With tax season arriving, Attorney General Ashley Moody is warning consumers about an evolved form of phishing attack. [Read more…] about Consumer Alert: Beware of Conversation Hijacking Scams
Consumer Alert
Consumer Alert: Military Fee Reimbursement Program
Florida is the most military friendly state in the nation, with more than 1.5 million military veterans living in the Sunshine State. Last year, the Florida Legislature passed House Bill 29 to help military members in Florida by allowing for certain financial services business licensure fees to be reimbursed. [Read more…] about Consumer Alert: Military Fee Reimbursement Program
Consumer Alert: Military Fee Waiver Program
Active military members, veterans, and their spouses can now apply for reimbursement
of mortgage loan originator and securities associated person license fees
The Florida Office of Financial Regulation today announced that rulemaking to implement Florida House Bill 29, the Don Hahnfeldt Veteran and Military Family Opportunity Act, is complete. Active military members, veterans, and their spouses can now apply for reimbursement of fees associated with licensure of mortgage loan originators and securities associated persons. [Read more…] about Consumer Alert: Military Fee Waiver Program
Consumer Alert: Self-Directed IRAs
Individual retirement accounts (IRAs) are an important piece of your retirement planning. Self-directed IRAs have become a popular choice for those looking to supplement their nest egg. While most IRAs invest your money in stocks, bonds, mutual funds, etc., which are registered with regulatory organizations, a self-directed IRA allows the owner more control over where the money is invested, including unregistered investments. [Read more…] about Consumer Alert: Self-Directed IRAs
CFO and State Fire Marshal Jimmy Patronis Consumer Alert
Insurance Experts on the Ground for Franklin County Residents Impacted by Fire
CFO and State Fire Marshal Jimmy Patronis yesterday directed his Division of Consumer Services to send insurance experts to Franklin County to assist residents with navigating the insurance claims process. Insurance experts will be on the ground today, June 26, and Wednesday, June 27, from 9 a.m. to 3 p.m. [Read more…] about CFO and State Fire Marshal Jimmy Patronis Consumer Alert
Consumer Alert: Retirement Planning Tips
Planning for something that seems far off in the future or feels unattainable, like retirement, may seem like a daunting task. According to the National Retirement Planning Coalition, only 22 percent of baby boomers believe that they are adequately preparing financially for retirement, and 58 percent of generation x-ers haven’t even tried to calculate how much they need for retirement. The Florida Office of Financial Regulation reminds Floridians that having a comprehensive retirement plan is key to a successful and stress-free retirement. Below are tips to get you started:
Think about your retirement goals. Do you plan to travel extensively, live in a different city or plan to retire at a certain age? Thinking about what you want out of retirement will help you better understand how much money you will need.
Make a plan. After assessing your desired retirement goals and financial situation, create a savings strategy. Aim to increase your savings regularly, and periodically re-assess and potentially re-align your strategy as your goals, financial situation, and life changes. Online retirement calculators can be very helpful. Be sure to include healthcare costs in your retirement plan.
Protect yourself from fraud. Unfortunately, retirees are targets of scams. Know the red flags of common scams ensnaring retirees, like investment scams, reverse mortgage scams and identity theft. Be wary of unsolicited offers and remember, if it sounds too good to be true, it probably is.
The Florida Office of Financial Regulation offers Floridians a robust online Consumer Knowledge Center, where you can find more information on many financial topics, including tips on how to spot potential financial scams.
Consumer Alert: How to Spot the Warning Signs of Identity Theft
Identity theft reached a record high in 2017, impacting nearly 17 million Americans. The Florida Office of Financial Regulation (OFR) encourages you to take steps to protect your identity and personal information. Identity theft can happen to anyone, anywhere, and sometimes taking the appropriate precaution just isn’t enough. As soon as thieves have your personal information, they can drain your accounts, charge your credit cards, open new accounts, get medical treatment on your health insurance, and file taxes in your name – and even steal your tax refund.<
How do you know if your identity has been stolen? Be on the lookout for these key indicators of identity theft.
- You see suspicious transactions on your bank account that you don’t recognize.
- You find unfamiliar accounts or charges on your credit report.
- You get calls from debt collectors about debts that aren’t yours.
- The Internal Revenue Service notifies you that more than one tax return was filed in your name, or that you have income from an employer for whom you don’t work.
- You’ve stopped getting certain bills or other mail.
- Medical providers bill you for services you didn’t use.
- You’re notified that your information was compromised by a data breach.
What can I do if my identity has been stolen?
- Report it as soon as possible, and get a recovery plan.
- Depending on what information is lost or exposed, check out the steps you can take to recover.
How can I protect myself?
- Be vigilant.
- Monitor your bank and credit card transactions regularly.
- Shred unnecessary personal documents and unwanted mail.
- Check your credit report and credit score quarterly, or at least annually.
- Turn on two-factor authentication wherever possible. Enabling two-factor authentication on sites that have that capability, where a separate action must be taken beyond providing a username and password to access an account, can make it more difficult for fraudsters to take over your accounts.
- If necessary, place fraud alerts or security freezes on your credit files.
- Sign up for account alerts. Early detection via text messages and emails can help minimize the damage of identity theft.
The OFR offers Floridians a robust online Consumer Knowledge Center, where you can find more information on several financial topics.
Consumer Alert: America Saves Week
America Saves Week is recognized February 26 – March 2, to raise awareness and empower you to save money and build personal wealth. The Florida Office of Financial Regulation encourages Floridians to take time to assess their finances and make savings a regular habit.
America Saves is asking individuals to take a pledge to commit to saving money on a regular basis. Take the pledge to save at americasaves.org. Below are some helpful steps to ensure success:
- Assess your finances. Review your income and expenses, noting which expenses are necessary and which aren’t. Determine an amount to save every month.
- Set a goal. When deciding on goals, be sure to include short-term goals and long-term goals. Short-term goals are helpful for more immediate purchases, like a vacation or car. Long-term goals are important for retirement planning and building wealth.
- Create an action plan. Consider how long it will take you to reach your desired goal. It’s a good strategy to increase your savings amount each year when you review your finances.
- Make savings a habit. Make a commitment to paying yourself every month, just like you would a monthly expense. Automatic withdrawals are a simple way to make saving easy.
The Florida Office of Financial Regulation offers Floridians a robust online Consumer Knowledge Center, where you can find more information on several financial topics.
Consumer Alert from Florida Office of Insurance Regulation: Cryptocurrency
Initial Coin Offerings (ICOs) and cryptocurrency-related investment products have been identified as emerging investor threats for 2018. Cryptocurrencies are a medium of exchange that are created and stored electronically in the blockchain, a distributed public database that keeps a permanent record of digital transactions. Common cryptocurrencies include Bitcoin, Ethereum and Litecoin. Unlike traditional currency, these alternatives have no physical form and typically are not backed by tangible assets. They are not insured or controlled by a central bank or other governmental authority, cannot always be exchanged for other commodities, and are subject to little or no regulation. The Florida Office of Financial Regulation encourages Floridians to be very cautious of investments involving cryptocurrency.
Some common concerns investors should consider before investing in any offering containing cryptocurrency include:
- Cryptocurrency is subject to minimal regulatory oversight, susceptible to cybersecurity breaches or hacks, and there may be no recourse should the cryptocurrency disappear.
- Cryptocurrency accounts are not insured by the Federal Deposit Insurance Corporation (FDIC), which insures bank deposits up to $250,000.
- The high volatility of cryptocurrency investments makes them unsuitable for most investors.
- Investors in cryptocurrency are highly reliant upon unregulated companies, including some that may lack appropriate internal controls and may be more susceptible to fraud and theft than regulated financial institutions.
- Investors will have to rely upon the strength of their own computer security systems, as well as security systems provided by third parties, to protect purchased cryptocurrencies from theft.
Check out this video to help you understand the risks associated with ICOs and cryptocurrencies.
If you feel that you may be a victim of investment fraud or to report suspicious activity, please file a complaint with the Florida Office of Financial Regulation online, flofr.com, or call (850) 487-9687.
Consumer Alert: Financial Abuse by Guardians
If no designated beneficiary or advance directive exists or either is contested, a guardian may be assigned by the court to oversee financial matters in cases where an individual is no longer able to do so for themselves. Unfortunately, there are unscrupulous guardians looking to take advantage of unsuspecting victims. The Florida Office of Financial Regulation encourages Floridians to be aware of the red flags indicating potential guardian financial abuse.
The North American Securities Administrators Association (NASAA) recently unveiled a new publication, “Guarding the Guardians,” aimed at helping consumers identify signs of guardian financial abuse. Signs of potential financial abuse by a guardian may include:
- Using guardianship authority to transfer property for the guardian’s benefit.
- Receiving personal payments from a protected individual without court permission.
- Authorizing frequent cash withdrawals from the protected individual’s accounts without explanation.
- Using or borrowing property for personal benefit without court authorization.
- Making unexplained decisions that are not in the protected individual’s best interest.
Even though a family member may not want to take on the role and responsibilities associated with guardianship, it’s still important for a family member or trusted contact to monitor the activities of the guardian. If you suspect abuse, contact appropriate authorities, such as law enforcement, Adult Protective Services, or your legal representative. “Guarding the Guardians” can be downloaded from NASAA’s Serve Our Seniors website here.
The Florida Office of Financial Regulation offers Floridians a robust online Consumer Knowledge Center, where you can find more information on several financial topics.
To report suspected guardian financial abuse, please contact Adult Protective Services and local law enforcement.
