HALLANDALE BEACH, Fla., Aug. 13, 2013 /PRNewswire/ -- The July 29, 2013, launch of Fraudbuster Reports by leading consumer and investor protection services firm Fraud Protection Network (FPN) is designed to help senior citizens avoid falling prey to common scams and fraudulent schemes in the consumer marketplace. Due to the prevalence of these types of crimes, the National Council on Aging has called scams that target seniors "the crime of the 21st Century." FPN's full line of services can provide guidance and support for older individuals and couples in avoiding fraudulent transactions and protecting themselves against financial scammers.
Each year, older Americans lose billions of dollars to sham investments, dishonest commercial transactions and outright scams.
- Major insurer MetLife estimates that individuals over 60 years of age experienced losses of nearly $3 billion due to scams, frauds and sham investments in 2010. This represents a 10 percent increase over similar loses in 2009.
- According to research performed by the Certified Financial Planner Board of Standards, the average amount lost by senior citizens to these fraudulent transactions is $141,000.
- Figures released by the Federal Trade Commission indicate that older Americans lose an estimated $35 million each year trying to claim fake lottery and sweepstakes prizes.
Senior citizens may be especially vulnerable to certain types of fraud that include the following tactics:
- Healthcare scams that bill insurers for services not rendered or not needed
- Counterfeit prescription medications that can actually harm patients when used as directed
- Fake lottery and sweepstakes prizes that solicit a small advance cash payment to claim a much larger sum
- Reverse mortgages from disreputable or unknown companies
These fraudulent schemes are among the most common scams that target senior citizens in the U.S. The Fraudbuster Reports service can be used to check out any company that offers services or provides investment opportunities for senior citizens. Fraudbuster Reports from FPN can be used to obtain a wide range of data on potential investments and retirement plans:
Protections for Consumers:
- Comprehensive identity and background checks on businesses that target the senior citizen market, especially medical insurance plans, reverse mortgage offers and online prescription medication companies
- Assessment and evaluation of online complaints to verify their credibility
- Licensing checks to ensure proper federal and state credentials and business licenses
- Contact with listed corporate references to ensure the authenticity of companies that offer services to older individuals
Senior citizens also receive personalized services from their own personal account executive to streamline the investigative process and ensure a comfortable working relationship.
Protections for Investors:
- Due diligence investigations that identify primary stockholders and officers for companies and that disclose liens, judgments, pending charges and bankruptcies
- In-depth evaluation of all information provided to senior citizens regarding the investment opportunities
- Previous and current employment histories for company officers and board members
- License checks for brokers to ensure appropriate state and federal licensing and to identify any areas of concern in the brokerage history
- Reference checks and financial data for brokers and investment advisors
- Investor protections also include all features available in the consumer protection tier
FPN does not evaluate the likely profitability of investments. However, the services rendered by FPN can help senior citizens avoid fraudulent investment schemes that offer no chance of financial gain.
To promote these new services and the launch of Fraudbuster Reports, FPN has begun a major media push that includes advertising spots on major networks that include CNBC, Fox News, Fox Business, MSNBC, CNN and CNN Headline News and Bloomberg TV. The commercial can also be viewed online at https://www.youtube.com/watch?v=ocieWK1hDq8.
About Fraud Protection Network:
Since its founding in 2012, FPN has provided advanced investigative services to help clients avoid being taken in by scammers and fraudulent companies. Because senior citizens are especially vulnerable to these dishonest schemes, FPN provides an exceptional range of services that are specifically designed to prevent scammers from preying on older Americans. The newly released Fraudbuster Reports products will offer even more protection for these at-risk individuals and can ensure a brighter financial future for senior citizens.
Video with caption: "Fraud Protection Network TV Ads." Video available at: https://www.youtube.com/watch?v=ocieWK1hDq8
SOURCE Fraud Protection Network