ARKANSAS SECURITIES DEPARTMENT MARKS WORLD ELDER ABUSE AWARENESS DAY 2024

Promotes Awareness of Mobile Investment App Scams to Older Americans

June 14, 2024 — In recognition of World Elder Abuse Awareness Day on June 15, the Arkansas Securities Department (“ASD”) is raising awareness about the increasing prevalence of mobile app scams and their impact on older investors in Arkansas.

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 ASD recommends investors to be cautious before providing money to 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 Arkansas 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 Susannah T. Marshall, Arkansas Securities Commissioner.

The North American Securities Administrators Association (NASAA), of which the ASD is a member, has developed resources on how to protect oneself from investment scams. You can find NASAA’s investor advisories on its website, including one on mobile app scams.

Commissioner Marshall asks anyone with suspicions of possible senior financial exploitation to contact the ASD at 1-800-981-4429 or by visiting our website at securities.arkanas.gov.