While anyone can fall victim to identity theft, senior citizens are more at risk of this fraudulent act. In the United States today, older citizens lose more than $3 billion yearly in financial crimes. This is why of all security issues identity theft is the most damaging and scariest fraud. Identity thieves see the elderly as the perfect prey as they are generally trusting, often have a large amount saved up for retirement, and are not technology savvy. 

In most cases, senior residents fall victim to sweepstakes, imposter scams, fraudulent business ventures, and technical support scams. Sadly, it is not uncommon for caregivers in residential facilities, family, or friends to defraud trusting seniors of their life savings. For this reason, it is necessary to help seniors understand why they are the ever-favorite targets for cybercrimes, the fraud technique these scammers use, and how to avoid identity theft. 

Why Older Citizens are at Risk of Identity Theft

Today, data breaches have exposed billions to Identify theft, with the older people being the most reported cases. Recent statistics of scams targeting seniors show that more than 20 percent of identity theft victims were sixty years and above, making them the most sort out and favorite target of fraudsters. While it may seem a normal occurrence, there are various reasons why seniors are more at risk of identity theft. 

One of the biggest reasons is the impressive saving nest senior citizens design for themselves to enable easy retirement. At the same time, they spend their days visiting government facilities and medical offices, two industries susceptible to cybercrime. What then does this mean? Easy access to personal information especially when there is a data breach. 

Likewise, cybercriminals are aware of the aging process and the accompanying effects that make older people vulnerable prey. One of such limiting restrictions is a condition called dementia. This condition directly impacts the decision-making prowess of the elderly. Apart from this, seniors respond faster to emotional messages. Hence, when emotionally stressed, they can easily be lured by fraudsters. But, how is this possible when seniors merely provide oral information and no clues for easy access? 

Types of Senior Identity Theft

There are different ways identity thieves employ to lure trusting seniors. Some of them include: 

• Cybercrime

All over the world identity thieves are exploiting new technologies to defraud elders. According to a report from the Federal Trade Commission (FTC), more than 50% of people over age sixty report a tech-related scam yearly, especially when they do with financial losses. 

A tech scam could either come in as a phone call from your service provider or a phishing email stating a dormant account and requesting your credit card number to fix the problem. 

• Medical Fraud:

At times, identity thieves come to you claiming to be a worker from your health care provider. This type of medical Fraud gives access to not only your personal information but your medical records which could be used in most cases for blackmail. 

• Military Scams

In this case, the fraudster uses PII to claim your military benefits. How? They contact you and claim to be a representative from the Veterans Administration and request personal data to send your benefits to you. 

• Romance Scam

For this type of scam, someone chats you up on a dating site and after a while professes love for you. In the long run, the person asks for your personal details while stating some troubling financial challenges they may be facing. This could potentially lead to a devastating financial crisis in the long run. 

• IRS Scams

Imagine getting a threatening call due to laid-back taxes you haven’t paid. Well, scammers are fond of this, especially when it is the tax-paying season. 

As a senior, what can you do to avoid falling victim to cybercrimes? 

How to Avoid Senior Identity Theft

Avoiding identity theft is not an easy task. But, to prevent this scam, vigilance is the best defense. The most important action every senior should take is to regularly monitor their credit files, financial information, and personal data. Apart from this, a greater awareness of cybercrimes can efficiently prevent older adults from falling victim to identity theft. Here are some additional tips to protect yourself from scammers: 

• Save contacts in your phone for family, friends, health providers, or government facilities you frequently communicate with. This will help you avoid unwanted calls and ignore the ones from strangers.

• If you get a phone call and do not recognize the contact, let it go to voicemail. Why? Fraudsters are highly likely not to leave a message.

• When you get a call requesting your credit files and personal information, hang up.

• Bear in mind that government bodies or organizations will never ask you for your personal information via call or email. If you get a call from a government agency requesting your personal data like Social security number or address, don’t be afraid to hang up. A legitimate notice from the government usually comes on via letters.

• Make sure to regularly monitor your financial records. If you find anything out of place, quickly visit your financial institution.

• Avoid taking your Social Security card to all places. It is best to move with your Medicare card or any other PII you may need in emergency situations.

• If you often use checks for transactions, you want to remember to directly deposit the money into your accounts. This reduces the risk of your personal information getting into foreign hands.

• If you find anything unusual and cannot visit your service provider, always ask for help from trusted family and friends.

What Should I Do in Case of Identity Fraud?

If you observe your financial files have been compromised, you want to quickly report to any government agency. Particularly, the Federal Trade Commission (FTC), IRS, financial institutions, and Medicare offices. These organizational bodies will take the proper steps to bring cybercriminals to law. 

Conclusion

Senior identity theft is an ever-growing part of this modern age and preventing it can be difficult. However, knowing how these identity thieves work can go a long way in reducing the risk of falling victim. Once you observe any suspicious activity in your account, it is best to report to government agencies like the FTC, IRS, and financial institutions for quick action.