Iowa Insurance Division to bring ‘Fraud Fighters’ program to Burlington

April 30-- Apr. 30--The Iowa Insurance Division will bring a program to Burlington next month to help guard Iowans against investment, insurance and consumer fraud.

Iowa Fraud Fighters -- Shield Your Savings is aimed at educating Iowans 65 and older on how to combat fraud and report investment schemes, fraudulent robocalls, imposter scams, Medicare fraud and others.

A press release issued Monday by the Iowa Insurance Division cited a 2015 True Link report on elder financial abuse, stating an estimated one in three Americans over 65 were affected by financial abuse over a five-year period. The report estimated senior citizens lose $36.5 billion annually due to financial exploitation, criminal fraud and caregiver abuse.

"Fraudsters target seniors because they know these hardworking Iowans have saved for their retirements and that is where the money is," said Iowa Insurance Commissioner Doug Ommen, in a statement. "Being a victim is not a weakness; these perpetrators are professional con artists who have scammed the most sophisticated of investors. In fact, the True Link report found those with post-graduate degrees are more likely to be defrauded and tend to lose more than others."

U.S. Sen. Charles Grassley issued a statement Friday about the TRACED (Telephone Robocall Abuse Criminal Enforcement and Deterrence) Act, a bipartisan effort in Congress to strengthen penalties against "telemarketers who prey on consumers." Under the legislation, Grassley proposed allowing the Federal Trade Commission (FTC) to fine scammers up to $10,000 per illegal call.

"The seriousness of the problem has reached a boiling point," said Grassley, in a statement. "I'm hearing regularly from Iowans at my county meetings and through calls and emails that they're fed up with and worried about the incessant, unsolicited calls."

Currently, the FTC operates an online "Do Not Call" registry for consumers to request their phone numbers be removed from telemarketing call lists.

Early in April, the Lee County Sheriff's Office posted two notices on its Facebook page within days of each other, warning local residents about robocalls claiming to be from the IRS and another saying "your Apple ID has been compromised" and the caller needed money to fix it.

In March, the sheriff's office said it received a tip from a Keokuk resident about fraudulent change of address cards allegedly coming from the U.S. Postal Service.

At the fraud prevention forums, Ommen shares the story of Martha-Jo Ennis, a retired teacher from Marion, who was victimized by an investment scheme costing her more than $1 million in lost retirement savings and money from the sale of her family's farm.

"At these forums, we stress the importance of reporting fraud to the appropriate authorities, and the state has been able to prosecute, get injunctions and settlements from investigations stemming from information gathered at these forums," Ommen said.

Consumers with insurance or investment questions or complaints can call the Iowa Insurance Division at (877) 955-1212 or online at www.iid.iowa.gov.

The Iowa Insurance Division collaborates with other state agencies to host the fraud forums, including a panel discussion with Ommen; Al Perales, investigator with the Iowa Attorney General's Office; and Kris Gross, director of the Senior Health Insurance Information Program and Senior Medicare Patrol.

Ommen encourages Iowans to visit IowaFraudFighters.gov to learn about common scams and how to prevent them.

Top tips from the Iowa Insurance Division include:

--If it sounds to good to be true, it probably is neither good nor true;

--Never send money today for the promise of receiving more money later;

--Don't give out your personal information to anyone you don't know -- ever. The IRS, Medicare, Social Security Administration, your banks and credit care companies already have your personal information. They would never call you or email you and ask you for it. It is an imposter scam.

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