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In recognition of World Elder Abuse Awareness Day (WEAAD) on June 15, the Idaho Department of Finance (IDOF) reminds financial professionals and the public that financial exploitation of seniors is a pressing issue for all Idahoans.

According to the 2023 FBI Internet Crime Complaint Center Fraud Report, “scams targeting individuals aged 60 and older caused over $3.4 billion in losses in 2023—an increase of approximately 11% from the year prior. The average victim of elder fraud lost $33,915 due to these crimes in 2023.”[1]

“It is important for the public and industry stakeholders to be aware of the strategies and tactics scammers use to target our senior community to better protect Idahoans and their families,” said Patricia Perkins, Director of the Idaho Department of Finance.

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[1] https://www.fbi.gov/news/stories/elder-fraud-in-focus

The Idaho Department of Finance (IDOF) is excited to announce its support of the upcoming “Savvy Women and Money Conference” on Friday, February 16th, from 8:30 a.m. to 5:30 p.m. at the Boise Centre. This free financial education conference is similar to the now-retired annual Smart Women Smart Money Conference and offers breakout sessions where women can learn about money management, investing, credit management, and financial security. All are welcome and encouraged to attend; registration is required and includes lunch and light refreshments throughout the day.

“We are honored to help sponsor this valuable conference offering Idaho’s women an excellent opportunity to increase their financial knowledge and skills,” said Patricia Perkins, Director of the Idaho Department of Finance. “It will be a great day to connect with women in the community and offer tools to help them achieve financial success,” Perkins said.

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The Idaho Department of Finance (IDOF) announced today that it has entered into a settlement with TradeStation Crypto, Inc. (TradeStation) to resolve an investigation into TradeStation’s crypto interest-earning program.

“Idaho is seeing an increase in crypto-investment scams,” said IDOF Director Patricia Perkins, “it’s vitally important for legitimate crypto-market service providers to comply with existing laws when selling investments and services in Idaho. Compliance with securities laws works to root out fraudsters and establish a safer, more transparent marketplace. The IDOF will continue its mission of protecting Idaho investors and holding accountable those who fail to follow the law.”

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The Idaho Department of Finance (IDOF) is excited to announce its participation in the “Our Financial Conference” in Moscow this April. The event, hosted by the University of Idaho Extension, will include an impressive variety of sponsors and financial experts.

“Our Conference” is a free event open to everyone of all ages. The conference aims to bring local financial experts together to provide Idaho consumers with financial information, resources, and tools to help them reach their financial goals. The conference will be held on April 5th, 2024, from 8:00 a.m. to 3:30 p.m. at the Best Western Plus University Inn in Moscow, Idaho, and will include free food, swag bags, and new topics fit for everyone.

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Boise, Idaho… The Idaho Department of Finance (IDOF) urges the public to be aware of a recently reported scam targeting small business owners. Scammers impersonating various law enforcement agencies are contacting business owners claiming they are being investigated for fraudulently obtaining Paycheck Protection Program (PPP) loans, regardless of whether or not they have been repaid or forgiven.

In the report IDOF received from a local financial institution, a business owner was contacted via phone by a purported deputy, claiming to have an active arrest warrant against them due to a missed court date related to the investigation of their PPP loan. To legitimize the claim, the scammer provided elaborate phony court and/or legal documentation, including documents describing an arrest warrant that purports to require the posting of a cash bond and then instructions to make a payment (through a cryptocurrency kiosk) to resolve the warrant and avoid jail time.

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Today, financial regulatory agencies from 39 states, Puerto Rico,
and the District of Columbia ordered Sigue Corp. to cease engaging in any further money
transmission activities as the company can no longer responsibly serve customers due to its
declining financial position.

Sigue is a state-regulated money transmission company that has held licenses in nearly all states
(NMLS ID 915912). Over the past several months, Sigue experienced significant financial
deterioration. The company failed to complete multiple money orders and transmissions and maintain
adequate net worth and permissible investments to cover outstanding liabilities, constituting
violations of state money transmission law. Many
customers are still waiting for their funds.

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As we kick off Financial Literacy Month, the Idaho Department of Finance is proud to feature a prominent Idaho coalition that works diligently to promote Financial Literacy across the state…. the Idaho Financial Literacy Coalition (IFLC)!

The IFLC was established in 1995 and is the Idaho chapter of the National Jump$tart Coalition that promotes Financial Literacy among youth and adult audiences alike. The coalition arranges various programs each year, including regular meetings to bring partners together to discuss financial literacy efforts and establish a strong network of collaborating professionals in the state.

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Buying a house is a significant life decision, and the process can feel overwhelming. This week the Idaho Department of Finance is providing resources to help first-time homebuyers in Idaho navigate the journey with confidence.

The homebuying landscape presents various challenges and barriers. The most apparent being changing mortgage rates, down payments, housing inventory, affordability, credit score, qualification for a mortgage, debt, job uncertainty, and the list goes on. Understanding these hurdles is crucial. It is also important to do research about the types of mortgages available to consumers; those being Conventional, FHA (Federal Housing Authority), USDA (US Department of Agriculture), and VA (Veterans Affairs). Along with the specific loan types, mortgage loans come with a 15-year or 30-year fixed term and many states or lenders offer down payment assistance programs which help first-time homebuyers successfully purchase a home.

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Imposter scams are a growing threat to consumers nationwide, and Idahoans are being targeted at an alarming rate, along with consumers throughout the country. Imposter scams can be defined as a bad character who lies and tricks you into sending them money and often pretends to be from the IRS, social security, a business, a charity, a grandchild, or the government, and wears many other disguises. This week, the Idaho Department of Finance will be focusing on imposter scams and how consumers can protect themselves from these deceptive tactics.

In recent years, imposter scams have increased as online actors become more sophisticated and creative in their deceptive ways. According to the FTC, Imposter Scams were the number one type of fraud in 2023, with 853,935 reports totaling $2,668 Million in total losses across the country. The same report shows Idaho ranked 38th out of 50 states with imposter scams sitting at number one in top reports fraud at 20% with $40.6 million in fraud losses. 14,424 Idahoans reported fraud and other reports in 2023.

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Idaho Department of Finance Director, Patti Perkins and Idaho Superintendent of Public Instruction, Debbie Critchfield have declared April Financial Literacy Month in Idaho. Financial Literacy Month serves as a platform to highlight the significance of understanding the primary pillars of personal finance, such as budgeting and saving, homebuying, managing debt, making informed investment decisions, and protecting hard-earned assets through scam awareness.

The Idaho Department of Finance (IDOF) is committed to fostering consumer financial empowerment. “Empowering individuals with financial literacy is not just an investment in knowledge; it’s an investment in economic resilience and a path to financial well-being,” said Director Patti Perkins.

IDOF, the Idaho Financial Literacy Coalition (IFLC) (www.idahoflc.org), and Idaho Public Libraries have partnered to sponsor Financial Literacy Month in April. At the Idaho State Capitol, a proclamation ceremony with Patti Perkins, Debbie Critchfield, and Idaho Financial Literacy Coalition members is planned for April 22, 2024. The ceremony includes a presentation of awards to students who have won in selected categories of the Piggy Bank Beauty Contest, a contest for Idaho students in 3rd through 6th grades to design a piggy bank using virtually any materials and their imagination. Each winner will receive a $ 150 scholarship to start their very own college savings account, provided jointly by IFLC and member IDeal – Idaho’s College Savings Program. As the state-sponsored college savings program, IDeal’s mission is to help Idaho families save for future education goals in a tax-advantaged way.

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