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As Iowans plan to celebrate Valentine’s Day this weekend, the Iowa Department of Insurance and Financial Services is warning consumers to be on guard against romance scams and so-called “relationship investment scams,” a fast-growing form of fraud that blends emotional manipulation with fake investment opportunities.

Relationship investment scams are a particularly damaging type of romance fraud, causing reported losses in the billions. According to the Federal Trade Commission, consumers reported $12.5 billion in investment-related scam losses in 2024, a figure that has tripled in just three years.

Data compiled by the Iowa Insurance Division also shows a sharp increase in investment related fraud. In 2025, the Division experienced a 102 percent increase in cases of senior financial exploitation. Cases managed by the Division totaled approximately $19.4 million in 2025, up from $7.27 million in 2024. Romance scams and tech support/government impersonation schemes were the most prevalent types of scams the Division saw in 2025.

“This Valentine’s Day, make sure Cupid is aiming for your heart and not your wallet. Romance and relationship investment scams prey on trust and emotion, often leaving victims with devastating financial losses. If someone you meet online starts talking about investments, promises easy money, or pressures you to act quickly, that’s a clear warning sign,” said Doug Ommen, Director of the Iowa Department of Insurance and Financial Services. “Love should never come with a request for money, and checking to make sure an investment is properly registered with the Iowa Insurance Division before investing can help stop a scam before it breaks both your heart and your bank account.”

Relationship scams often begin on dating apps, social media platforms, messaging apps, or through unexpected “wrong number” text messages. Criminals use fake profiles, photos, videos, and even AI-generated voices to appear attractive, credible, and successful.

Once contact is made, scammers send frequent messages to build trust and emotional attachment before asking for money. What often starts as a small request can quickly escalate into devastating financial losses.

In other cases, they often claim to have made significant profits trading cryptocurrency, precious metals, or foreign currency thanks to special knowledge or insider help. Victims are told investing is easy and are encouraged to participate, only to be often directed to fraudulent trading platforms secretly operated by organized criminal groups.

These platforms often take the form of highly sophisticated websites or downloadable mobile apps that allow users to create accounts and monitor what appear to be real-time transactions and mounting profits, further masking the deception. To solidify the illusion of legitimacy, scammers may even allow victims to make small, successful withdrawals early on. This builds a false sense of trust, encouraging the investment of significantly larger amounts.

These scams do not discriminate. People of all ages and backgrounds have been victimized, though individuals who live alone or spend significant time on social media or online discussion groups may be more vulnerable. Scams succeed because they exploit powerful emotions like financial stress, loneliness, excitement, or fear.

While these scams have existed for years, they evolve with the headlines and technology which at the current moment often involve digital assets and artificial intelligence.

Sharing information can help protect the people you care about most. The Iowa Department of Insurance and Financial Services is teaming up again with the Iowa AARP and the Iowa Attorney General’s office for a “Stop the Scammers” tour across the state to provide Iowans with real-world tips and tools that can help protect them and their loved ones.

Iowans are encouraged to join us at one of the “Stop the Scammers” tour stops to gain knowledge of common fraud schemes that will help them avoid and report scams. This year’s tour will kick off on April 2nd and run through June 5th. To find out more details about the “Stop the Scammers” tour or information about various scams, please visit IowaFraudFighters.gov.

DES MOINES—Attorney General Brenna Bird hears frequently from Iowans that they often find it difficult to cancel unwanted or unused subscriptions. These could be anything from online streaming services to regularly delivered dog food. Subscriptions may be marketed as free to try, but they will often auto-renew unless you cancel. Iowans may also be under the impression they are making a one-time purchase when they’ve really signed up for a subscription without even knowing it.

“Subscriptions have become more common, but the terms are not always clear, leading to confusion and often financial loss,” said Attorney General Bird. “I want Iowans to know how they can avoid or cancel any unwanted subscriptions and protect themselves from potential scams.”

Find and read the terms and conditions for the offer before signing up. They should tell you exactly what you’re agreeing to, the length of the trial, and how and when to cancel if you don’t want to be charged after the trial. If you can’t find this information or don’t understand exactly what you’re agreeing to, don’t sign up.
Mark your calendar. Usually, you have to give your credit card number for a “free trial.” That is a clear indicator that you are signing up for a subscription and that the company will charge you if you don’t cancel before the trial ends. Set a reminder to cancel any trial before the charge date according to the terms and conditions. Also, free trials should be free but look out for hidden fees such as shipping fees.
Double check renewal notices for upcoming charges and scams. A renewal notice is simply a reminder that says when your current subscription period expires and that you’ll be automatically renewed and charged when it does. If you already agreed to auto-renew, this isn’t a bill or an invoice, so it shouldn’t ask for your credit card information. If you get a renewal notice for a subscription you don’t have (or don’t believe you have), it could be from a scammer trying to get your personal information. Don’t call the number on the notice or click on any email or text message link. To verify a subscription and cancel it, always independently contact the company via its official channels.
Contact the company that runs the subscription you want to cancel. If the company has instructions on how to cancel, follow those. Keep a record of how and when you canceled and keep a copy of your cancellation request along with notes about any conversations you had.
Watch your bank and credit card statements. Check the charges to your bank account, debit card, or credit card to ensure you are paying the amount you agreed to. If a company won’t stop charging your account after you’ve tried to cancel a subscription, file a dispute (also called a “chargeback”) with your credit card company or bank.

If you’ve been charged for a subscription you didn’t agree to or you are suspicious of a scam, contact the Iowa Attorney General’s office at 1-888-777-4590 or file a complaint online here.

October is a critical month for those on Medicare. With the start of the Annual Open Enrollment Period on October 15^th,those on Medicare have until December 7^th to join, switch, or drop a Medicare Advantage (Part C) or Part D (prescription drug) plan.

Costs, benefits, provider networks and what prescriptions a plan covers in a Medicare Prescription Drug Plan or a Medicare Advantage Plan can change each year. Comparing and evaluating options can help you find the best coverage- and possibly even save money. Despite these annual changes only 3 in 10 Medicare beneficiaries compare plans (as reported by Kaiser Family Foundation (KFF)).

Knowing how important it is to be proactive about your Medicare cover, our top tips to help you make the best choices for your coverage include:

1. Read all mail from your plan or medical provider(s)

Read all mail to ensure you are informed of any changes by your plan or provider(s). Medicare beneficiaries receive an Annual Notice of Change (ANOC) each September from their Prescription Drug Plan or Medicare Advantage Plan. This is a summary of changes to the plan (i.e. premium cost, coverage, copays, and service area) that will take effect on January 1 of next year. Some beneficiaries will also receive notice that their plan may not continue next year, and they will need to find a new plan during the Open Enrollment Period.

If you are in a Medicare Advantage plan you may also receive updates from your medical providers about whether they will remain in your plan’s network.

2. Compare Plan Options

The next step is to compare plans, which starts by gathering the following information:

Your Medicare number (from your Medicare card).
A list of all your current prescription drugs, including the dosage and frequency.
The name and address of your preferred pharmacies.
The names and addresses of your doctors, including specialists, and your hospitals- if you are comparing Medicare Advantage Plans.

Once you have your information there are options available for comparing plans.

Through the Medicare.gov Plan Finder (gov/plan-compare) you can create and account and compare plan options available in your zip code in 2026. Plan Finder even allows you to add your specific prescriptions and pharmacies. The Iowa Insurance Division through its Senior Health Insurance Information Program (SHIIP) provides tools on how to use the Medicare Plan Finder at shiip.iowa.gov/medicare-open-enrollment-period.
The Senior Health Insurance Information Program (SHIIP) also provides free, confidential, and unbiased one-on-one Medicare counseling with the support of federal funding. Iowans seeking assistance on completing plan comparisons have access to SHIIP-SMP counselors across the state. Counselors can be found by visiting https://shiip.iowa.gov/find-resources/find-counselor and entering your county, or by calling our consumer line at line at 1-800-351-4664.
Help from Medicare is also available 24 hours a day, 7 days a week, except some federal holidays, at 1-800-MEDICARE (1-800-633-4227). TTY users can call 1-877-486-2048.

3. Make a coverage decision

Reviewing plans ensures you understand key factors that impact your coverage decision- such as premium costs, provider networks (if comparing Medicare Advantage Plans) and which of your prescription drugs are covered. Enrollment in a new plan can be done at Medicare.gov/plan-compare, with a SHIIP/ SMP Counselor, or with Medicare directly at 1-800-MEDICARE (1-800-633-4227). Enrollments completed between October 15^th to December 7^th are for plans that start January 1.

If after comparing plans you are happy with your current coverage, no action is necessary during the Open Enrollment – you will automatically be re-enrolled for the following year.

September is Life Insurance Awareness Month, making it an ideal time to educate yourself about this important financial decision. According to the Life Insurance Marketing and Research Association (LIMRA), 44% of consumers are only somewhat or not knowledgeable about life insurance.

Life insurance pays a death benefit to your named beneficiaries when you die. It can be a safety net to avoid challenging times if a loved one who contributed earnings to a household passes away unexpectedly. The policy proceeds may be used to help cover funeral expenses, mortgage payments or rent, daily living expenses, college tuition, outstanding loans, and uncovered medical bills. It can also help preserve generational wealth. Beneficiaries may be named with different percentage payouts, or you may designate a charity or church to receive the benefits.

There are two main classes of life insurance coverage: term and cash value. Term insurance provides coverage for a period of time and may be very affordable. Cash value life insurance is a permanent type of insurance that offers protection with two components: the death benefit for beneficiaries and a cash value that grows over time. This cash value may be accessed through various means, including loans, withdrawals, or full surrender.

After receiving a life policy, always review it and ensure you understand all the terms and conditions. There is a 10 day free look period on the policy, where you can return it to the insurer and receive a refund. The free look period is 30 days if it is a replacement of an existing life policy. Also, periodic reviews of all your insurance policies with your agent ensures the coverage amounts and terms still fit within your financial plan.

Life insurance premium rates are based on age, health, lifestyle, and the coverage amount. The younger and healthier you are, the cheaper the premiums may be. Also, when determining the coverage amount look at your financial goals, debts, dependents, and income. Know the expiration date on a term policy, as you may be able to renew but with a significant increase in premiums (which is frequently a default or automatic option), convert to permanent coverage, or purchase a new policy. Life insurance coverage may be available through your employer, but it is often not enough, and is dependent upon your continued employment.

Caregivers commonly find old life insurance policies in the possessions of a loved one. The National Association of Insurance Commissioners life insurance policy locator is free and can assist with finding long-lost life insurance policies of a deceased family member or loved one.

Since insurance is complicated, the Iowa Insurance Division has developed the Save4Later and SmartHER Money websites to help Iowans plan, earn, save, and retire by learning the basics of financial literacy and insurance concepts. Learning about the role of life insurance in your financial plan is essential for protecting your family’s financial future.

Severe weather, high winds, or old age can cause trees or large branches to fall, sometimes causing damage to your home, garage, fence, or vehicle. In the aftermath, many homeowners wonder if insurance will cover the damage and what steps to take next.

In most cases, standard homeowners insurance does cover damage caused by a fallen tree or large branch if the fall is sudden and accidental and caused by a covered peril such as wind, hail, lightning, or the weight of ice or snow. If a tree falls on your house, shed, or fence and causes damage, your policy may pay for:

Structural repairs to your home or other covered buildings
Removal of the tree, typically up to a certain dollar amount as defined by your policy
Temporary living expenses if your home becomes uninhabitable

However, if the tree fell without causing damage, your insurance may not cover removal. If a tree falls due to neglect, disease, or rot, and the risk was known beforehand the claim may be denied.

If a tree or branch falls on your vehicle, the damage is not covered by homeowners insurance. Instead, review your auto insurance for the comprehensive coverage benefits. Comprehensive coverage pays for damage caused by non-collision events, including falling trees, theft, vandalism, and weather.

If you only carry liability auto insurance, which is the minimum requirement in Iowa, you will be responsible for the repair or replacement costs.

If your neighbor’s tree falls onto your property and damages your home, your own homeowners insurance may cover it, but you will have to pay your deductible. If the tree was dead or poorly maintained, and your neighbor was negligent, your insurer may try to recover costs from their insurance through subrogation, which ensures the negligent party is responsible for the loss. In that case, your deductible may be returned.

If your tree damages a neighbor’s property, they should file a claim with their insurance, but you could be liable if your neglect or poor maintenance contributed to the fall.

If a tree falls on your property, ensure safety first. Stay away from downed power lines and damaged structures. Call emergency services if there’s a safety risk. Document the damage with clear photos and videos before making any changes or repairs. Mitigate against further damage by covering holes or broken windows with tarps or boards. Contact your insurance company if it appears the damage is over your deductible, and file a claim promptly and provide documentation. Only hire registered contractors and tree removal services. Don’t sign service company contracts with any blanks, and know how much of the clean up cost you will be responsible for. Keep receipts for reimbursement.

Homeowners insurance may cover damage from fallen trees if caused by storms or other covered perils as defined by the policy. Car damage is only covered under comprehensive auto insurance. Understanding your policies and acting quickly can help minimize stress and out-of-pocket expenses in these unexpected events.

Always review your insurance coverage and speak with your agent regularly to ensure your home and autos have the proper protection. The Iowa Insurance Division is here to assist at 515-654-6600.

DES MOINES—As our great Iowa State Fair approaches and concerts and shows are scheduled in venues all over the state, Attorney General Brenna Bird is reminding Iowans to be cautious when purchasing event tickets.

Digital tickets and purchases are now prevalent, leading to an increased risk of ticket scams. Scammers will often create counterfeit tickets or duplicate a ticket and sell them to more than one person. Purchasing tickets through third parties like social media and paying for them via gift cards, wire transfers, or peer-to-peer payment apps such as Venmo or ApplePay heightens the possibility of being scammed.

“The state fair serves as a great reminder to stay cautious when purchasing event tickets,” said Attorney General Bird. “Scammers prey on the excitement of people who are eager to see a favorite artist, event, or show, so it’s important to be extra cautious and double-check ticket sources.”

How to protect yourself from ticket scams:

Purchase tickets directly from the venue

Verify website address when buying tickets from name-brand sites such as Ticketmaster or StubHub

Be skeptical of tickets being sold on social media

Be skeptical of sellers that want payments via gift cards, wire transfers, payment apps, or cryptocurrency

Be skeptical of sellers that want to negotiate the price

Pay with secure payment methods such as credit cards

Examine the ticket details for errors

If you think you have been targeted by a ticket scam, contact the Iowa Attorney General’s office at 888-777-4590 or file a complaint online here.

Service contracts are legal agreements that specify the terms and conditions for providing a specific service, and the responsibilities of each party. The Iowa Insurance Division (Division) regulates two types of service contracts: motor vehicle and residential service contracts also known as home warranties.

Iowans can purchase motor vehicle service contracts from a dealership, online, or from an unsolicited phone call, email, or mailing. These contracts assist with the cost of repair, replacement, or expense reimbursements when a motor vehicle has an operational or structure failure due to a defect in materials, skill of work, or normal wear and tear.

When purchasing a motor vehicle contract check the Division’s website to ensure the motor vehicle service company is licensed. Understand the coverage such as the electronics, powertrain, and the exclusions such as wear and tear. Before purchasing one of these contracts, consider the age of the vehicle, reliability, and annual miles driven. Always compare possible warranty options by coverage, deductibles, service network, and the cost. Ensure the service network has a wide variety of authorized repair shops that you can easily access. Motor vehicle contracts will only pay out to the coverage limits in the contract.

Residential service contracts are obtained from real estate transactions, online, or from an unsolicited phone call, email, or mailing. The purchase of the contract is to maintain, repair, or replace structural components, appliances, electrical, plumbing, heating, and air-conditioning systems in some residential properties. Residential service companies that are licensed to sell can be found on the Division’s website.

Most residential service companies arrange for the performance of services; however, there may be times when you are provided the option to find your own service provider. If so, be sure to follow the directions to have the service authorized. If the service is not authorized by the service company, the claim will be denied. Before purchasing ensure there is not already coverage under appliance warranties or credit cards. Know if the service contract will replace or repair the item, and if they reduce the claim amount for depreciation. Residential service contracts will only pay out to the coverage limits in the contract so research that the limits are adequate.

Research any service contract provider’s reputation, customer reviews, and claim handling procedures. Always read the contract and the fine print, and cancel the contract if you feel the contract does not meet your needs. The contract should have provisions for a cancellation refund. Consider the cost of any service contract and how it fits into your budget. Always follow the terms of the contact for proper reimbursement of any claim. There is no need to purchase multiple contracts. You may be responsible for additional costs for expenses related to a repair or replacement, as both types of contracts may not cover the complete costs of the repairs or replacement.

Be aware of cold calls or mailers to purchase service contracts. The Division is here to answer questions about motor vehicle and residential service contracts and can be reached at 515-654-6600.

Travel insurance safeguards your investment in a costly trip by covering unexpected events that could disrupt your plans. It can reimburse pre-paid, non-refundable expenses for unforeseen circumstances. Consider purchasing a policy if there is a chance the trip could be impacted by severe weather, a loved one has a pre-existing health condition, or non-refundable expenses have already been incurred. Before purchasing a policy, understand the different coverage options, exclusions, and limitations, as policies vary significantly. Check current insurance policies and credit card protections for coverage already provided.

Travel interruption or cancellation coverage may reimburse for non-refundable costs like flights, hotels, and tours if you have to cancel or cut a trip short due to covered reasons such as illness, injury, or unexpected severe weather. Cancel for any reason policies are more expensive and may only reimburse for a portion of the travel loss.

Regular health insurance may not cover medical expenses incurred abroad. Travel insurance may cover doctor visits, hospital stays, emergency medical transportation, and transportation home for treatment. If traveling to a remote area or participating in adventure activities, ensure the policy offers adequate coverage for medical evacuation and specialized activities. Many policies have exclusions or limitations for pre-existing medical conditions. If needed, consider a policy with a pre-existing condition waiver.

Review coverage for flight delays and missed connections which may result in extra expenses for meals, accommodations, and transportation.

Lost or delayed baggage coverage may cover lost, stolen, or damaged luggage and personal belongings, and help you replace lost property.

A policy may also provide travel assistance for problems such as rebooking flights, lost passports, or finding medical facilities. There may also be legal assistance in case of an accident or other incident.

When purchasing a policy, compare quotes from multiple licensed providers to find a policy that fits your budget and offers the coverage needed. On average a policy costs between 4-8% of the trip’s price. The expense for the policy is based on the traveler’s age, the destination and length of the trip, the coverage limits for medical expenses and baggage, and the covered reasons for the trip cancellation/interruption. Purchase travel insurance soon after booking your trip to maximize coverage, especially for trip cancellation benefits. Many tour companies can recommend a travel insurance policy. Shorter trips closer to home do not need travel insurance.

If you need to file a claim under a travel insurance policy, do so as soon as possible and provide all required documentation to support your claim. Call the Iowa Insurance Division with concerns regarding your travel insurance policy at 877-955-1212.

If you can’t afford to cancel and rebook your trip, consider travel insurance. Before purchasing, carefully review the fine print, compare quotes, and choose coverage that suits your individual travel needs and budget. The best thing about travel insurance is the peace of mind. Knowing you’re protected against various travel mishaps allows you to relax and enjoy your trip without worrying about potential financial losses.

Graduating from high school or college is a major milestone and comes with new responsibilities, including managing insurance needs. Whether driving a car, renting an apartment, or planning for your health, understanding basic insurance coverage is essential for financial protection.

For cheaper car insurance it’s smart to stay on your parent’s policy, if possible. However, if you need a policy, shop around for quotes and inquire about discounts for good grades, safe driving courses, and policy bundling with renters insurance. Also, understand key car insurance terms such as liability coverage which pays for damage you cause to others’ property or injuries to others. Iowa law requires minimum liability coverage of $20,000 of bodily injury to or death of one person in any one accident; $40,000 because of bodily injury to or death of two or more persons in any one accident; and $15,000 because of injury to or destruction of property of others in any one accident. Collision coverage pays for damage to your car from an accident after you pay the deductible or the out-of-pocket amount. Comprehensive coverage may reimburse for non-collision incidents like theft, animal collisions, or weather damage. If your car is going with you to a dorm or apartment, report the change of location to your insurance company.

Your personal property will need protection, too. First, check with your parents to see if their homeowners policy extends coverage to a student living in a dorm or apartment. If not, renters insurance is essential and approximately $20 a month. It protects your personal belongings against theft and fire, and many landlords require it. Renters insurance also provides liability coverage, and additional living expenses in case your dwelling becomes uninhabitable by a fire or storm disaster. The policy may also cover your property if it is stolen from your car. Be sure to take inventory of your belongings and choose coverage that matches their value. If you are purchasing a home, homeowners insurance will be required by the mortgage company.

Even young, healthy people need health insurance. Under federal law, you can stay on your parent’s health insurance until age 26. If that’s not an option, explore health plans that cover essential services like preventive care, emergency services, and prescriptions. If you obtain a job with benefits, an employer-sponsored health plan is often the most affordable and comprehensive choice. Another option to consider is a Marketplace plan through HealthCare.gov. You may qualify for subsidies to lower your premium. Also, if you’re pursuing further education, universities often offer cost-effective coverage.

Always speak to a licensed insurance agent regarding all your insurance options, and compare several companies before purchasing any insurance policy. Higher deductibles can lower your premium but mean more out-of-pocket costs if you file a claim. Starting your insurance journey early helps you build good habits and financial resilience.

Financial wellness and mental health have been found to have a clear connection. While financial stress can exacerbate things like anxiety and depression, conversely, mental health issues can cause people to make choices that are not in their best financial interests, creating a vicious cycle. Financial literacy is a key tool for breaking this cycle. By empowering individuals to make better financial choices, we can enhance both their financial and mental well-being.

Finances are a top source of stress for many Americans. According to the American Psychological Association’s Stress in America 2022 report, 66% of Americans cite money as a significant stressor. Financial instability often correlates with heightened anxiety and depression, as individuals struggle to make ends meet. In 2023, 29% of Americans reported “unmanageable” debt levels, further deepening this financial and emotional strain (Financial Health Pulse 2023 U.S. Trends Report).

Medical debt is a particularly damaging form of financial stress. Those with medical debt are three times more likely to experience anxiety, depression, or stress (Consumer Financial Protection Bureau, 2022). The financial burden of healthcare costs can overwhelm individuals, further impacting their mental health and making it harder to make sound financial decisions.

On the flip side, it has been found that access to health insurance, an essential part of a strong financial foundation, can improve mental health. Evidence shows that having health insurance is associated with better subjective well-being. A study on Medicare expansion in Oregon found a 32% increase in happiness among those gaining insurance coverage (Wiltshire et al., 2020). Health insurance reduces financial stress by alleviating the burden of medical bills, which can improve mental health outcomes and provide the most valuable thing of all, peace of mind.

Financial literacy plays a critical role in preparing Iowans for taking on their finances. When individuals are equipped with the knowledge to manage their finances, they are more likely to make choices that will benefit their future. Understanding financial options, including health insurance, helps people avoid financial pitfalls and plan for their future, fostering both financial stability and emotional well-being.

The Iowa Department of Insurance and Financial Services supports financial literacy by providing resources and education on insurance and other financial topics. Through education and resources, the department helps Iowans make informed financial decisions. By promoting financial literacy, the department plays a vital role in helping residents achieve both financial security and better mental health. Please visit save4lateriowa.gov for free, financial literacy courses and resources to help you plan for your financial future.

References:

1. Consumer Financial Protection Bureau. (2022). Medical Debt Burden in the United States.

2. Financial Health Pulse 2023 U.S. Trends Report.

3. Wiltshire, J. C., Enard, K. R., Colato, E. G., & Orban, B. L. (2020). Problems paying medical bills and mental health symptoms post-Affordable Care Act. AIMS Public Health.

4. American Psychological Association. (2022). Stress in America.

5. Zhou, Q., Eggleston, K., & Liu, G. G. (2024). Health Insurance and Subjective Well-being: Evidence From Integrating Medical Insurance Across Urban and Rural Areas in China.