Sagewell CEO Sam Zimmerman provides insights on the impact of crypto scams on seniors to “The Street.com”
Sagewell CEO Sam Zimmerman was interviewed recently for TheStreet.com regarding the dramatic increase of cryptocurrency-related scams that target seniors. Emmy Award winning journalist Jeanette Pavini specializes in consumer news and protection and she spoke with Sam about the rise in popularity of cryptocurrency, and the corresponding number of people falling victim to scams. Some of his quotes can be seen below. You can read the whole article here.
...Sam Zimmerman is the CEO of Sagewell Financial, an online banking and retirement platform geared to helping adults 55 and older. Zimmerman says there are some common scams fraudsters use. Asking people to convert investments into real crypto and tricking them into transferring it—never to be seen again—is at the top of the list.”
“Be particularly wary about people asking you to change money into cryptocurrencies. Once converted to crypto it is largely unregulated, unprotected, and uninsured, making it easier to get away and virtually impossible to recover.”
Sam Zimmerman, FOunder and CEO of Sagwell Financial
…Zimmerman’s advice is to always ask about any investments which you don’t understand. Many people have heard of cryptocurrency and have seen news reports on the outrageous profits some have earned. It may seem like a gold rush and scammers will prey on this by creating false cryptocurrencies and Ponzi schemes. Relationship scammers often will ask for money so they can invest in “sure-thing” crypto tips as well.
You can learn more from Jeannette Pavini online and on social media here:
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Instagram: TheStreet
Twitter: @jeanettepavini
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