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Older adults are often victims of fraud as they are perceived as vulnerable people, whose lack of knowledge in banking matters and personal procedures makes them susceptible to trusting malicious beings who abuse their trust.


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This is the case of older adults who have been victims of fraud by alleged coyotes of the savings systems known as Afore. Here’s what you need to know.


CONDUSEF alerts older adults

The National Commission for the Protection and Defense of Users of Financial Services (CONDUSEF) has alerted the population about fraudulent companies that allegedly impersonate the name of financial entities to defraud users who seek to make a move related to their savings account. .

According to CONDUSEF, the so-called coyotes approach people who seek advice to carry out a procedure to withdraw money from their savings. These alleged scammers request a financial amount to help them, manage the withdrawal of 100% of their resources, or file a lawsuit to recover the entire account balance.

However, it is very important to know that:

  1. The services provided by the Retirement Savings System (SAR) are free.
  2. Users can request partial withdrawals from their Afore due to unemployment or change of financial institution to manage their savings.
  3. It is not necessary to sue or initiate legal proceedings to obtain the funds from the savings account, since these belong to the user.


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How to act?

CONDUSEF has reiterated that it has no powers to resolve irregularities or crimes by people who do not belong to the SAR. For this reason, it recommends users educate themselves on financial issues to avoid problems with their resources. If you want to withdraw money from your Afore, you must go to the offices of the corresponding instance with the requirements they request.

If someone offers to manage your savings account and withdraw your funds, we recommend that you be suspicious and not provide confidential information to anyone. If you have been a victim of a coyote, we recommend you start a legal process and report your situation to help prevent it from happening to anyone else.


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At LEX & CO we are insurance lawyers with services such as banking trials. Our more than 30 years of experience are the guarantee you need to know that we are the ideal firm to represent and win your case. Request more information by calling 5568401076 and 5568401077 or writing to us at firmalegal.lexco@gmail.com. We will gladly assist you.

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