Hundreds of thousands of offers, many way too good to be true, are crawling through mail slots and into our email, cellphones and BlackBerrys.

The spotlight has now hit scams that take advantage of older investors.

Scammers don't discriminate by age.They target anyone with money, from the young and vulnerable, to the retired and anxious.

According to a new national survey by the Financial Industry Regulatory Authority (FINRA), 67 per cent of investors are worried about being defrauded. And everyone should be.

But a wave of baby boomers are headed into retirement now and in the years ahead, with an estimated US$16 trillion in savings.

So, operating on the Willie Sutton principle, con artists and unethical financial professionals are focusing on older investors because that's where the money is.

"Obviously, if you're looking for a plum target, you want to look at somebody at the stage of life where their asset level is the highest, and usually, that's right when you retire or right before," said Elisse B. Walter, senior executive vice-resident of FINRA.

If you have any doubt that the unscrupulous have picked up on this fact, consider these figures from the North American Securities Administrators' Association.

fraud reported by investors

According to Joe Borg, NASAA president and Alabama security administrator, a 2005 survey found that 28 per cent of complaints of fraud came from investors 50 and older.

But in a survey to be released this week, that percentage is 44 per cent.

Younger investors tend to throw away mail and hang up on unsolicited calls, so fraud artists reach out to them through voice mail, text messages and the Internet.

But retirement-age investors, especially those who live in affluent neighbourhoods, find themselves courted with invitation after invitation, both by mail and phone.

The bestway to protect yourself from a con-artist is to hang up the phone or not respond to a mailed or emailed pitch from someone you don't know.

But just giving that advice isn't enough, said FINRA's Walter. Sometimes investors, especially older investors who feel compelled to be more polite, may need help developing techniques.

If you're not naturally surly, sullen and cranky, practise saying, "I'm not interested," she recommended. Or say: 'I never make a financial decision without first speaking to ...' and fill in the blank. Or tell them you'll call them back."

As for the mail and the email, throw it away or delete it, or to reduce the number of unsolicited offers in your actual mailbox, go to www.dmaconsumers.org/cgi/offmailing.

- LA Times-Washington Post

Tips to avoid fraud artists

Don't agree to listen to investment advice from someone you don't know, even if it comes with a free lunch or dinner.

Do check out anyone who offers investment advice. Also, call regulators to ask if the adviser is registered.

Don't be won over by a long list of credentials unless you know what they mean.

Be wary of solicitors who emphasise how they share your interests. Sometimes they go so far as to offer to pray with you when what they're really up to is preying on you.

Run in the other direction from someone who pressures you by saying there are only limited chances left to get in on an investment.

If you're looking for a financial adviser, look for someone who charges fees for services rather than works for commission. Ask friends and colleagues for suggestions, but also ask what it is that they like about an adviser. It may not be what you're looking for.

If you don't understand a product, don't buy it.