The Tennessee Department of Commerce & Insurance (TDCI) Division of Securities is raising awareness about the potential risks of investing in unregulated products like cryptocurrency, particularly among seniors. TDCI Commissioner Carter Lawrence emphasized the importance of protecting the financial independence of Tennessee’s elder population and encouraged seniors, their loved ones, or caregivers to contact the department for assistance with investments or insurance policies.
To safeguard senior investors, TDCI offers several key pieces of advice. They recommend thoroughly understanding the risks associated with cryptocurrency, including the potential for total loss. Investors should verify that the individual or entity offering the investment is registered with securities regulators. Seniors are advised to avoid sharing personal or account information with digital avatars and to be cautious of unsolicited online investment advice and misinformation. If there are any questions or suspicions of fraud, seniors are urged to contact TDCI’s Securities Division for more information and support.