Financial regulators warn of rising fraud targeting older investors

FINRA, the US financial regulator, has warned that scammers are increasingly stealing money from investors, especially older adults.

Fraudsters typically call or email victims and pretend to be police officers, FBI agents, or bank employees. They create a fake emergency to frighten people into moving money quickly. Victims often transfer funds to outside accounts before they realise what has happened.

FINRA says people should stop all contact immediately if someone pressures them to transfer money. It is also a good idea to speak with a family member or trusted friend before taking any action.