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Senior citizens are often victimized by identity theft, and with good reason. Thieves know that the most likely people to have money are senior citizens who, likely, spent a lifetime trying to build a nest egg that younger people have yet to be in a position to do. Despite this, it is never too early to learn about how to prevent identity theft. Elderly and Identity Theft How Identity theft happens to the elderly is really rather simple. If someone grew up in the 1920s, ‘30s, ‘40s, and even the ‘50s, their level of trust may be much higher than someone who was born in 1990. The reason is that, while there may have been scam artists, it wasn’t to the degree it is today. Thieves didn’t have a means of taking your money unless it was handed to them or it was stolen directly from the person. The government has recognized this problem and is now issuing warnings to senior citizens on how they can protect their assets. A few common schemes directed at the elderly are: • Telemarketing scams. Often someone will call an elderly person to announce they have won a prize. At this point the thief can either try to gather more personal information from the person they called, or they may simply ask for money. When asking for money they will often say it is for federal taxes, or customs duties that must be paid before they can issue the prize. • Online or internet scams. These scams are similar to telemarketing, where a story is made up in order to convince the victim to give up personal information or money. Often, these scams are developed to build emotion in a victim. Something such as, “I am a U.S. soldier taken as a POW and I need you to send money to a trusted Afghanistan family so I can escape.” • Medicare scams. Thieves will contact beneficiaries by phone posing as someone in the Health and Human Services Department. The senior is then asked to verify personal information as well as banking information so they can receive a new Medicare card. What to do Stolen identity, what to do. There are a few steps you can take if you feel you have had your identity stolen. • Place a fraud alert: If you feel your identity has been stolen, contact one of the three major credit bureaus (Equifax, TransUnion, or Experian), and ask them to place a fraud alert on your credit report. This will notify lenders who make an inquiry prior to opening a credit account, that you suspect you are a victim of fraud. They should then take steps to verify that it is, indeed, you who is requesting the new credit. • Order your credit reports: You should always know what is in your credit report. By reviewing your report on a regular basis, you can identify any strange activity and be able to report it in a timely manner. • Create an Identity Theft Report: If you find you have been a victim of fraud you can file your complaint with the FTC and fill out an Identity Theft Affidavit; print out the completed form. Contact your local police department and file a report. Be sure to get the report number. The Identity Theft Report is created when you attach the affidavit to the police report. You will need to file this with each lender, the credit reporting agencies, debt collectors. etc. Create a System Once you have started to monitor your credit and resolve any inaccurate information it would be good to take steps to organize your records to avoid further issues. • Log your phone calls: Simply, if you keep a notebook in your kitchen, or a spot you will remember, along with a pen, you can log your phone calls. Information you want to log consists of: the person you are speaking to, employee number, date, time of day, and the subject of your call, and any promises made to you. Typically, this would be used for any business contact, rather than logging your calls with friends. • Send letters by certified mail with a return receipt: This will help you know if your letters have been delivered, or if they have gone unnoticed. • Create a file system: You can either do this online or with a physical file. Just remember, if you do this online, make sure you have good online protection, and if you have a physical file make sure you can lock it, and shred unneeded files. With these simple steps you can help to protect yourself from fraudulent activity, as well as prepare yourself for any future identity theft issues. Kedy Si is an active blogger who is fond of writing articles on identity theft Protection and advising people how to identify the theft signs and protect yourself from identity theft. Follow her on Twitter to know more on how senior citizens can keep safe himself from identity theft.
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