Understanding Crypto Risks: TDCI’s Tips for Seniors Investors

• TDCI warns seniors about risks of unregulated cryptocurrency investments.
• Verify investment providers and avoid unsolicited online advice to prevent fraud.

Proactively promoting knowledge of the possible hazards involved in investing in unregulated items, such cryptocurrency, is the Tennessee Department of Commerce & Insurance (TDCI) Division of Securities. This effort aims to protect seniors citizens, in particular, from financial abuse and fraud.

In advance of World Elder Abuse Awareness Day, TDCI Commissioner Carter Lawrence urged Tennessee’s senior population to contact him or their caregivers with any questions they may have about investments or insurance policies.

Protecting Seniors Investors

The TDCI has given senior investors important advice to help lower the risks associated with cryptocurrency investments. It is recommended that seniors be aware of the inherent hazards, which include the potential loss of their whole investment.

Verifying that any individual or organization providing investment possibilities is registered with securities regulators is also quite important.

Seniors should use prudence and refrain from giving digital avatars access to their personal or account details. They should also avoid unsolicited online investing advice and false information, which frequently take the form of fake news or online celebrity endorsements.

Recent bankruptcy filings by a number of exchanges due to the growing popularity of cryptocurrencies emphasize even more how erratic these investments may be.

Seniors and those who care for them are urged to get further information and support from the TDCI Securities Department if they have any concerns or suspect fraud. By taking this preventive step, Tennessee’s older citizens can avoid becoming victims of con artists who could endanger their financial future.

Key Tips  

The possibility of losing their entire investment should be well known to seniors. Make sure that the individual or organization providing the investment is registered with the securities authorities. Seniors should not give avatars or unsolicited contacts their personal or account information. They should avoid misleading material and unsolicited investment advice.

Aside from “Pig Butchering” scams, the TDCI has also been alerting people to other fraudulent schemes involving the metaverse. In many of these scams, the offenders progressively establish a rapport with the victim before persuading them to engage in phoney ventures.