Consumers Should be W.I.S.E.
Watch for Red Flags
Investigate and Research
Set Boundaries
(Know your budget, buy from trusted websites/retailers)
Examine the Fine Print
The Knights of Scamalot can help you defend yourself against fraudulent ne’er-do-wells
Sir Smartwealth
The Wise Investor
Sir Moneywise
The Real Estate Whiz
Lady Lockheart
The Custodian of Catfishing
Sir Safeguard
The Digital Savvy
Sir Doublecheck
The Contract Crusader
Sir Smartwealth
The Wise Investor
If an investment seems too good to be true, it probably is. Your best defense is to check:
- An individual’s or company’s license. A securities license is required in Utah.
- Search the Securities Online Database for any individual and company: https://db.securities.utah.gov/
- Search licenses for broker-dealer firms and their agents: https://brokercheck.finra.org/
- Be aware and check the Utah White Collar Crime Offenders Registry List: www.utfraud.com
Before you invest, review the Utah Investor Guide for useful information along with these other helpful resources:
An affinity scam is a type of investment fraud where a friend, family member or other community uses the trust you have with them to buy into a fake or bad investment. These scams are often referred to as pyramid schemes or ponzi scams. Beware of these to-good-to-be-true investment deals as they promise only a dastardly downfall.
Protect yourself from affinity scams:
- Research the person’s background and ensure they’re licensed.
- Request to see the investment opportunity in writing.
- Be wary of guaranteed returns or high profit returns on your investment.
- Resist being pressured to buy into an investment before you can research it on your own.
Playlist
Sir Moneywise
The Real Estate Whiz
When real estate professionals, mortgage lenders and appraisers give you their word, remember to do your research to ensure they are trustworthy. Be aware of these common real estate scams.
Before wiring money to a title company or lender, verify all information received via email by calling your licensed real estate agent or lender to avoid being scammed.
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Lady Lockheart
The Custodian Of Catfishing
Love can be blind, but be wise and keep and eye on your finances. Be aware and watch out if someone says they can’t meet you in person, claim to live far away and ask to borrow money so they can visit you. Learn more about looking after your heart and bank account with these resources:
Playlist
Sir Safeguard
The Digital Savvy
- Spot a scam when asked for payment in giftcards.
- Be cautious of influencers and their financial advice.
- Ways to not lose real money in the virtual world.
- Know how to spot a phishing scam and how to protect yourself.
Playlist
Sir Doublecheck
The Contract Crusader
Before hiring a contractor to make repairs or improvements to your dwelling, exercise due diligence to ensure their deeds are noble:
- Search the Licensee Lookup & Verification System to verify a license.
- Research the contractor on Google, Facebook, and other sites for reviews, examples of their work, and legitimacy.
- Ask for a contract with the price of the job included and wording that states the homeowner must approve the results of the work before payment is made.
- Follow these seven steps to home improvement success.
If something does go wrong with a home project, know how to protect yourself.
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File a Complaint
If you believe you are the victim of investment trickery, you may file an online complaint.
- For affinity fraud and securities scams, file a complaint with the Utah Division of Securities or call (801) 530-6600.
- For contractor and construction violations, file a complaint with the Utah Division of Professional Licensing or call (801) 530-6628.
- For Real Estate fraud, file a complaint with the Utah Division of Real Estate or call 801-530-6749.
- For Consumer Fraud, file a complaint with the Utah Division of Consumer Protection or call (801) 530-6601.
- Explore these websites to learn more about how the Utah Department of Commerce is strengthening trust and protecting Utah through education, regulation and licensing.
Contact Us
Not sure who to contact, email us or call (801) 530-6701 for help or to report a suspected scam.
In 2023, Utahns lost an estimated $85,547,381 due to financial fraud, according to the Federal Trade Commission Fraud & ID Map. The Utah Fraud Prevention Coalition (UFPC) was created to help protect and educate consumers against fraud and has partnered with the Utah Department of Commerce and The Knights of Scamalot. The following credit unions and banks are members of the UFPC.
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Contact Information & Hours
Hours:
8:00 A.M. to 5:00 P.M.
Monday – Friday
Phone: 801-530-6701
Fax: 801-530-6446
Email: scams@utah.gov
Mailing Address:
SM Box 146701
Salt Lake City, UT 84114-6701
Physical Address:
Heber M. Wells Building
160 East 300 South
Salt Lake City, Utah 84111
