The Retirement Industry Trust Association (RITA) supports initiatives to reduce fraud against senior citizens and all Americans. As a national trade association representing trust companies, custodians and providers of trust services to individuals and companies with self-directed retirement plans, RITA seeks to promote awareness and education among Americans to help prevent fraud aimed at seniors. This report will provide many resources for individuals to better understand the elements of senior fraud and thereby avoid being scammed in the future.
Many government agencies such as the Securities and Exchange Commission (SEC), the Federal Trade Commission (FTC), Federal Deposit Insurance Corporation (FDIC) and the Financial Industry Regulatory Authority (FINRA) work with state regulators such as the National Association of State Securities Commissioners (NASAA) to organize systems to report and prevent senior fraud schemes. They have also joined forces with organizations such as the Better Business Bureau (BBB) and the Association of Retired Persons (AARP) to research and report scams targeted at older Americans.
The Retirement Industry Trust Association will work in cooperation with these government agencies as part of their commitment to limiting the acceleration of these activities within their industry segment.
In the broadest sense, a fraud is a deception made for personal or professional gain. What is consumer fraud? It is defined as any deception, pretense, false statement, false promise or misrepresentation made by a seller or advertiser of merchandise. Concealment, suppression, or failure to disclose a material fact may also be considered consumer fraud in certain instances. Merchandise is broadly defined to include any objects, wares, goods, commodities, real estate or services. Financial abuse is another term that is widely used to describe when a person or entity takes or keeps an elder’s property for wrongful use or with the intent to defraud.