The largest independent regulatory body in the USA FINRA or the Financial Industry Regulatory Authority, introduced a hotline focused on senior citizens who are often victims of binary options scams and other types of financial frauds present on the US market.
Elderlies are often vulnerable as we all lose mental capacity as we age, and they are often isolated and have no one to turn to financial advice. On the other hand, scam binary brokers and others are often using convincing techniques and are promising financial safety while downplaying the true risk.
Hotline Against Financial Scams
Securities Helpline for Seniors is the best source of information for all investment related topics. It provides everything citizens need to know about investing, accounts, brokerage, and offers several tools and materials on finances. Also, traders can ask questions about brokerage houses and individual brokers. This reduces the risk of false representation, as FINRA can simply deliver work history, qualifications, license status etc. to the potential trader.
US traders can trade regulated binary options with NADEX!
FINRA is a self-regulatory organization that introduced this hotline in 2015, and received over 7,000 calls ever since. The greatest success of the hotline is that FINRA managed to detect many scams involving false lottery wins, taxes, binary options scams, and fake check frauds. FINRA is also teaching traders how to recognize scams and protect their money by publishing articles and guides. For example, IRS will never contact citizens via phone, so if someone calls and tries to convince trader they work for IRS – it is a scam.
US Agencies Scam Protection
FINRA collaborates with other agencies as well, and has already started several investigations. FINRA forwarded over 500 cases to authorities and regulatory bodies.
Other agencies and organizations that can help traders who encounter binary options scams, and other types of frauds are:
- AARP (American Association of Retired Persons)
- NASAA (North American Securities Administrators Association)
- Securities and Exchange Commission
FINRA, however, reports that most scams are discovered after the trader’s money is long gone. For this reason, they recommend reaching to them on time and doing a proper research before making a deposit or giving anyone your private data.
FINRA Securities Helpline for Seniors: (844)574-3577
Trade only with safe and regulated binary brokers like NADEX!