Rosendale says Watch Out for Coronavirus Related Financial Scams
Montana State Auditor and Insurance Commissioner Matt Rosendale’s office is reaching out to residents to warn about possible coronavirus related scams that would seek to take advantage of the current medical crisis.
Spokesman Kyle Schmauch provided details.
“Con artists will take advantage of current events like the coronavirus and the related volatility in the stock market to make rushed financial decisions out of fear and then sucker them into a scam,” said Schmauch. Watch out for some who may cold-call you and is using high pressure sales tactics to make you act right now because there’s an opportunity too good for you to pass up.”
Schmauch said it’s important to do your homework and research these claims before investing.
“Make sure anyone who is trying to sell you an investment is properly registered and licensed,” he said. “You can check with our office to verify all that, and remember, if an opportunity sounds too good to be true, it probably is. Always make sure you’re dealing with a reputable person and don’t let someone sucker you into a scam.”
Schmauch said the most likely population to be targeted is the elderly.
“Con artists try to trick people all the time,” he said. “They particularly prey on older people and vulnerable adults. Primarily they prey on seniors and those approaching that age because they have spent a lifetime working and saving money. Seniors tend to have more assets than younger people, so those who have parents or grandparents should especially be ion the lookout for those who are trying to con them out of their life savings.”
Schmauch provided a website and a phone number for anyone with questions, or about a scam that may be making the rounds in Montana.
The Montana State Auditor’s office can be reached at 406-444-2040 or at www.csimt.gov.