The Division of Banking and Securities’ mission is to protect consumers of financial services and promote safe and sound financial systems. We have seen multiple instances of elder fraud and scams involving different approaches: Purchasing investments – gold and silver; online shopping; business impostors; tech support; government impersonation; romance scams.

Most recently, the financial circumstances of some older Alaskans have been negatively impacted by a scam involving precious metal trading. The Division of Banking and Securities advises Alaskans to be mindful of financial transactions stemming from unsolicited phone calls, emails or mail. Additionally, if you are asked to send money overseas, please talk to a trusted source which may include your bank, relatives, or law enforcement agencies.

What you can do

Awareness is the most important tool in protecting the financial security and avoiding fraudulent transactions.

Start with communication. Have a conversation with your family member, friend, or neighbor. Keep them informed on safeguards for their financial resources.

Communicate with your financial institution. They cannot help if they do not know.

Do not be embarrassed. Financial fraud is widespread. Quick action is key.

Report suspected fraud. File a police report with local law enforcement. Alaska Department of Law’s Consumer Protection Unit has a wide range of information on frauds and scams at https://law.alaska.gov/department/civil/consumer/cpindex.html. The Alaska Office of Elder Fraud and Assistance website is at https://doa.alaska.gov/opa/oefa/.

If you have additional questions or think you have been a victim of a scam involving a financial institution or investment, contact the Alaska Division of Banking and Securities at 907-269-8140 or financialinstitutions@alaska.gov.