In recognition of World Elder Abuse Awareness Day on June 15, Attorney General Alan Wilson is raising awareness about the increasing prevalence of mobile app scams and their impact on older investors in South Carolina. Mobile apps have become a common tool for investors, providing an inexpensive alternative to consulting with an investment professional. However, this convenience can come with risks. Scammers have infiltrated the mobile app marketplace, offering unregistered securities and advertising investment opportunities as risk-free, low-risk, or guaranteed.
To help protect senior investors, the Attorney General’s Office recommends caution before providing money through mobile investment apps. It is crucial to research the product and the person offering it to ensure they are both registered.
“We want to give older investors in South Carolina the education and tools needed to make good decisions about their finances and avoid scams. This includes being aware of the risks associated with mobile investment apps. Remember, there is nothing convenient or safe about getting your money stolen,” said Attorney General Alan Wilson. “My office is actively working to combat cases of abuse and exploitation by providing tools and resources for investors and caregivers. You can visit our website to learn more.”
The North American Securities Administrators Association (NASAA), of which South Carolina is a member, has developed resources on how to protect oneself from investment scams. NASAA’s investor advisories include information on mobile app scams and are available on its website.
Attorney General Wilson asks anyone with suspicions of possible senior financial exploitation to contact the Securities Division of the Attorney General’s Office by calling 803-734-9916 or by emailing [email protected]. Investors can submit a complaint or request an investor protection speaker by visiting the Attorney General’s Office website at InformedInvestorSC.com.