Identity Theft in the Elderly: How to Stay Safe

By Greg Mahnken ~

You've heard all the tips to protect your identity nowadays.

Do not give personal information to the phone. Legitimate agencies will never call you and will require payment over the phone. Never transfer money to a stranger.

These tips have kept you safe for years. But as you get older, you risk becoming a more vulnerable target for fraudsters and identity thieves. In 2017 alone, 35% of FTC fraud complaints came from affected seniors. How to stay abad of new scams, which are becoming more sophisticated day by day?

Why are older people more vulnerable to identity theft?

You have worked hard for what you have. A life of savings accumulated for your retirement is not an easy task, but it unfortunately makes you an attractive target for thieves.

According to the FBI, seniors are more likely to have good credit ratings and have often spared. As crooks become more advanced, it can be difficult to keep pace with the abuse of technology to separate yourself from your money. With email phishing scams disguised to look like your bank or even to imitate a member of your family, it's easier to accidentally hand over the keys to your identity.

How to protect yourself or your loved one against identity theft?

You can take various steps to avoid being a victim of identity theft. Prevention is essential to protect your identity.

• Adopt good habits with your personal information. Never share personal information, do not answer calls to unrecognized numbers, and do not respond to emails you have not solicited.
• Prevent checks or personal information from falling into the wrong hands by ensuring that your social security or retirement income is deposited directly into your accounts. A paper check stolen from your mailbox could be an invitation to identity theft.
  Place a credit lock or freeze on your credit reports. A credit freeze will prevent fraudsters from obtaining your credit reports in an attempt to open accounts on your behalf.
• If you are the caretaker of an elderly family member, proactively protect your finances from fraud. If you have a Power of Attorney, you will want to check their credit reports to make sure no new accounts are open on their behalf. If a loved one has accidentally released personal information, place a first fraud alert for a year or, if he has already been a victim of an identity theft, you can place an alert of extended fraud.

It is difficult to detect every attempt at identity theft. Taking preventative measures to protect your information from the wrong hands can make the difference between a happy retirement and a financial nightmare.

Greg Mahnken is a credit badyst at Credit Card Insider, a site dedicated to responsible credit use. It strives to help people use credit to their advantage.