The Minnesota Department of Commerce is warning consumers to be cautious of fraudulent investments in light of the Federal Reserve's announcement that interest rates will likely remain low until late 2014. Those low interest rates could spur more scammers promising higher returns and lower risk to people on fixed incomes -- particularly seniors. "Anyone promising high yield or high returns with little or no risk should be approached with a high degree of skepticism," Commissioner Mike Rothman said in a statement. From the news release, the department gave these tips to investors:
Reach the department either by the consumer help line at (651) 296-2488 or (800) 657-3602, by e-mail at consumer.protecion@state.mn.us or by mail at 85, 7th Place East, Suite 500, St. Paul, MN 55101.
