Cox, in Montgomery to visit Alabama Securities Commission Director Joe Borg, said demographics show there will be more seniors in a few years, and there are some who see this as only more opportunities to separate older citizens from their retirement money.

"There are bigger problems now than in the past," he said.

The oldest baby boomers turn 62 this year. That means more potential retirees, and retirees are staying in retirement longer.

"They are going to live longer," he said. "At least on average they will."

For scammers, that is something like the perfect storm. It means more retirees, and retirees who will be eager to maximize returns.

"Then you are more at risk for fraudsters," Cox said.

In the last year, the SEC has targeted what Cox called the free lunch seminar scams. In those, seniors are invited to a free meal, where they are promised investment education.

In every case, Cox said it turns out to be a high-pressure pitch from a salesman.

He said 59 percent of the ones the commission investigated had indications of fraud.

"That was a good area for us to crack down," he said.

Cox said the SEC has not totally shut down the free lunch scams, but he said it has reduced the number.

The agency now will also turn its attention to companies that sell seniors investments that may not be fraudulent but are improper for seniors. He said an annuity that locks up a customer's money until they are 90 or so likely isn't a good investment.

"Suitability is a big piece of it," he said. "That, and who can act in place of someone with diminished capability."

Borg said this is all part of a new effort to balance his agency's policing powers.

"Education and literacy go hand-in-hand with enforcement," he said.

He said anyone with investment concerns can call the state agency at 242-2984.