TDCI Warns Consumers About Increased Cyber Risk and Investment Threats Related to Ukraine Conflict
NASHVILLE – During this time of troubling international conflict, the Tennessee Department of Commerce & Insurance’s (TDCI) Securities Division cautions investors and securities firms to be vigilant of increased threats from cyberattacks and potential investment scams.
“The Department of Commerce and Insurance reminds Tennesseans to be wary of scammers using international crisis, especially the Russian invasion of Ukraine, to exploit consumers,” said TDCI Commissioner Carter Lawrence.
TDCI’s Securities Division offers the following tips for investors:
- Be skeptical of investment opportunities linked to the headlines. Fraudsters may seek to take advantage of the rising gas prices to pitch extremely risky or bogus investments within the energy sector. Consumers should delete unsolicited emails social media messages touting investments with limited or no risks but significant or guaranteed returns.
- Conduct your own research. Unscrupulous promoters may look to prey on this concern and attempt to convince investors to leave the regulated markets in favor of “less volatile” or “stable” investment opportunities. Investors are cautioned to investigate both the background of the person and firm offering the investment and the investment itself. Visit TDCI’s website to perform a free Broker-Dealer check. Always consult with your financial professional before making decisions to sell any of your investments.
- Monitor accounts regularly and take steps to protect your financial data. Be sure to routinely monitor your brokerage, bank, and credit card statements to spot potential fraudulent or suspicious transactions. Contact your financial professional, bank, or credit card issuer immediately if you see any questionable transaction or charge.
For questions regarding the investor information above, please contact TDCI’s Securities Division at tn.gov/securities or 800-863-9117.