“More than 7.3 million Americans over 65 have been financial-fraud victims, according to a 2010 survey by the Investor Protection Trust, a nonprofit investor-education group. And some of those con artists are their own age,” according to the September/October issue of the AARP Magazine.

How could so many people be duped by con artists? They connect with you because they share your age, background and/social sameness. They might approach you at church, in your retirement community, offering you free dinners, free golf, or something similar. AARP calls this affinity fraud.

Here are some tips from AARP to help protect yourself and your investments:

• Watch for red flags. Basically, if it sounds too good to be true, then it is. Promises of high returns with low risk are not reality. Be safe, find investments that have lower return but also lower risk.
• Ask and check. Contact your state securities agency to research the company and make sure the salesperson and firm are registered and have no history of problems. Also, check with the Better Business Bureau. Verify, verify, verify that you have a legitimate company.
• Buy time. Don’t let them pressure you. Make the decision after you have had time to think about (more…)

Better Business Bureau of Southern Arizona is warning consumers to research cars before purchasing from a used car dealership.

BBB logged 6,915 consumer inquires into used car dealerships since the beginning of 2011, making used car dealerships one of BBB’s most inquired about industries in Southern Arizona.

“Used car dealers are nothing new in the BBB complaint realm,” said Kim States, BBB President. “But with the economy the way it is, we expect the number of complaints to continue to increase.”

When purchasing a used car, BBB suggests:

• Research the dealership with BBB.
• Get everything agreed to in writing. Verbal agreements guarantee nothing.
• If the dealer is responsible for repairs, be sure to get them on a due bill.
• Have a mechanic independently contracted examine the vehicle prior to purchase.
• Test drive the car in varied conditions. Avoid buying a car you cannot test drive.
• Obtain a CarFax report and be wary of any refurbished vehicle.
• Check for any recalls with the U.S. Department of Transportation.
• Realize there is no “cooling off” period for used cars unless the option is purchased along with the car.

What do you do when your windshield wipers stop working, your left taillight burns out, and your brakes give out? Some may opt to fix the problem themselves, but many turn to the services and handiwork of auto repairmen. While most auto repairmen are honest and forthcoming, consumers need to be on the lookout for those that are trying to make a quick buck. Better Business Bureau of Southern Arizona is advising consumers to do their research before turning their car over to an auto repair service.

When your vehicle needs repairs, you don’t need a crash course in auto mechanics, but you should know how to find a reliable shop and mechanic. It’s important for consumers to be on the lookout for scams like overcharging on repairs, charging for labor that was never performed, and performing shoddy work. In 2010, BBB received a whopping 12,682 complaints against auto repair mechanics. In this year alone, BBB has already received nearly 11,000 complaints.

“Many times consumers realize that they have been scammed, but they don’t have any way of proving it,” said Kim States, BBB President. “It’s extremely important to get all estimates for parts and labor in writing first before authorizing anything.”

BBB recommends the following tips to consider before turning over your car to an auto repair service:

Get a least three referrals. If you are looking for a qualified mechanic, ask friends, family and co-workers for recommendations. Be sure to check the business with www.tucson.bbb.org to see if there (more…)