Iowa Fraud Fighters Program Is Here for You

By Doug Ommen, Iowa Insurance Commissioner

It is inevitable that as we age, we may start to lose some of our cognitive thinking abilities. Research has shown that one of the first abilities to show decline is financial capacity.

Financial capacity or literacy is the aptitude to manage money and financial affairs appropriately and in keeping with personal interests. This capacity includes being able to manage money by paying bills, spending wisely, and avoiding financial exploitation.  Individuals with good financial literacy skills are less vulnerable to financial fraud.

Additionally, financially literate seniors are less likely to develop Alzheimer’s dementia than older people who are not financially literate, according to a new study released by the Financial Industry Regulatory Authority (FINRA) Investor Education Foundation and researchers from Rush University Medical Center.

According to FINRA Foundation president Gerri Walsh, the research does suggest that education and outreach programs aimed at increasing financial and health literacy are important to preserve cognitive health among older adults. Targeting soft psychological factors, such as confidence, could benefit cognitive health and well-being.

Attending Iowa Fraud Fighters forums or reviewing the information on the Iowa Fraud Fighters website are great ways to learn about different types of investment scams and increase your financial education as a form of protection.

The Iowa Department of Insurance and Financial Services, Iowa Attorney General’s Office, SHIIP/SMP and our other partners cannot wait until the day we can have Iowa Fraud Fighters forums in your communities again. It’s so nice to share a meal, a cookie and our stories together, while we learn of new scams to avoid and fight off those fraudsters. As Iowa Fraud Fighters, let’s renew our pledge to keep learning and protecting our health and our wealth.

And please remember that, just because we are not physically meeting at forums during these times, we are still only a phone call away if you are approached by a con artist or just need a friend to talk something over.

On behalf of our entire Iowa Fraud Fighters team, we wish you all a joyous holiday season and good health and financial wellness in 2021.