Local expert warns of rising financial scams

MILWAUKEE (CBS 58) -- Tony Drake, a financial professional from Drake and Associates, joined us on Wednesday, June 28 to speak about the surge in financial scams and how to identify them.

He stressed the importance of skepticism towards seemingly lucrative investment offers and urged vigilance against imposter and extortion scams.

Drake also highlighted the use of cryptocurrency in scams and indicated that young people are more frequently victimized. However, older victims tend to suffer greater financial losses.

Any scam encounters are encouraged to be reported to the proper authorities and, if necessary, requesting a new credit card number in the event of suspicious activity where sensitive information may be at risk.