The Tennessee Department of Commerce & Insurance (TDCI) is urging seniors to be cautious when investing in cryptocurrencies. The department is warning seniors about the risks of unregulated investments and advising them to verify the legitimacy of investment providers.

Seniors are advised to be aware of the potential hazards of cryptocurrency investments, including the possibility of losing their entire investment. They should also avoid giving personal or account details to digital avatars or unsolicited contacts. Additionally, they should not follow unsolicited online investing advice or false information.

Recent bankruptcy filings by several cryptocurrency exchanges highlight the volatility of these investments. Seniors are encouraged to seek further information and support from the TDCI Securities Department if they have any concerns or suspect fraud.

Key Tips for Seniors

Verify Investment Providers: Ensure that the individual or organization providing the investment is registered with securities regulators.

Avoid Unsolicited Advice: Refrain from giving personal or account details to digital avatars or unsolicited contacts.

Be Cautious of False Information: Avoid misleading material and unsolicited investment advice.

By following these tips, seniors can protect themselves from financial abuse and fraud, ensuring a safer financial future.