NASAA Focuses on Fraud Prevention During America Saves Week

Protect Wealth through Fraud Prevention

WASHINGTON, D.C. — The North American Securities Administrators Association (NASAA) has joined America Saves Week to encourage investors not only to save but also to protect their assets through fraud prevention.

America Saves Week partners urge consumers to take financial action by committing to save, invest and build wealth. NASAA calls on investors to participate in America Saves Week events to discover how they can save, invest and, most importantly, safeguard their assets from investment fraud.

“Conventional wisdom tells us an ounce of prevention is worth a pound of cure. In these tough economic times, we encourage investors to verify before they buy,” said Fred Joseph, Colorado Securities Commissioner and President of NASAA. “Taking the time to ask a few key questions can spell the difference between a financial gain and loss. The good news is that investors of all ages have the opportunity to learn how fraud prevention can safeguard their assets from fraud during America Saves Week.”

NASAA recommends these investment fraud prevention tips for savers:

  • Verify before you buy. If it sounds too good to be true, it probably is.
  • Check out the license and background of anyone selling investments.
  • Take your time. Don’t give in to high-pressure sales tactics.
  • If you’ve been a victim of fraud, contact your state securities regulator. Contact information is available on the NASAA website at www.nasaa.org.

“The reality of the current economic downturn means that no one can afford the loss of their hard earned money to investment fraud. While you may not be able to control the ups and downs of the market, you can protect your savings by putting these fraud prevention tips to work for you,” Joseph said.

“We are delighted to welcome NASAA as a partner again this year,” said Nancy Register, director of the America Saves campaign. “NASAA and its membership commit an enormous amount of resources to educating the public about investing and fraud prevention as a way to safeguard savings, which is especially important in tough economic times.”

America Saves Week (February 22 – March 1), an annual event first organized in 2007, aims to promote personal savings, help citizens learn more about the issue and provide concrete opportunities to save. Through information, advice and encouragement, educators assist those who wish to pay down debt; build an emergency fund; and save for a home, education or retirement.

Joseph urges investors to contact their state securities regulator with any questions about an investment product, broker or adviser before making an investment. “The best time to call us is before you part with your hard earned money,” Joseph said.

NASAA is pleased to join the sponsor of America Saves Week, the Consumer Federation of America, and other partners such as the Federal Reserve Bank, United Way of America and the U.S. Department of Defense to promote savings during this week.

About NASAA: NASAA is the oldest international organization devoted to investor protection. Its membership consists of the securities administrators in the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Canada and Mexico. www.nasaa.org

About America Saves: America Saves is a nationwide campaign run by the Consumer Federation of America that encourages savings among low- to moderate-income households. More information about America Saves Week is available at www.americasavesweek.org.

For more information:
Bob Webster, Director of Communications
Melinda Semadeni, Investor Education Manager
202-737-0900

2009 Headlines, Newsroom