TENNESSEE REGULATORS ISSUE URGENT WARNING ON RISING DIGITAL AND A.I. FINANCIAL SCAMS
The Tennessee Department of Commerce & Insurance’s (TDCI) Securities Division has issued an urgent advisory warning residents to stay vigilant against a surge in sophisticated financial fraud.
State regulators highlighted that financial exploitation is a growing threat affecting Tennesseans of all ages. Modern scams increasingly leverage advanced technology and trusted relationships, including:
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Digital asset schemes
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Social media fraud
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A.I.-enabled impersonation scams
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Efforts to exploit the trust and goodwill of seniors
Key Protection Strategies for Investors
To safeguard hard-earned savings, the TDCI Securities Division recommends taking the following precautions:
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Ask Questions and Be Skeptical: If an investment opportunity sounds too good to be true, it likely is. Never hesitate to walk away from a suspicious pitch.
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Research Brokers and Advisers: Check the backgrounds of financial professionals and firms using BrokerCheck.
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Verify Registration: Always confirm that the individual or entity offering the investment is properly registered with securities regulators.
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Appoint a Trusted Contact: Designate a trusted contact for your brokerage account to serve as a safety net in case your financial firm suspects fraud or cannot reach you.
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Understand the Risks: Be fully aware of investment risks, including the possibility of losing your entire principal.
How to Report and Get Help
Early reporting is critical to recovering lost funds. If you suspect that you or an elderly loved one is being targeted, contact the TDCI Securities Division immediately:
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Phone: (615) 741-2947 or (800) 863-9117 (Toll-Free)
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Email: [email protected]
