fraudsters targeting them. Although it’s not always the case, many fraudsters believe they can take advantage of seniors who aren’t as “computer literate” as their younger counterparts and may be more vulnerable to online tricks and schemes.
If you are a retiree or pre-retiree and want to reduce your chances of becoming a victim of social media investment fraud, the best step you can take is to learn how to spot a scam. Request your FREE copy of our helpful book Five Signs of Investment Fraud…And What to Do if It’s Happened to You. To request your copy or to speak with an experienced investment fraud lawyer, please give us a call today.